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PNB Housing Finance Home Loan Details

PNB Housing Finance Limited (PNBHF) offers various property-related loans at reasonable interest rates and easy processing. Find below a summary of the key points of PNBHF’s home loans:

Reference Rate9.25% to 11.00% p.a for salaried individuals
9.25% to 11.00% p.a for self-employed professionals
9.50% to 11.50% p.a for self-employed individuals
Loan AmountMinimum: NA, Maximum: 90% of property cost
Processing FeesUp to 0.5% (min. Rs.10000 + GST)
Penal Interest Rate2% per month on dues
Prepayment/Foreclosure ChargesNIL for floating-rate packages
2% to 3% for fixed-rate and non-individuals
Max Tenure30 Years
Rate Packages AvailableFloating Rate

If you plan to apply for a PNBHF loan to buy property/plot or construct your own house, then you need to know the other home loan-linked fees and charges. Make sure you’re aware of all your responsibilities before you take a loan.

PNB Housing Finance Interest Rates

PNBHF offers affordable interest rates on its various housing finance schemes, all of which are detailed in the table below:

PNBHF Home Loan SchemesApplicable Interest Rate (p.a.)
PNB Home Purchase Loan9.25% to 11.50%
PNB Home Improvement Loan9.10% to 12.50%
PNB Plot Loan10.25% to 11.75%
PNB Loan for NRIs9.25% to 11.50%
PNB Unnati Home Loan10.75% to 12.00%

PNB Housing Finance is a branch Punjab National Bank. The bank has an enormous customer base and provides a widespread line of home loan products for the public, private builders, government employees, etc. PNB Housing Finance home loans can be availed by visiting one of their several branches spread across the nation.

Types of Home Loans by PNB Housing Finance

The different types of home loan products offered by PNB Housing Finance are the following:

  • Home Purchase Loan:
  • This loan is for the purchase of a residential property in India.

  • Home Improvement Loan:
  • This covers the renovation, upgradation, repair, flooring, water-proofing, false ceiling, woodwork, tiling, plumbing, or electrical work of an already purchased house.

  • Home Extension Loan:
  • This loan can be used to add an extra room or space to your home to meet the needs of a growing family.

  • Home Construction Loan:
  • This will provide the financial support to construct a residential house property on one’s own, especially for those who already own land and wish to construct a house on it.

  • Residential Plot Loan:
  • This is for purchasing a residential plot to construct a house in an urban area.

  • Loan for NRIs:
  • The home loan products for NRIs and PIOs can be used to purchase a new house or construct one. It can also be used for the renovation and repair of the residential properties, but only for those in India.

  • Unnati Home Loans:
  • These loans provide a simplified and streamlined loan disbursal process with a maximum loan amount of up to Rs.25 lakh (subject to 90% of the property’s market value). The interest rates start at 10.75%.

  • Pradhan Mantri Awas Yojana:
  • This is a Credit Linked Subsidy Scheme (CLSS) for the Lower Income Group (LIG), Middle Income Group (MIG), and Economically Weaker Section (EWS) of society.

Features and Benefits of the Loan:

The features and benefits of the loans are as follows:

  • Rate of interest that starts as low as 9.25%.
  • Floating rate of interest that is linked to the benchmark rate – PNBHFR. This gives you the benefit of lower rates of interest when compared to loans with fixed interest rates. It translates to greater savings for you over the long term.
  • PNB has tied up with prominent insurance companies so you can get your loan repayments insured. This helps to protect you financially even in the case of unfortunate events that could hamper the repayment of your loan.
  • Doorstep services ensure quick and hassle-free disbursal of the loan.
  • A wide range of loan products within the home loan category including loans for home improvement, home extension, and purchase of plots.
  • Repayment options through Electronic Clearance System (ECS) and post-dated cheques make it easier to pay back the loan at your convenience.
  • Repayment tenures of up to 30 years which offer more time to repay the loan in a stress-free manner.
  • In case of increase in the cost, there is the facility to enhance the loan amount.

Who is Eligible for PNB Housing Finance Loan?

The age of the borrower should not exceed 70 years at the time of the maturity of the loan.

Documents Required

The list of documents required for salaried individuals and self-employed individuals are given below. While there are some common documents, there are also some that are unique to each category.

Documents Required for Salaried Individuals:

All the documents given below have to be self-attested by the applicant.

Eligibility ProofDocuments Required
Proof of residenceTelephone bill/election card/ration card/driving license/passport/any relevant certificate from a Statutory Authority
Proof of agePassport/PAN card/any relevant certificate from a Statutory Authority
Proof of educational qualificationsLatest degree certificate
Proof of income
  • Most recent salary slips of 3 months
  • Bank statements from salary account of the last 6 months
  • Form 16
Others:
  • Application form that is filled up accurately (which can be downloaded from the website of PNB Housing Finance Limited) along with photograph.
  • Photocopy of the approved plan or property title documents.
  • Cheque for processing fee made in favour of ‘PNB Housing Finance Ltd.’

Documents Required for Professionals/Self-Employed Individuals:

All the documents given below have to be self-attested by the applicant.

Eligibility ProofDocuments Required
Proof of residenceTelephone bill/election card/ration card/driving license/passport/any relevant certificate from a Statutory Authority
Proof of agePassport/PAN card/any relevant certificate from a Statutory Authority
Proof of educational qualificationsLatest degree certificate (for professionals)
Proof of income
  • Income tax returns of the past 3 years. Balance sheets and Profit & Loss account to be audited/certified by a Chartered Accountant
  • Bank statements of the last 12 months
  • Business profile
  • Proof of existence of business and certificate
Other Requirements:
  • Application form that is filled up accurately (which can be downloaded from the website of PNB Housing Finance Limited) along with photograph.
  • Photocopy of the approved plan or property title documents.
  • Cheque for processing fee made in favour of ‘PNB Housing Finance Ltd.’

PNB Housing Finance Loan EMI Calculator:

Creditupchar’s free online EMI calculator helps you to know exactly how much EMI you would have to pay for your PNB Housing Finance loan. The easy-to-use interface has sliders for important parameters like loan amount and tenure which you can adjust according to your requirement. You can also add in your interest rate and processing fee.

Your monthly loan EMI will be automatically generated and displayed along with an amortization table. The table displays your debt repayments for your tenure comprising the principal and interest amounts on an annual and monthly basis.

Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme by PNB Housing Finance:

A Credit Linked Subsidy Scheme (CLSS) is offered by PNB Housing Finance under the Pradhan Mantri Awas Yojana. This scheme offers interest subsidies and was introduced by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) with the aim of providing housing for everyone in India by the year 2022.

The following categories of people can be beneficiaries of the scheme:

  • Lower Income Group (LIG)
  • Middle Income Group (MIG)
  • Economically Weaker Section (EWS)

The loan can be utilised to purchase, construct, or enhance a house. Under the LIG and EWS category, it is mandatory that women should have ownership of the house if it is for the purchase of a new house. The benefits are only available for purchase of the first property. Only immediate family members are eligible to be applicants, which include the self, unmarried children, or spouse. The tenure for the interest subsidy is 20 years.

Why Apply for a PNB Housing Finance on Creditupchar.com?

Applying for a home loan on Creditupchar offers the following unbeatable advantages:

  1. Save Time: Avoid running around for your PNB HOUSING home loan. From checking out all the features, to applying and running down the list of required documents, to finally receiving confirmation from PNB HOUSING, everything happens quickly and smoothly- thanks to Creditupchar’s interactive and informative approach.
  2. All the Information You Need: Everything important, from the basic terms and conditions to the eligibility factors, from PNB housing finance interest rate to documentation required, find everything you need, here!
  3. Compare and Review: Compare the PNB HOUSING home loan against other loan options available in the Indian market. Read reviews from your peers about their own borrowing experience, clear nagging queries by contacting Creditupchar’s expert customer support team.
  4. Simple and Transparent Application Process: No hidden charges, no red-tape, not too technical that only a rocket scientist can understand, and immensely respectful of your requirements and limitations.
  5. 100% Safe: Your personal information is treated with the maximum care, never shared with anyone other than PNB HOUSING and passed through robust, encrypted systems that have 0% tolerance towards malicious intent.

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