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PNB Home Loan

PNB Housing Loan 2021

Last Updated 12th Apr 2021

Punjab National Bank is one of the leading public sector banks in the country. PNB home loan is ideal for all types of home loan seekers, whether salaried or self-employed. Home loan customers can fulfil their housing dreams with easy documentation, and quick processing through PNB housing loan. In addition, the bank offers home loan at discounted interest rates for women home loan borrowers. The home loan interest rates for Punjab National Bank begins at 7.15%. The processing fee charged on PNB home loan is affordable and available at a lower processing fee of Upto 0.35%, Minimum ₹ 2,500 and Maximum ₹ 15,000. Punjab National Bank offers specialized home loan products to fulfil the housing needs of all types of home loan customers. Some of the popular products offered by PNB are PNB home loan for Construction of House/Flat, PNB home loan for Purchase of House/Flat, PNB Flexible Housing Loan, Unnati Home Loans and Repo Rate Linked Home Loan.

  • PNB home loan Construction of House/Flat - Punjab National Bank offers PNB home loans for the construction of a house or a flat. The loan is available with a loan moratorium period till the construction is completed, or for a period of 18 months till the loan is disbursed, whichever is earlier.
  • PNB home loan for Purchase of House/Flat - PNB housing loan for the purchase of a house or a flat is ideal for home loan customers who wish to make a home purchase. The loan can be availed with a repayment tenure of 30 years. However, home loan customers can avail a moratorium period of three months on the repayment of the loan.
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PNB Home Loan Details

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 7.15%
Interest Rate Linked To RLLR
Processing Fee Upto 0.35%, Minimum ₹ 2,500 and Maximum ₹ 15,000

Features & Benefits of PNB Home Loans

PNB offers home loans at affordable rates and transparent terms. One can apply for a home loan in PNB, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that PNB home loans offer to the home loan borrowers are listed as follows:

  • PNB home loan is available for both salaried and self-employed home loan seekers.
  • PNB offers home loans at discounted interest rates to women borrowers.
  • PNB home loans are available for a higher LTV of up to 80%.
  • PNB home loans are available for a longer tenure of up to 30 years with flexible repayment options.
  • PNB offers affordable home loans that are linked to the repo rate as the external benchmark.

PNB Home Loan Offers

PNB offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest PNB home loan rate for salaried is 7.35%, and for self-employed home loan borrowers, the lowest home loan rate offered is 7.55%. Different interest rates for salaried and self-employed individuals across popular PNB home loan schemes are listed below:

PNB Home loan schemes Interest rate for salaried PNB Interest rate of self-employed
Repo Rate Linked Home Loan 7.35% 7.55%

PNB Home Loan Schemes

PNB offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home amongst others. Some of the popular PNB home loan products and their specifications are listed as follows:

Repo Rate Linked Home Loan

  • This loan is available for individuals who want to buy a residential property through a home loan.
  • Existing home loan borrowers can also choose to transfer their loan under this scheme.
  • As per RBI guidelines, it is mandatory for all banks to link their loan interest rates with the repo rate.
  • The scheme is available for new borrowers as well as existing borrowers.
Who is Eligible?
  • Salaried and Self-employed individuals, with a monthly income of ₹ 25,000, and more.
  • Salaried and self-employed individuals who intend to avail of a home loan to buy a residential property can avail repo rate linked home loan.
Interest Rate 7.35%
Processing Fee Upto 0.35%, Minimum ₹ 2,500 and Maximum ₹ 15,000
RLLR 6.8%
Eligible Age The minimum age required to avail the loan is 18 years, while the maximum age is 60 years.
Loan Amount ₹ 10 Lakh to ₹ 1 Cr
Maximum Tenure 30 years

PNB Home Loan Procedure

Getting a home loan from PNB is fairly easy with an online application process. A home loan can be availed from PNB in five simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of PNB and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
Step 2: An official of PNB or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a PNB’s representative will visit your home or office to collect your documents.
Step 4: PNB will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from PNB and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

PNB Home Loan EMI Calculator

PNB home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. PNB Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that PNB Home Loan EMI calculator offers is accurate and reliable.

PNB Home Loan Eligibility Calculator

PNB Home loan eligibility calculator is an online tool that helps the PNB home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Documents Required for PNB Home Loan

To apply for a home loan in , one is required to submit the following documents:

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or PNB bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank account held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

PNB Pradhan Mantri Awas Yojana Subsidy 2021

Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on PNB home loans. The repayment tenure of PNB PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with PNB.

PMAY Eligibility

  • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
  • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
  • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
  • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
  • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Compare PNB Home Loan with Other Banks

FAQs

Can I apply for an PNB home loan online?

Yes, you can apply for a PNB home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best PNB home loan scheme?

Choosing the best PNB home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best PNB home loan scheme is based on one’s needs.

Is PNB good for a home loan?

PNB is one of the best home loan lenders in the country. Currently, PNB lowest home loan interest rate is 6.65%.

How many types of PNB home loans are there?

PNB offers various home loan products for the convenience of the home loan borrowers. Various popular home loan products offered by PNB are listed as follows: Repo Rate Linked Home Loan

How can I check my PNB home loan status?

One can check their PNB home loan status on PNB’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the PNB mobile app

What is the eligibility for a Home Loan of PNB?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

Does PNB Home Loan include registration fees?

Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

What is PNB Home Loan procedure?

You can apply for a PNB Home Loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace 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 apply by visiting PNB Home Loan apply online portal and can check your PNB online Home Loan status by logging into your customer account with MyLoanCare.

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

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

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?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to PNB 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 a housing loan?

The benchmark applicable for Home Loan in PNB is RLLR


PNB Home Loan News - Apr 2021
  • 2021-02-08 : PNB reported net profit of 506 crores
    PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
  • 2020-12-29 : PNB completes IT integration of all branches of two merged entities
    Punjab National Bank clarified that the customers of the former OBC Bank are now migrated to CBS of PNB wherein they can transact seamlessly via existing branches and digital banking channels like internet banking and mobile banking. The amalgamation of PNB, United Bank of India and OBC has come into effect from April 1, this year. The merger created the second-largest nationalized bank in terms of business and total branches.
  • 2020-12-02 : PNB launched loan management solution to speed up delivery
    Punjab National Bank launched a tech-based loan management solution called LenS-The Lending Solution. It is aimed at speeding up and maintaining accuracy in online loan processing and sanctioning of credit proposals. It will be implemented in a phased manner for all kinds of loans including MSME, agriculture, retail and other credit.
  • 2020-11-03 : PNB reported an 18% decline in Q2 net profit
    PNB posted a 22% increase in net profit to Rs 621 crore in the second quarter against Rs 507 crore in the year-ago period. Bank net interest income rose to Rs 8,393 crore and the bank’s net interest margin improved to 3.21% for the quarter ended September. Further, PNB’s total income backed by retail loans like home, personal, gold, two-wheeler and car loans along with mudra and business loans stood at Rs 23,439.
  • 2020-08-25 : PNB to offer one-time loan restructuring option
    Punjab National Bank is planning to provide a one-time loan restructuring window to corporate and retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans. The plan is to assist customers whose income has decreased due to COVID-19 pandemic and subsequent lockdown.
*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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