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PNB Housing Finance Home Loan Interest Rates 2020

PNB Housing Finance Housing Loan Interest Rate

Last Updated 10th Sep 2020

Current PNB Housing Finance Home loan interest rates for Sep 2020 starts at 8.60% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 1.00%.

Loan AmountPNBHFL Home Loan Floating Rate
Upto ₹ 5 Lakh8.60%
₹ 5 Lakh - ₹ 10 Lakh8.60%
₹ 10 Lakh - ₹ 1.50 Cr8.60%
Above ₹ 1.50 Cr8.60%

Online sanction facility in lockdown

PNB Housing Finance Home Loan Interest Rates

PNB Housing Finance offers various products on home loan. PNB Housing Finance home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • PNB Housing Finance Home Loan Interest Rate starts from 8.60%.
  • PNB Housing Finance charges a processing fees of Upto 1.00%.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from PNB Housing Finance is ₹ 776 per lakh offered at the lowest interest rate of 8.60% at the longest loan tenure of 30 years.
  • PNB Housing Finance allows prepayment of home loans with Nil charges on floating rate loans.
  • PNB Housing Finance has an average customer rating of 4.2/5.0 from customers who have taken a home loan from the bank.

PNB Housing Finance Home Loan Rate

Current PNB Housing Finance home loan interest rates are in the range of 8.60% to 9.25%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 8.60%. The table below gives the interest rates on various housing finance schemes of PNB Housing Finance.

PNB Housing Finance Home Loan Scheme Interest Rates
PNBHFL Home Loan Floating8.60% - 9.25%
Residential Plot Loans9.60% - 10.25%
PNB Unnati Home Loan Floating10.75%

PNB Housing Finance Bank Home Loan Charges

PNB Housing Finance Home Loan Processing Fee

PNB Housing Finance home loan processing charges are 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 is typically non-refundable and has to be paid at the time of loan application. In addition to PNB Housing Finance housing loan 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 prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to PNB Housing Finance for a foreclosure while processing your new home loan application with the new bank. 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 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 Housing Finance 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.
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
  • Option to apply for a maximum ltv of 70% of value of the property
  • 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.
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 ₹ 20 Lakh to ₹ 5 Cr
  • 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 Mantri 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: It's 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 encouraging 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)8.6% to 9.25%
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: ₹ 1 Lakh
  • Time period: 5 years to 30 years
  • PNB Housing Finance Home Loan Interest Rate: 8.60% to 9.25%
  • Processing Fee payable to PNB Housing Finance: Upto ₹ 10,000. Current offer for processing fee is Upto 1.00%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 776 for a 30 years ₹ 1 Lakh loan at 8.60% (lowest rate, longest time period) to ₹ 2,088 for a 5 years ₹ 1 Lakh loan at 9.25% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 35,279 for 5 years loan to ₹ 1.89 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.

FAQs

What is PNB Housing Finance Home Loan interest rate?

PNB Housing Finance Home Loan interest rate ranges between 8.60% to 9.25%.

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

PNB Housing Finance offers competitive Home Loan rates with the best EMI of ₹ 776 per lakh availed at a low-interest rate of 8.60% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 776 per lakh, you should consider the option for a loan transfer to PNB Housing Finance from your existing bank. EMIs can be calculated through PNB Housing Finance Home Loan EMI calculators.

Do I get tax benefits on a 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.

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 a 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 '..'%, it applies a '.discount of 14.35.'% 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 8.60% with a processing fee of Upto 1.00%

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PNB Housing Finance Home Loan News - Sep 2020
  • 2020-07-31 : PNB Housing Finance introduced online application and verification platform
    PNB Housing Finance launched Ace - an innovative digital customer onboarding platform. The move is aimed at facilitating easier, safer approval and disbursal of home loans with a minimal physical interface.
  • 2020-06-08 : PNB Housing revised its home loan rates
    PNB Housing revised its home loan rates. The new home loan rates lie between 8.60% to 9.25%. The revised rates are in effect from 1 June 2020.
  • 2020-01-24 : PNB Housing Finance Q3 net profit reduced by 22%
    PNB Housing Finance net profit amount reduced by 22% to 237.02 crores from ₹302.97 crores in the corresponding period of last year. Total income on the back of a decrease in home loans reduced by 0.18% to Rs 2,074.79 crores. Further, Net Interest income stood at Rs Rs 566.1 crores.
  • 2020-01-23 : PNB Housing Finance revised Home loan interest rate
    PNB Housing Finance changed the Home Loan interest rate and the new rates will be effective from 24 January 2020. The home loan rate lies between 8.95% to 9.20% for Normal Home Loans and 10.75% to 12% for Unnanti Home Loans.
  • 2019-08-01 : PNB Housing Finance to focus on retail loans in FY20
    One of the leading housing loan providers, PNB Housing Finance is planning to focus on retail loans, including home loans and loans against property in FY20. As per the sources, their retail disbursements have shown a positive trend in Q1 and is further expected to witness steady growth ahead.
*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
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