What is the quantum of loan to be financed by the bank?
Ans. The quantum of the standard Punjab National Bank loan is in the range of Rs. 1 lakh to Rs. 5 lakh for personal needs and Rs. 10 lakh to Rs. 2 crore for business needs. The quantum of loan is also dependent on the repayment capacity of applicant and the value of the property.
Q. What are PNB loan against property charges?
Ans. The bank does not have any credit or non -credit service related charges. The bank charges nil for forex related services. However, the bank may charge extant penalty for delayed repayments of loans and the charge applicable would be 2% above the normal rate of interest. IMPS transaction charges @ Rs. 5 + service tax per transaction will be applicable.
Q. What kinds of properties are accepted for a loan against property?
Ans. A loan against property is given against immovable residential and commercial properties such as flats, plots, pieces of land, etc.Common types of properties which qualify for a loan against property:
Q. What is the repayment period on a loan against property offered by the bank? What are the other conditions for repayment of such a loan from PNB?
Ans. Loan amount along with applicable interest should be repaid through a maximum of 120 Equated monthly installments (EMIs), or by the time the borrower reaches 65 years of age, whichever is earlier. If the loan is sanctioned through overdraft facility with Monthly Reducing Drawing Power method, the drawing power of the loan account is reduced each month on a pro-rata basis.
Q. Are there any specific income criteria for availing PNB property loan?
Ans. For salaried and other income tax assessee, the minimum net monthly salary is Rs. 10,000 for last three years. This is restricted to salaried class or minimum net annual income of Rs 1,20,000 (for other income tax assess). And for a business enterprise, the minimum net annual income or net profits will be Rs. 1,20,000 and above.
Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.
Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.
A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.
Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.
LaonMoney is an Authorized Direct Selling Agents of various National, Multinational and Non Banking Financial Companies for promoting their sales for asset division. Feel free to contact us at firstname.lastname@example.org or +91-8130 222 111 for Transparent and Fastest Processing of Loan.
# Secured and unsecured Fundings
# Over 21 bank and other financial institutions.
# CORPORATE Direct Associates of All MNC, Pvt Banks, NBFC.
# Personal Loans, Loan Against Property, Home Loans, Business Loans
# Team of expert CA , Ex Bankers, Field Support
LoanMoney deals in ..
# Home loans - Residential/ Commercial/ Industrial - Purchase /Reconstruction / Plots
# Loan Against Property - Residential / Commercial / Industrial
# Business Loans - Unsecured Overdraft / Term Loan / Against Credit Card Swipe
# Personal Loan - Against Salary /Professional Receipts Doctor/ CA/Engg
# Working Capital for SME - Overdraft/ Cash Credit / Term Loan /Export Funding/ Non Funded
# Machinery / Equipment Loans - Medical/ Construction/ Vehicles
# Educational/ Hospital Institutions Loans to Trust/ Society