Home Loan

PNB Housing offers home loans to all its customers at attractive interest rates and added benefits. These loans can be availed for the purpose of purchasing one’s dream house. These loans come in a lot of variants, designed specifically to meet the needs of its consumers.

PNB Housing Finance Ltd. Issues loans in a lot of variants in order to meet the various requirements of the applicants. The list of the types of loans it issues is given below:
 

  • Home Purchase Loan:
  • Home Construction loan
  • PNB Home Extension Loan:
  • PNB Home Improvement Loans:
  • Residential Plot Loans:

Key features of PNB Housing Finance housing Loan scheme:
 

  • The organization provides PNB Housing loans starting at an interest rate of 8.9%.
  • Home loan from PNB Housing Finance is extended under fixed rate type interest method and floating rate type interest method.
  • Home loan from PNB Limited is available to individuals including salaried, self-employed non-professionals, self-employed professionals or businessmen.
  • The amount of home loan available at PNB Housing Finance depends upon the applicant’s age, income, assets, liabilities, savings history, no. of dependents, co-applicants income, stability of the applicant’s business and continuity in his/her current occupation.
  • However, the amount of PNB Limited Home loan also depends upon the cost of the property in question. An applicant can avail loans amounting up to 90% of the cost of the property.
  • The organization also allows for refinancing of PNB home loans within 6 months of the purchase of property.
  • The organization gives an applicant multiple repayment options. The applicant can choose to pay back the entire loan as per his convenience.
  • The PNB Limited Home loan can be paid off by ways of regular PNB Housing Finance Home Loan EMI’S or Pre-EMI’S.
  • The organization sanctions loans as per the applicant’s eligibility. The eligibility of the applicant is decided through customized eligibility programs.
  • The organization gives PNB Housing Finance Home loan tenure of 3, 5 or even 10 years pure fixed rate interest options.
  • The organization also extends the facility of doorstep service, i.e. a dedicated relationship manager is allocated to the applicant. This manager will take care of the applicant’s loan needs and see to it personally, that the PNB limited home loan application process is carried out smoothly.
  • The organization with it decades of experience and widespread financial services channel along with its unmatchable ethics, transparency and integrity, has proved to be a successful platform for individuals wishing to avail funds for accomplishing their dream of owning a home.
  • However, the organization requires a collateral security in the form of title deeds or such other securities. The title of the property should be clear, legal and understandable.
  • The organization may also demand for a secondary security, at its sole discretion.
  • In order to avail loans with the organization, the customer has to make a minimum contribution of 10% of the cost of the property. However, this contribution amount includes stamp duty and registration charges incurred by the applicant towards purchase of the property.
  • The maximum loan tenure for PNB Home loan repayment availed towards purchase of home is set at 30 years, i.e. an applicant has to pay off the entire PNB Housing Finance Home loan within a period of 30 years by ways of Equated Monthly Installments (EMI) or through Postdated Cheques (PDC’S).
  • PNB Housing Finance offers certain insurance schemes in association with Bharti AXA and ICICI Lombard in order to safeguard the applicant’s property.
  • The property in question has to be insured in accordance to the rules and regulations of PNBHFL.
    ​​
  • Key features OF PNB NRI Home loan:
     
  • These loans are extended to applicants wishing to purchase, construct of a new home or renovate and repair their existing homes in India.
  • The organization with it decades of experience and widespread financial services channel along with its unmatchable ethics, transparency and integrity, has proved to be a successful platform for individuals wishing to avail funds for accomplishing their dream of owning a home.
  • The organization also provides for enhancement of the loan amount in cases of sudden increase in the market cost.
  • It also ensures excellent post loan disbursement services.
  • The organization extends a great deal of repayment options.
  • In order to avail loans with the organization, the customer has to make a minimum contribution of 20% of the cost of the property. However, this contribution amount includes stamp duty and registration charges incurred by the applicant towards purchase of the property or cost estimate in case of construction or renovations to existing property.
  • However, the organization requires a collateral security in the form of title deeds or such other securities. The title of the property should be clear, legal and understandable.
  • The organization may also demand for a secondary security, at its sole discretion.
  • The organization allows for repayment of the loan through EMI’S or Post Dated Cheques.
  • The maximum tenure for repayment of loan availed towards purchase or construction of home is set at 15 years, whereas, PNB Home loans availed for home improvement has to be repaid within a maximum period of 10 years.
  • PNB offers certain insurance schemes in association with Bharti AXA and ICICI Lombard in order to safeguard the applicant’s property.
  • The property in question has to be insured in accordance to the rules and regulations of PNBHFL.
     
  • Key features of Unnati Home Loans
     
  • The loan is issued for purchasing a home and the maximum loan amount granted is Rs.25 lakhs. The loan granted would not be more than 90% of the value of the property and the remaining 10% would have to be contributed by the applicant himself. For self-employed individuals, the company would fund a maximum of 67% of the value of the property. The amount of PNB home loans sanctioned would depend on the eligibility, repayment capacity and income of the individual.
  • The PNB home loans interest rate is 10.50% per annum. Self-employed non-professionals are charged an interest rate of 11%
  • The home loan offers a fixed rate of interest for 3 years, 5 years or 10 years of 10.50%. For self-employed non-professionals, the fixed rate would be 11%
  • PNB Housing Finance offers doorstep loan service, quick loan processing and easy documentation of the home loan
  • Applicants can avail insurance of their property and home loan repayment as the company has tied up with Bharti AXA  and ICICI Lombard to provide the best insurance services to loan applicants
  • Security of the loan would be a first charge by way of an equitable mortgage of the property which is intended to be purchased with the loan. any other collateral security or any additional or interim security can be availed by the company if deemed required

PNB Housing Finance Home Loan Amount: The amount of loan to be sanctioned depends upon the income, age, occupation and repayment capacity of the individual. It also depends upon the market value of the property in question.
 

  • For loans amounting up to Rs.20 lakhs, the organization provides a maximum funding standing at 90% of the market value of the property.
  • For loans ranging from Rs.20 lakhs to Rs.75 lakhs the organization provides a maximum funding standing at 80% of the market value of the property.
  • For loans amounting above Rs.75 lakhs, the organization provides a maximum funding standing at 75% of the market value of the property.

Eligibility

  • Eligibility for Unnati home loans:
     

  •  An individual with any professional degree, diploma, post-graduate degree, ITI, etc. can
     apply for a PNB Limited home loan
  • An employee of a local or a state business like restaurant, petrol pump, shops, etc. whose employer has a proprietorship, partnership, private limited, limited company, trust, etc. as a business model can apply for PNB Housing Finance Home loans
  • The applicant must be earning a fixed minimum income of Rs.10, 000 per month. This income can also be arrived at by clubbing the income of any co-applicant under the loan
  • The age of the applicant at the time of loan maturity should not be more than 70 years if he is a salaried employee or 65 years if he is a self-employed professional or a non-professional.
  • PNB Home Loan Eligibility: The applicant in order to avail loans with the organization must fulfill the eligibility criteria laid down by the organization. This criterion varies depending upon the applicant’s profession.

  • Salaried Employee: The applicant at the time of the PNB Housing Finance Home loan maturity should not be more than 70 years old.
  • Self Employed Professionals/ Non-Professionals:  The applicants at the time of the PNB Housing Finance Home loan maturity should not be more than 65 years old.
  • For NRI individuals:
     

  • The applicant should be an Indian Citizen or a Person of Indian Origin holding an India passport with status of NRI on deputation/employment/assignment.
  • The applicant should have been working in a foreign country for at least 1 year prior to the application of the loan with the organization.
  • The applicant at the time of the loan maturity should not be more than 70 years old.

PNB Housing Interest Rates

PNB Limited Home Loan Interest Rates: The Organization issues home loans under two interest rate type methods, namely, Floating rate type and Fixed Rate type. The interest rate on both the types varies depending upon the profession of the applicant.
 

Floating Rate Type Method: Under this method, the interest rate of the organization is linked to its MCLR. The rates of interest charged by the organization for various applicants are as under:

  • Salaried Professionals: The organization charges an interest rate standing at the rate of 8.9% for salaried professionals.
  • Self-employed Professionals: The organization charges an interest rate starting at 8.9% for self-employed professionals.
  • Self-employed Non-Professionals: The organization charges an interest rate starting at 9.1% for self-employed non-professionals.

 

Fixed Rate Type Method: Under this method, the organization keeps the interest rate fixed for a period of 3, 5 or even 10 years depending upon the PNB Housing Finance Home loan agreement. Post completion of the fixed rate period, the interest rate method automatically changes to floating interest rate type. The rate of interest applicable would be the existing rate of interest under floating interest type. The rate of interest charged by the organization for various applicants are as under:

  • Salaried Professionals: The rate of interest charged depends upon the number of fixed years. The organization charges interest rate which starts from 8.80% for 3/5 years, whereas, it charges an interest rate of 8.99% for a fixed period of 10 years.
  • Self-employed Professionals: The organization charges interest rate which starts from  8.80% for 3/5 years fixed period, whereas, it charges an interest rate of 8.99% for a fixed period of 10 years.
  • Self-employed Non-Professionals: The organization charges an interest rate ranging from 8.99% for 3/5 years and 9.30% for 10 years of fixed period.

 

Normal Home Loans

Any Loan Amount

Fixed Floating

Salaried/Self-employed professionals

 

Self-employed non-professionals

Floating Rate

8.90%

9.10% onwards

Fixed Rate- 3/5 years

8.80%

8.99%

Fixed Rate- 10 years

9.10%

9.30%

However, the rates of interest are subject to change at the organization’s discretion.

 

Rates for Residential Plot purchase loan ( not classified as plot + construction ) will be 1% higher than the normal home loan rates

 

Pricing Grid Applicable for Retail Non-Home loans for any loan amount

Any Loan Amount

Fixed Floating

Loan against commercial property

Loan against residential property (LAP)

Lease Rental Discounting (LRD)

 

Loan against Plot/ Loan against Special Property*

(residential/

commercial)

 

Loan for purchase of non-residential property (NRP)

 

Floating Rate

10.50%

10.25%

10.25%

11.75%

10.25%

Fixed Rate-

3/5 years

10.50%

10.25%

10.25%

11.75%

10.25%

Fixed Rate-

10 years

10.75%

10.50%

10.50%

12.00%

10.50%

NRI loans interest rates:

PNB Ltd. Home loan is offered under two interest rate type methods, namely, Floating rate type and Fixed Rate type. The interest rate on both the types varies depending upon the profession of the applicant.

  1. Floating Rate Type Method: Under this method, the interest rate of the organization is linked to its MCLR. The rates of interest charged by the organization for various applicants are as under:
  • Salaried Professionals: The organization charges an interest rate standing at the rate of 9.3% for salaried professionals.
  1. Fixed Rate Type Method: Under this method, the organization keeps the interest rate fixed for a period of 3, 5 or even 10 years depending upon the PNB Home loan agreement. Post completion of the fixed rate period, the interest rate method automatically changes to floating interest rate type. The rate of interest applicable would be the existing rate of interest under floating interest type. The rate of interest charged by the organization for various applicants are as under:
  • Salaried Professionals: The rate of interest charged depends upon the number of fixed years. The organization charges an interest rate standing at the rate of 9.30% for 3 years and 5 years fixed period, whereas, it charges an interest rate of 9.5% for a fixed period of 10 years.

 

 

Documentation

The applicant in order to avail PNB Ltd. home loan schemes with the organization requires submitting valid documents supporting the applicant’s existence and his social and income status. The documents submitted by the applicant must be true to its nature, legal and valid. The list of documents required differs depending upon the applicant’s business profile.


In Case of Salaried Employees:
 

  1. The Application form duly signed with self-attested photograph
  2. Identity Proof: any one copy of Passport / Driving License/Voter ID card.
  3. Address Proof – a copy of Ration Card / Rental Agreement / Electricity or Telephone Bill / Passport/ Election Card/ Driving License/ Any other government issued identity card.
  4. Form 16 of the past two years
  5. Last 6 month’s Bank statement: The statement should be from the account where the applicant’s salary for the past six months has been credited.
  6. Latest Salary Slip (for the past three months) which shows the salary of any salaried employee.
  7. Processing Fee Cheque: a cheque drawn in favor of ‘PNB Housing Finance Ltd’ is required to be paid for the applicable processing fees
  8. Proof of educational qualifications: The applicant needs to submit the documents pertaining to his highest educational degree.
  9. Copy of the legal documents of the property and a copy of the approved plan.

In Case of Self Employed applicants or professionals:
 

  1. An application form which should be correctly filled by the applicant stating his personal information, signed and attached with two self-attested photographs of the borrower.
  2. An Identity Proof which may be the Voter’s ID card, Passport or Driving License of the individual which contains the individual’s photograph and his name beside the photograph and can be used to identify the applicant.
  3. Address Proof – Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport/ Driving License/ Election Card/ Any other government issued identity card. Anyone of these documents can be submitted as they contain the address of the applicant needed for the verification process of the organization.
  4. IT Returns for Last three years (both self and business) along with Balance Sheet and Profit and loss as audited by a CA professional: These documents verify the income earning capacity of the applicant by reflecting on the financial position of the applicant himself and also his busiess
  5. Last 12 month’s Bank statement: The organization statement of both the applicant and his business has to be submitted at the time of applying for PNB Housing loan.
  6. Certificate and proof of existence along with Business profile: These documents help to verify the legal validity and years of existence of the applicant’s business.
  7. Processing Fee Cheque: the organization charges a minimal amount for processing the PNB Housing Finance Home loan. An applicant has to submit the same along with other documents at the time of loan application. The cheque should be drawn in favor of ‘PNB Housing Finance Ltd’.
  8. Proof of educational qualifications: The applicant needs to submit the documents pertaining to his highest educational degree. Applicable only in the case of self-employed professionals.
  9. Copy of the legal documents of the property and a copy of the approved plan.

In case of NRI individuals:
 

An NRI applicant in order to avail a PNB Home loan with the bank must submit the following documents.
 

  1. Signed Application form with self-attested photograph: An applicant, at the time of applying for form must submit the PNB home loan application form duly filled with his/her true information and a signed photograph.
  2. Identity Proof: Copy of Passport / Social Security / Driving License/Any other certificate from statutory authority. Any one of the document can be submitted as a valid Identity Proof because all the listed documents have the individual’s photograph along with his or her name against the photograph proving the identity of the applicant.
  3. Residence Proof: Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport/ Driving License/ Any other government issued identity card. The applicant needs to submit any one of the afore-mentioned documents which state the correct address of the applicant needed for the verification process of the organization.
  4. Age Proof: Pan Card/Passport/ Any other certificate from statutory authority.
  5. Proof of educational qualifications: The applicant needs to submit the documents pertaining to his highest educational degree.
  6. Copy of passport/PIO card
  7. Copy of Work Permit, if any.
  8. The copy of the appointment letter and contract to be duly signed by the current employer.
  9.  The salary slip/ certificates of the last 3 months which state the name, post of the applicant, and date of joining.
  10. Last two year’s income statement from employers.
  11. Latest 6 months bank account statement where the applicant’s salary has been credited.
  12. Copy of legal documents of the property such as title documents, approved plan has to be submitted by the applicant.
  13. Loan processing fee cheque issued in favor of ‘PNB Housing Finance Ltd’.
  14. In case of constructions or renovations, a detailed estimate of the cost as done by a valuer or an architect has to be submitted by the applicant.

The documents for home loans submitted have to be self-attested by the applicant.

Process of PNB Housing Finance Home loan disbursement

The disbursement of the sanctioned loan amount is done only after the organization is satisfied by the technical appraisal and legal documentation of the property in question.


In case of purchases of flats/houses on a resale basis, the entire payment will be done to the seller on a lump sum basis at the time of transfer. However, the applicant has to make his contributions towards the purchase of the property.


In case of purchase of flats/houses on construction, the payment will be done according to the progress made in construction of the property. The PNB Housing Finance Home loan amount will be disbursed according to the preference of the builder, society or the developing authority.


Process of loan disbursement:


The disbursement of the sanctioned loan amount is done only after the organization is satisfied by the technical appraisal and legal documentation of the property in question.


In case of purchases of flats/houses on a resale basis, the entire payment will be done to the seller on a lump sum basis at the time of transfer. However, the applicant has to make his contributions towards the purchase of the property.


In case of purchase of flats/houses on construction, the payment will be done according to the progress made in construction of the property. The loan amount will be disbursed according to the preference of the builder, society or the developing authority.


Applying for the loan


Applicants can apply for a PNB Home Loan through the Paisabazaar.com online portal which enables a seamless and easy loan application process.

PNB Housing Home Loan
(4.3/5 ) 7 Reviews
Home LoanHome Loan
4/5

Very good home loan scheme

I was searching for good home loan schemes at low-interest rates. Then I came across PNB housing home loan schemes. My loan had an interest rate of 9.30% only for minimum loan tenure as compared to others. The documentation was very easy without any ..Read more...

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Posted on: Jan 3 , 2017
Home LoanHome Loan
4/5

Very good home loan scheme

I was searching for good home loan schemes at low-interest rates. Then I came across PNB housing home loan schemes. My loan had an interest rate of 9.30% only for minimum loan tenure as compared to others. The documentation was very easy without any ..Read more...

Male Profile Pic
Posted on: Dec 28 , 2016
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