PNB Home Loan Interest Rate 2020

Last Updated 19th Mar 2020

PNB Housing Finance Housing Loan Apr 2020

Notice: MyLoanCare team is fully functional. You can apply for Home Loan, check eligibility and submit documents online.

PNB Housing Finance's home loan interest rate starts from 8.95%, which is one of the best home loan rates in India. Check Best Offers

Loan AmountPNBHFL Home Loan Floating RateRate for Female BorrowerRateRepo Rate
Upto ₹ 5 Lakh8.95%N/AN/A
₹ 5 Lakh - ₹ 10 Lakh8.95%N/AN/A
₹ 10 Lakh - ₹ 1.50 Cr8.95%N/AN/A
Above ₹ 1.50 Cr8.95%N/AN/A

Multiple repayment options

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PNB Housing Finance Home Loan

PNB Housing Finance offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. PNB Housing Finance Housing loan rate of interest is best in the market. Taking a loan from PNB Housing Finance has the following benefits:

  • Multiple repayment options
  • PAN India branch network
  • Doorstep service and quick processing of loan applications

PNB Housing Finance Home Loan Rate

PNB Housing Finance home loan interest rates are in the range of 8.95% to 9.45%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.95%.

ProductsInterest Rates
PNBHFL Home Loan Floating8.95% - 9.45%
Residential Plot Loans9.95% - 10.45%
PNB Unnati Home Loan Floating10.75%

PNB Housing Loan

Lowest PNB Home Loan Rate8.95% Compare Offers
Interest Rate Linked toPLR
Processing Fee Upto 1.00%
Max Tenure30 years
Lowest EMI₹ 801 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 21 and Max 70 years for Salaried
Min 21 and Max 70 years for Self Employed
PNB Housing Finance Fixed Rate Home Loans
Home Loan PNB Housing Finance Interest Rates
PNB Unnati Home Loan Fixed10.75%

Latest PNB home loan rate starts from 8.95% , as applicable based on the PLR, which is 14.35%, last announced on 16th Apr 18. Any change in PLR will translate into a similar change in the bank’s home finance rate. PNB Housing Finance housing finance interest rate depend upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

  • Loan amount: Housing loan rate in PNB Housing Finance depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate.
  • Your Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
  • Type of loan opted for: PNB Housing Finance also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take loan, adding a women co-applicant can help you get the lowest rates from PNB Housing Finance.
  • Existing bank customers: PNB Housing Finance offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loan.

PNB Housing Finance Home Loan Processing Fee

PNB Housing Finance charges processing fees of upto 1.00% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The processing fees has to be paid at the time of loan application and is generally non refundable. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further

PNB Housing Finance Home Loan Prepayment

PNB Housing Finance charges Nil fees on prepayment of floating rate loans, as per RBI rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to PNB Housing Finance. However, if you have taken a fixed rate home loan from PNB Housing Finance, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with PNB Housing Finance.

PNB Housing Finance Home Loan Procedure

If you want to get a housing loan from PNB Housing Finance, the process of getting the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online, and PNB Housing Finance’s representatives will get in touch to begin the process of getting a home finance. You will also be assisted by MyLoanCare’s housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from PNB Housing Finance.

You can also make a comparison of PNB Housing Finance’s Home Loan Interest rates and other charges using the MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

PNB Home Loan Documents

Documents For Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents For Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan PNB Schemes

PNB Housing Finance offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Residential Plot Loans

  • The loan is taken for the purchase of a plot for constructing a home.
  • PNB housing finance provides loans for the purchase of land in an urban area through its Residential Plot loan product.
Who is Eligible?
  • The age of the borrower should not exceed 70 years at the time of loan maturity.
  • The loan can be taken by both salaried and self-employed people.
Key Loan Terms
  • Home loan available at the age of 21 - 70 years
  • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 1 Cr
  • Housing loan for a maximum period of 30 years

Unnati Home Loan

  • Special home loan scheme targeted at lower and middle income segment to enable them to buy their own dream house at affordable Equated Monthly Instalments (EMIs).
  • Loan to help you realise the dream of owning a home.
  • Easy loan processing with minimal documentation. Attractive and affordable rate of interest.
  • Loan upto 90 percent of the property value.
Who is Eligible?
  • Salaried, self employed professional/non professional, Individual with Professional Degree/Diploma/Post Graduate Degree/ITI, Employee of local and stable business entity, Individual with a fixed minimum income of Rs. 10,000 per month.
  • Individuals who want to own their first dream house.
Key Loan Terms
  • Home loan available at the age of Salaried employee of 70 years, Self employed professional/non professional of 65 years
  • Loan amount that you can borrow ranges from ₹ 5 Lakh to ₹ 20 Lakh
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 30 years

PNB Housing Finance Pradhan Manti Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at PNB Housing Finance if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: Its a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encourage slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on PNB Housing Finance Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)8.95% to 9.45%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 1 Lakh
  • Time period: 5 years to 30 years
  • PNB Housing Finance Home Loan Interest Rate: 8.95% to 9.45%
  • Processing Fee payable to PNB Housing Finance: Upto Rs. 10,000. Current offer for processing fee is Upto 1.00%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 801 for a 30 years Rs. 1 Lakh loan at 8.95% (lowest rate, longest time period) to Rs. 2,098 for a 5 years Rs. 1 Lakh loan at 9.45% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: Rs. 35,864 for 5 years loan to Rs. 1.98 Lakh for 30 years loan

PNB Housing Finance’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of PNB Housing Finance.

PNB Housing Finance Home Loan during Coronavirus

PNB Housing Finance has not changed its Home Loan Interest Rate during the Coronavirus period with lowest rate continues to be at 8.95%. However, interest rate can be expected to come down post the RBI repo rate cut of 75 bps announced on 27th March 2020. You may expect some delay in getting a loan from PNB Housing Finance during the COVID-19 outbreak due to social distancing norms.

Frequently Asked Questions

What is PNB Housing Finance home loan procedure?

You can apply for a PNB Housing Finance home finance by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your PNB Housing Finance home loan status by logging into your customer account with MyLoanCare.

Why should I opt for balance transfer to PNB Housing Finance?

PNB Housing Finance offers competitive home loan rates with the best EMI of ₹ 801 per lakh availed at a low-interest rate of 8.95% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 801 per lakh, you should consider the option for a loan transfer to PNB Housing Finance from your existing bank.

What is the maximum loan tenure I can opt under PNB Housing Finance house loan?

PNB Housing Finance offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Do I get tax benefit on home loan from PNB Housing Finance?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

Can I foreclose my home loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

Can I transfer my house loan from another bank to PNB Housing Finance?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to PNB Housing Finance can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your home loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for housing loan?

The benchmark applicable for home loan in PNB Housing Finance is PLR .

What is the effect of part prepayments on PNB Housing Finance housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on PNB Housing Finance housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will PNB Housing Finance housing loan rate of interest change in the future?

  • Floating rate on PNB Housing Finance housing loan is linked to its PLR Rate, which is currently at 14.35%. When Bank offers a home loan at 8.95%, it applies a discount of 5.4% to its PLR Rate to arrive at this home loan rate.
  • When RBI increases rates, the bank may increase its PLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the PLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

What is the current PNB Housing Finance home loan rate?

The current PNB Housing Finance home loan rate starts from 7.15%

PNB Home Loan News - Apr 2020
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More