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PNB Home Loan

PNB Housing Loan 2021

Last Updated 15th Jul 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.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

PNB Home Loan Details

PNB offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan PNB

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
Lowest EMI Per Lakh ₹ 675
  • Purpose of Loan: PNB house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of PNB Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 7.15% to 8.80%.
    • PNB home loan EMI per lakh starts from ₹ 675. However, you can calculate your home loan EMI using PNB home loan calculator 2021.
  • Special schemes: PNB offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of PNB are:

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 Processing Fee

PNB Home loan schemes Processing Fees
Repo Rate Linked Home Loan Upto 0.35%, Minimum ₹ 2,500 and Maximum ₹ 15,000

How to Get Easy Home Loan from PNB?

Getting a home loan from PNB is fairly easy with an online application process. 5 Steps for PNB Home Loan Apply

  • 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 Documents Required

To apply for a home loan in PNB, the bank asks you to submit the following PNB Home Loan 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 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 accounts 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 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

  • 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.

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.

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.

Compare PNB Home Loan with Other Banks

FAQs

What are the documents required for home loan PNB?

To apply for PNB Home Loan, you will be required to submit PNB home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from PNB ?

Below-mentioned is the reason why you must avail a home loan from PNB

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 home loan interest rate 2021 starts at 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.

What is PNB Home Loan procedure?

There are two methods to complete the application for PNB Home Loan Process online:

  • Apply online at PNB official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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.

Does PNB check CIBIL for home loan?

Yes, to avail home loan from PNB, you must fulfill PNB Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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PNB Home Loan News - Jul 2021
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2021-07-09 : PNB Asks PNB Housing Finance To Restructure Fundraising Plan
    Government-owned Punjab National Bank has written to PNB Housing Finance Ltd, asking it to consider restructuring the Rs 4,000-crore fundraising plan which involves Home Loan and Loan Against Property. The fundraising plan announced on May 31, would have pruned PNB stake in the housing finance company to around 20% from 32.6% currently and raised the shareholding of private equity firm Carlyle to over 50%.
  • 2021-06-30 : PNB to restructure loans worth Rs 6000 crores
    Under restructuring 1.0, Public sector lender Punjab National Bank (PNB) received requests for restructuring Rs 11,000 crore in corporate, retail, and MSME loans. Under the Reserve Bank of India (RBIs) restructuring 2.0 window, PNB expects to restructure loans worth Rs 5,000-Rs 6,000 crores as the impact of the second wave of the Covid-19 pandemic fades.
  • 2021-06-01 : Change in MCLR rates for PNB
    PNB has reduced the 1-year Marginal Cost of Funds Based Lending Rate (MCLR) by 0.05% to 7.30%. The revised MCLR rates came into effect from June 1, 2021. The bank has reduced the six-month MCLR to 7% while the one-year MCLR has been reduced to 7.30%. The three-year MCLR stands at 7.60% while the overnight MCLR is 6.65%. The one-month MCLR is 6.70% and the three-month MCLR is 6.80%.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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