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PNB Housing Finance Ltd Home Loan Details

PNB Housing Finance Ltd. Home Loan

For all types of home loans that you might need, there is PNB Housing Finance Home Loan. The loan is structured to adapt according to everyone’s personal requirements. PNB is a nationalized bank with services at par with international financing companies. Swift approvals and easy availability of loan makes the Punjab National Bank (PNB) home loan one of the best loan products.

Punjab National Bank has made it a lot easier for you to avail a loan and get it processed within few hours or days by categorizing the home loans. Below mentioned are the types of home loans financed by the Punjab National Bank.

  1. Home Purchase Loan
  2. Home Construction Loan
  3. Home Extension Loan
  4. Home Improvement Loan
  5. Residential Plot Loans
  6. Home Loan for NRIs
  7. Unnati Home Loans

There are various defining features for each of these loans, as mentioned below.

PNB Home Purchase Loan

The home purchase loan is for the individuals who want to buy their own houses. In the wake of high property prices and growing inflation, PNB Home Loan tries to fulfill a common man’s dream of living in his house. So, go for the PB home purchase loan and leave your rented house.

Features and Benefits

  • Personalized Home Loans
  • Round the clock services
  • Complete knowledge about the market
  • Easy loan dispersal
  • Quick disposition of loans
  • Branches all over India
  • Variable options available 
  • Enhancement in loan amount if costs rise
  • Well-connected network of banks
  • Zero hidden charges
  • Easy repayment

Security

The security will comprise of the house against which loan is to be availed and it can also comprise any collateral provided by the customer. This lies to banks jurisdiction if they want to accept any other security.

Disbursement

Please note down the following processes as per which your loan will be sanctioned:

  1. The customer will have to pay his own contribution and other costs before the loan is sanctioned.
  2. The loan will be given to the builder or development organization or apartment (society) in lump sum or as a part payment, depending upon their need.
  3. Loan will be sanctioned only after successful appraisal of the property. Also, legal documentation for the house is to be done beforehand.

Loan Repayment

One needs to clear the dues every month by Equated Monthly Installments (EMI).
The loan can be paid through:
i) Post Dated Cheques
ii) Electronic Clearance System

The period of loan repayment is between three years to thirty years.

Insurance/Customer Safety

In case an unfortunate calamity or accident hits a person; it would be burdening for him to repay the loan. For this, PNB Housing suggests all its valuable customers to insure their housing projects. To make the process easy to tackle, PNB housing has partnered with Bharti AXA and ICICI Lombard.

PNB Home Construction Loan

The PNB Home Construction Loan is suitable for you in case you already own a property and you need funds to construct a house on the land. These types of loans are availed by home buyers and builders both. The loan is disbursed by the bank in parts as the construction progresses. The loan will be released in parts as per the advancement in the building process. Choose PNB Home Construction Loan for easy repayment options and quick loan processing.

PNB Home Extension Loan

The growing demands in the world today call for bigger and spacious houses. Gone are the days when family members could sleep in one room and enjoy the time together. WIth advancing world, every family member now needs his or her personal space and so, a personal room. You might want to build a guest room or a study room for the children or you might need to keep a maid and offer her a servant room. Thus, you will need to extend your house. PNB Home Extension Loan helps you to get a quick solution to all your queries for extending your home. Add a room or space to your prevailing property with affordable costs and terms with PNB Housing.

Home Improvement Loan

You might have constructed your house with utmost perseverance and dedication, yet there may be some more top up features you would like to give to your house. Home Improvement Loan helps you to fulfill these dreams of yours where you can completely change the look of your house and make it your dream house. Get necessary changes made to your house with quick finance and easy documentation process by PNB Housing.
The improvement type includes full renovation of your residential property, up-gradation, waterproofing and ceiling fixing, repair of house/flat, external & internal repairs/paint, tiling and flooring, false ceiling & woodwork and plumbing & electrical work, etc.

Loan Disbursement

  • The loan will be sanctioned after the amount which will cost in the execution of the improvement has been technically calculated.

  • The loan will be given in intervals as the renovation process proceeds. 

  • The loan will only be sanctioned after the customer has paid his share in the loan sanctioned.

  • The renovation and improvement processes are expected to be completed in a period of six months.

Residential Plot Loans

Do you have a piece of land in mind and want to save it for future? Are you a builder who thinks the property rates might go high if you invest in this loan? Do you need some funds just to buy the land and have funds to build a house? Then the PNB Residential Plot Loan is for you. Just select a plot that is suitable for you and leave the rest to PNB Housing. PNB Housing provides loan for plot purchase in urban area.

Loan Disbursement

  • The loan can be sanctioned after the amount of the plot has been technically calculated and documentation has been done.
  • The loan will be given in lump sum to the seller.
  • The loan will only be sanctioned after the customer has paid his share in the loan sanctioned.

Home Loan for NRIs

A person of Indian origin who lives outside India is also entitled to purchase a house in India or own a property or renovate his property in his origin nation. This can be done by PNB Home Loan for NRIs. Through this feature, NRIs (Non Resident Indians) and PIOs (Person of Indian Origin) can meet their housing requirements with a great customer support and easy repayment options. Quick access to all the logs and easy documentation are added benefits.

Unnati Home Loans

PNB Housing realizes that you have worked hard to achieve your dreams. It values the heart and soul you have put in to excel in the journey of life and we wishes to be a regular contributor to your success and help you become financially independent.

Letting their customers achieve more Unnati with every passing day, PNB Housing has come up with the Unnati Home loan to give a dream house to its customers.

Features and Benefits

  • You can avail a loan up to INR 2.5 million and up to 90% of the value of the land.
  • The rates of interest are comparably lower than other banks at 10.50% per annum.
  • The customer gets an option of variable or fixed loan of 3, 5 or 10 years.
  • Quick loan approval and sanction process. You are just one click away from availing an easy loan.
  • Door step services.
  • An extensive network of branches throughout the India.

Why should you choose PNB Housing Finance Home Loan?

The great deal about the PNB Housing loan is that you can get loan up to 90% of the rate of your property in market. Also, the bank offers you the provision of switching from fixed to variable rate of interest and vice versa. The bank has a reputable position from the last 25 years in this line of trade.
The customer gets easy payment options. Also, with schemes like ‘Unnati’ the bank has proved that they care about the welfare of its customers. NRI citizens can enjoy their own benefits by applying for NRI Home loan. To sum up, PNB housing has something in kitty to offer to all.

How to apply for PNB Housing Finance Home Loan?

You can apply directly for the loan through Finance Buddha. There are many benefits you just need to start counting. Your time and energy is saved and you do not have to ask the banks if you are eligible for the loan or not. You need not ask any one which is the best loan for you; just compare on our portal. The details about every kind of loan offered by PNB Housing have been mentioned here, which enhances the customer experience. We just ask for few details and you get informative information. You can trust us with every minute detail about yourself. Trust, we keep it to ourselves and disclose it to anyone. 100% safe and secure portal, that’s what we are.
 

PNB Housing Finance Home Loan Eligibility Criteria

Eligibility Criteria for PNB Home Purchase Loan

  • The person must be a salaried individual/working professional or a businessman with regular salary or income. 
  • The salaried employee must be working since a minimum of two years.
  • Co-applicants can be added which includes parents, spouse or children. Their amount of income can be supplemented into the total income while applying for the loan.
  • The maximum age for a person is 70 years at the time of maturity of the home loan.

Eligibility Criteria for PNB NRI Home Loan

  • The person must be a working in abroad for at least 1 year.
  • The person should either be of Indian origin or be an Indian citizen and have an NRI status on the passport.
  • The maximum age for a person is 70 years at the time of maturity of the home loan.

Eligibility Criteria for Unnati Home Loans

  • A person with Post Graduate Degree/Professional Degree/Diploma, etc.
  • An employee of local and stable business entity like Petrol Pump, Restaurant, Jewellery shops, Garments shop etc.
  • The business of the employee can be a private limited (pvt. ltd.)/limited company (ltd)/trust/partnership/proprietorship
  • The combined income of all the applicants or a single applicant must at least be INR 10,000 per month.
  • For salaried employees, age should be less than 65 years for self employed persons and 70 years for salaried individuals.

 

PNB Housing Finance Ltd. Home Loan Interest Rate, Fees & Charges (updated 25 Mar,2019)

Floating Rate of Interest

Salaried Professionals

8.90%

Self Employed Professionals

8.90% – 9.40%

Self Employed Non-professionals

9.10%-9.60%

 

Fixed Rate of Interest

For the first 3 fixed years

Salaried Professionals

9.25% – 10.25%

Self Employed Professionals

9.25% – 10.25%

Self Employed Non-professionals

9.45% – 10.95%

 

For the first 5 fixed years

Salaried Professionals

9.25% – 10.25%

Self Employed Professionals

9.25% – 10.25%

Self Employed Non-professionals

9.45% – 10.95%

 

For the first 10 fixed years

Salaried Professionals

9.50% – 10.50%

Self Employed Professionals

9.50% – 10.50%

Self Employed Non-professionals

9.75% – 11.25%

Fees and Charges

Pre closure charges

Nil

Processing fees

0.50% of the loan amount

Loan tenure

Maximum is 30 years (provided the customer is not more than 70 years at the time of maturity of loan)

Post the fixed rate period, interest rate would automatically get converted into floating rate prevailing at that time for the residual loan amount.

Valid for following offerings of PNB Housing Finance Ltd.:

  1. PNB Home Loans
  2. Home Improvement Loans

FLOATING RATE

PNB Housing offers floating rate of interest, linked to its benchmark rate PNBHFR: 14.35% p.a.

Rates are applicable w.e.f. January 6, 2017.

FIXED RATE

PNB Housing offers 3 year, 5 year & 10 year Fixed Rate Scheme w.e.f. January 6, 2017.

Loan Amount for PNB Home Purchase Loan

The amount of loan you can get depends on the cost of your house, age, income amount, qualification, etc.:

  • For loans equal to or less than INR 3 million: 90% of the market value
  • For loans of INR 3 million to INR 7 million: 80% of the market value
  • For loans more than INR 7 million: 75% of the market value

Own Contribution
The customer will have to pay a minimum of the 10% of the amount of the loan to be sanctioned. Stamp duty and registration charges are included.

Security

The security will comprise of the house against which loan is to be availed and it can also comprise any collateral provided by the customer. This lies to banks jurisdiction if they want to accept any other security.

Disbursement

Please note down the following processes as per which your loan will be sanctioned:

  1. The customer will have to pay his own contribution and other costs before the loan is sanctioned.
  2. The loan will be given to the builder or development organization or apartment (society) in lump sum or as a part payment, depending upon their need.
  3. Loan will be sanctioned only after successful appraisal of the property. Also, legal documentation for the house is to be done beforehand.

Loan Repayment

One needs to clear the dues every month by Equated Monthly Installments (EMI).
The loan can be paid through:
i) Post Dated Cheques
ii) Electronic Clearance System
The period of loan repayment is between three years to thirty years.

Insurance/Customer Safety

In case an unfortunate calamity or accident hits a person; it would be burdening for him to repay the loan. For this, PNB Housing suggests all its valuable customers to insure their housing projects. To make the process easy to tackle, PNB housing has partnered with Bharti AXA and ICICI Lombard.

PNB Housing Finance Ltd. Residential Plot Loan Rate of Interest

Floating Rate of Interest

Salaried Professionals

9.90%

Self Employed Professionals

9.90%-10.40%

Self Employed Non-professionals

10.10%-10.60%

 

Fixed Rate of Interest

For the first 3 fixed years

Salaried Professionals

10.25%

Self Employed Professionals

10.25%

Self Employed Non-professionals

10.45%

 

For the first 5 fixed years

Salaried Professionals

10.25%

Self Employed Professionals

10.25%

Self Employed Non-professionals

10.45

 

For the first 10 fixed years

Salaried Professionals

10.50%

Self Employed Professionals

10.50%

Self Employed Non-professionals

10.75%

Post the fixed rate period, interest rate would automatically get converted into floating rate prevailing at that time for the residual loan amount.

PNB Housing Finance Ltd. Rate of Interest for NRI Home Loan

Floating Rate of Interest

8.90%-9.90%

Fixed Rate of Interest

 

For first 3 fixed years

9.25% – 10.25%

For first 5 fixed years

9.25% – 10.25%

For first 10 years

9.50% – 10.50%

Post the fixed rate period, interest rate would automatically get converted into floating rate prevailing at that time for the residual loan amount.

Loan Amount
The amount of loan you can get depends on the cost of your house.

  • For loans equal to or less than INR 7.5 million: 80% of the market value
  • For loans more than INR 7.5 million: 75% of the market value

Own Contribution

The customer will have to pay a minimum of the 20% of the amount of the loan to be sanctioned. Stamp duty and registration charges are included.

Repayment

One needs to clear the dues every month by Equated Monthly Installments (EMI).
The loan can be paid through:

  1. Post Dated Cheques
  2. Electronic Clearance System

The period of loan repayment is 15 years maximum for home purchase or construction and 10 years maximum for home development.

PNB Housing Finance Ltd. Unnati Home Loans Rate of Interest

Floating Rate of Interest

Salaried Professionals

10.25%

Self Employed Professionals

10.25%

Self Employed Non-professionals

10.75%

 

Fixed Rate of Interest

For the first 3 fixed years

Salaried Professionals

10.50%

Self Employed Professionals

10.50%

Self Employed Non-professionals

11.00%

 

For the first 5 fixed years

Salaried Professionals

10.50%

Self Employed Professionals

10.50%

Self Employed Non-professionals

11.00%

 

For the first 10 fixed years

Salaried Professionals

10.50%

Self Employed Professionals

10.50%

Self Employed Non-professionals

11.00%

Post the fixed rate period, interest rate would automatically get converted into floating rate prevailing at that time for the residual loan amount.

Loan Amount

The amount of loan you can get depends on the cost of your house, age, income amount, qualification, etc.

  • For Salaried individuals: up to 90% of property value in market
  • For Self-employed individuals: up to 67% of property value in market

Own Contribution

The customer will have to pay a minimum of the 10% of the amount of the loan to be sanctioned. Stamp duty and registration charges are included.

PNB Housing Finance Home Loan Checklist of Documents Required

Documents Required for PNB Home Purchase Loan

  • Loan application form
  • Identity proof bearing signatures like Copy of Passport / Driving License/ Voter ID card / ID card issued by employer
  • Address Proof which should not be more than three months old like Copy of Ration Card / Passport / Electricity or Phone Bill / Rent Agreement / Credit card statements / Property Papers
  • Proof for Date of Birth (DOB)
  • Bank Statement (6 months for salaried employees and 12 months for professionals and businessmen)
  • Documents for Income
  • Cheque for Processing Fees in favor of ‘PNB Housing Finance Ltd’
  • Self-attested photograph
  • Proof of shop or firm establishment (for businessmen)
  • Office address Proof (for businessmen)
  • Income Tax Returns (ITR)
  • Photostat copy of the approved home plan
  • Proof of latest degree (for salaried employees and professionals)

Documents Required for PNB NRI Home Loan

  • Application form for the loan
  • Proof of age
  • Proof of residence
  • Copy of latest degree
  • Passport copy
  • Work Permit copy (if applicable)
  • Last three months salary slips
  • Appointment letter issued by current employer
  • Last two year’s income statement testified by the employer
  • Last 6 months bank statement for regular salary
  • Cheque in favor of ‘PNB Housing Finance Ltd.’ in account of the Processing Fee
  • Detailed cost documents or papers                                       
  • Documents of the land or property

Frequently Asked Questions

How to check my eligibility?

For eligibility, you need to either be an Indian citizen or be a PIO. The eligibility depends on the cost of your house, age, income amount, qualification, etc.

What is the process to apply for loan?

First of all, you need to submit your application which will be evaluated on certain parameters depending on loan type. Property valuation and title check follow. Then, if the application is accepted, you need to submit all the documents aforementioned.

What percentage of loan can I get against my property?

Up to 90% for home loan and up to 60% for an advance against property.

ReviewsView All

Aparna

4 / 5

My involvement with PNB for my home loan is lovely, the main thing is they should be fast as they had set aside around a month's opportunity to dispense the credit sum. Adding to that, they should be greater lucidity in their communication.
Mohit Kurup

5 / 5

I have picked PNB for my home credit since it’s the nationalized bank, which gives lesser rate of premium. Client administration is fine for me and the reaction is great one. The credit sum got dispensed to my record inside seven days of time. Reaction is great.
Mummal

5 / 5

PNB is an excellent service provider. I applied for home loan with PNB and I was surprised as my loan was approved by PNB in only 7 working ways .the interest rate offered to was 9.30% P.A and the processing fees was also comparatively low. I am very much happy with the service provided by PNB.
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