PNB Housing Loan

PNB Housing offers loans at affordable rates for customers who wish to buy their own home or part of land. The loan can also be availed for facilities such as the purchase of a home, renovation,furnishings and repairs. These loans are given at an interest rate of 9.10% onwards for a period of up to 30 years.

Loan Amount	Salaried/Self–Employed Professional	Businessmen/Self- Employed Non–Professional
<= Rs. 75 Lakhs	9.10% – 11.25%	9.30% – 12.50%
> Rs. 75 Lakhs	9.20% – 11.25%	9.50% – 12.50%

Note: Interest rates offered are subject to change at the sole discretion of PNB Housing or RBI.

The company has categorised its housing loans into two segments – Home Loans and Non-Home Loans. Housing loans offered by PNB Housing can be used for various purposes like purchase or construction of house, home extension or improvement, buying plot or land, etc.

• Private Builder’s Approved Project on PAN India Basis
• Housing Finance Scheme for Public – PNB Max-Saver
• PNB Pride Housing Loan for Government Employees
• Housing Loan for Public & Pradhan Mantri Awas Yojana (PMAY) – Housing For All
• PNB Gen-Next Housing Finance Scheme for Public

Non-Home Loans: The following loans are covered under this category:

• Loan for Purchase and Construction of Commercial Property
• Loan Against Residential and Commercial Property
• Lease Rental Discounting

The amount of funding one gets from PNB Housing is based on total loan amount. The maximum funding that PNB Housing offers is given below:

PNB Housing Loan Amount:

Loan Amount	Maximum Funding
Upto Rs 30 lakhs	90% of market value
Rs. 30 lakhs and above, upto Rs. 75 lakhs	80% of market value
Above Rs. 75 lakhs	75% of market value

• The company offers housing loan for many purposes such as purchase, maintenance, and repair.
• PNB Housing provides loan amount in the range of 75% to 90% of the property’s value. The remaining amount is to be provided by the applicant.
• PNB Housing offers housing loans at an interest rate of 9.10% onwards. These are some of the lowest interest rates when compared with other banks and NBFCs.
• The applicant will loan will be provided only if they meet the bank’s eligibility criterion. The loan amount is disbursed as a lump sum if the house or flat has already been constructed and the purchase is in the nature of a resale. In case, the house/flat is under construction, then the loan is disbursed in stages. PNB Housing expects the borrower to contribute his / her / their share of the total cost before the loan amount is disbursed.
• These loans can be paid back through EMIs over a period of up to 30 years. The applicant can plan their repayment strategy accordingly.
• The minimum contribution from the borrower should be at least 10% of the total cost of the property. This total cost will be inclusive of the stamp duty and registration charges.
• All necessary documents such as ID proof and residence proof along with salary slip, bank statements, tax returns and photocopy of the documents relating to the property will have to be submitted to the bank.

One of the primary eligibility conditions is that the borrower’s age should be 70 years or less at the time of maturity of the loan. PNB Housing also takes into account the borrower’s income, age, qualification and occupation, among others. In case of co-applicants, their income will be clubbed to get to the total amount of loan for which they are eligible.

• Application Form:This form has all the basic information such as name, age, phone / mobile number, email address, etc. In addition, the photograph of the applicant has to be submitted along with the form.
• Age Proof: The applicant must be less than 70 years of age. A self-attested copy of any one of the following documents can be submitted as proof of age:
  • Aadhaar Card
  • Driver’s Licence
  • PAN Card
  • Passport
  • Voter’s ID Card
• Residence Proof: The following documents are considered as proof of address. A self-attested copy of any one of them has to be submitted:
  • Electricity Bill
  • Telephone Bill
  • Driving Licence
  • Passport
  • Voter’s ID Card
• Education Qualification:PNB Housing asks for a self-attested copy of the last degree obtained by the applicant.
• Salary Slip: The salaried applicants must deposit their self-attested salary slips for the last 3 months. This is done to see whether the applicant has the financial capacity to repay the loan. Self-employed people have to provide a self-attested certificate and proof of business existence along with a business profile.
• Income Tax Returns: The salaried applicants have to submit their self-attested Form 16 for the last 2 years. Self-employed people have to provide the self-attested income tax returns for self and for the business with Profit & Loss Account and Balance Sheets duly certified and audited by a Chartered Accountant for the previous 3 years.
• Bank Statement: Salaried applicants have to submit their self-attested bank statements for the account in which their salary is credited, for the last 6 months. The self-employed applicant has to provide self-attested bank statements for self and for the business for the last 12 months.
• Property Papers:Self-attested photocopy of title documents of the property and the approved plan have also to be submitted. Further, the PNB Housing may ask for proof of payments already made to the builder or seller.

PNB Housing also offers loans for purchase or construction of commercial property that can be used as an office or a shop. The company’s network of branches across India allows it to cater to the commercial loan needs of a large section of consumers. The company offers doorstep services that ensure easy and fast approval as well as quicker disbursement of loans. PNB Housing also provides the option to enhance the loan amount in case the cost of acquisition rises after initial loan disbursement.

PNB Housing Loan: Non Home Loans Particulars

Eligibility Criteria: The company offers allows an individual to take a commercial property loan provided he or she is less than 50 years old at the time of application. For firms or companies, the firm has to be at least 3 years old with positive returns.