Owning a home is a dream of almost all of us. You want to own a home because you want to secure your family and give them a permanent place to live without any tension and worries. You invest all your savings and funds to buy your dream property. Earlier, people used to borrow money from their relatives, friends and family members to buy the property. Borrowing a loan from the bank or housing finance company was not very much in trend. It was not very popular among the people. But today, the situation has changed and people prefer to buy home with a loan to claim tax benefits and build the equity over a period of time.
Borrow a home loan to suit your needs and to fit into your repayment budget. Don’t get tempted to borrow a loan beyond your repayment capacity, even though if you are eligible for the home loan of a higher amount.
As a home loan is a long t-erm thing, and you should borrow the loan from a reputed and trusted bank. You should not finalize your bank in a hurry. Instead, you should choose a bank after getting some important information and comparing the product with some other bank. Punjab & Sind bank offers you home loan at a very competitive rate of interest. It gives you a customized home loan to suit your requirements. The bank offers a loan to salaried and self-employed/professionals who have a regular source of income. You can borrow a home loan as an individual, a group of individuals, and individual members of the housing society. You can also apply for a joint loan with a co-borrowers. Here are some important features of Punjab & Sind Bank home loan.
Punjab & Sind Bank Home Loan Interest Rates
| Particulars | Details |
|---|---|
| Interest Rate | 8.85% - 9.95% |
| Loan Amount | Up to INR 25 lakhs |
| Tenure | Up to 15 years |
| Processing Fee | 0.25% subject to maximum of INR 15000/- |
Punjab & Sind Bank Home Loan EMI Calculator
If you are interested in availing a home loan of ₹30,00,000 from Punjab & Sind Bank for 20 years at the rate of 8.75% per annum than your EMI will be as follows.
| Field | Amount |
|---|---|
| Loan Amount | INR 30,00,000 |
| Interest Rate | 8.75% p.a. |
| Monthly Instalment (EMI) | INR 26,511 |
| Total Interest Amount | INR 33,62,717 |
| Total Amount (Principal + Interest) | INR 63,62,717 |
You can also calculate Home loan EMI for your required loan amount at Wishfin.
Amortization Table
| Year | Principal (INR) | Interest (INR) | Balance Amount (INR) |
|---|---|---|---|
| 1 | 57,919 | 260,213 | 2,942,081 |
| 2 | 63,192 | 254,940 | 2,878,889 |
| 3 | 68,950 | 249,182 | 2,809,939 |
| 4 | 75,233 | 242,899 | 2,734,706 |
| 5 | 82,084 | 236,048 | 2,652,622 |
| 6 | 89,561 | 228,571 | 2,563,061 |
| 7 | 97,722 | 220,410 | 2,465,339 |
| 8 | 106,624 | 211,508 | 2,358,715 |
| 9 | 116,337 | 201,795 | 2,242,378 |
| 10 | 126,933 | 191,199 | 2,115,445 |
| 11 | 138,497 | 179,635 | 1,976,948 |
| 12 | 151,114 | 167,018 | 1,825,834 |
| 13 | 164,880 | 153,252 | 1,660,954 |
| 14 | 179,900 | 138,232 | 1,481,054 |
| 15 | 196,289 | 121,843 | 1,284,765 |
| 16 | 214,169 | 103,963 | 1,070,596 |
| 17 | 233,679 | 84,453 | 836,917 |
| 18 | 254,964 | 63,168 | 581,953 |
| 19 | 278,192 | 39,940 | 303,761 |
| 20 | 303,955 | 14,598 | 0 |
Features of Punjab & Sind Bank Home Loan
- You can borrow a loan to buy a flat/property
- Bank provides loan for acquisition/extension of the property
- Loan can also be borrowed to repair/renovation of the property
Punjab & Sind Bank Home Loan Eligibility
To apply for a home loan, you should have been a minimum of 18 years and the maximum age depends upon the repayment period.
Maximum Loan Amount
The maximum loan amount depends on your eligibility and needs. The loan amount is based upon your needs. There is no maximum limit for the loan. For repair, renovation, addition, and alteration, the bank offers a maximum of ₹20 lakhs as the loan to the customers. The bank does not impose any pre-payment charges on a home loan if you want to pre-close it.
Documentation Required for Punjab & Sind Bank Home Loan
| Salaried | Self-employed | Self-employed professionals |
|---|---|---|
| Last 2 years Income tax returns | Latest audited ITR and financials for the last 2 years | Latest audited ITR and financials for the last 2 years |
| Latest 3 month salary slip | Balance Sheet, Profit & Loss A/c., computation of Income along with all schedules | Balance Sheet, Profit & Loss A/c., computation of Income along with all schedules |
| Latest Form 16 | Bank statements of main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet | Bank statements of main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet |
Professional qualification certificate and degree certificate |
Punjab & Sind Bank Home Loan Application Form
In order to avail the home loan from Punjab & Sind Bank, firstly you need to fill in the application form provided by the bank. Filling an application form is the first step to get the home loan from any lender. The best thing is that you can either fill in this form online or visit your nearest branch for the same. Through these two ways, you can easily apply for a home loan in Punjab & Sind Bank.
