PNB Housing Finance Home Loan

PNB Housing Finance Home Loan Highlights
Interest Rate	8.50% – 14.50% p.a.
Loan Amount	Rs 8 lakh onwards
LTV Ratio	Up to 90% of property value
Loan Tenure	Up to 30 years
Processing Charges	Up to 1% of loan amount + GST
Minimum Monthly Income	Rs 15,000
Minimum Credit Score	611 and above

Note: Rates as of 28th September 2023

Also Read: Have ‘No’ or ‘Low’ Credit Score? Use Step UP Credit Card Co-branded with SBM Bank India Ltd. to Build/Improve your Credit Score

 

PNBHFL Home Loan Interest Rates

PNB Housing Finance Home Loan interest rates start from 8.50% p.a. onwards, based on the loan amount, credit score, employment type and type of home loan scheme offered to its home loan applicants.

Below mentioned are the home loan interest rates set by PNB Housing Finance for its various home loan schemes:

PNB Housing Home Loan

 For Loan Amount up to 35 lakh

Credit Score	Interest Rates (p.a.)
	Salaried / Self – employed professional (SEP)	Self – employed non – professional (SENP)
>=825	8.50%-9.00%	8.80%-9.30%
>800-825	8.50%-9.00%	8.90%-9.40%
>775 to 799	9.10%-9.60%	9.65%-10.15%
>750 to <=775	9.25%-9.75%	9.80%-10.30%
> 725 to <=750	9.55%-10.05%	10.25%-10.75%
> 700 to <= 725	9.85%-10.35%	10.55%-11.05%
> 650 to <= 700	10.25%-10.75%	10.75%-11.25%
upto 650	10.25%-10.75%	10.75%-11.25%
NTC** Cibil >170	10.25%-10.75%	10.65%-11.15%
NTC** Cibil <=170	10.15%-10.65%	10.55%-11.05%

For Loan Amount above 35 lakh

Credit Score	Interest Rates (p.a.)
	Salaried / Self – employed professional (SEP)	Self – employed non – professional (SENP)
>=825	8.50%-9.00%	8.80%-9.30%
>800-825	8.50%-9.00%	8.90%-9.40%
>775 to 799	9.20%-9.70%	9.80%-10.30%
>750 to <=775	9.35%-9.85%	10.15%-10.65%
> 725 to <=750	9.70%-10.20%	10.30%-10.80%
> 700 to <=725	10.05%-10.55%	10.75%-11.25%
> 650 to <=700	10.45%-10.95%	10.95%-11.45%
upto 650	10.45%-10.95%	10.95%-11.45%
NTC** Cibil >=170	10.45%-10.95%	10.85%-11.35%
NTC** Cibil <=170	10.35%-10.85%	10.75%-11.25%

PNB Housing Plot Loan

For Loan Amount up to Rs 35 lakh

Credit Score	Interest Rates (p.a.)
	Salaried/Self-employed Professionals	Self-employed Non-Professionals
>=825	9.50%-10.00%	9.80%-10.30%
>800-825	9.50%-10.00%	9.90%-10.40%
>775 to 799	10.10%-10.60%	10.65%-11.15%
>750 to <=775	10.25%-10.75%	10.80%-11.30%
> 725 to <=750	10.55%-11.05%	11.25%-11.75%
> 700 to <=725	10.85%-11.35%	11.55%-12.05%
> 650 to <=700	11.25%-11.75%	11.75%-12.25%
upto 650	11.25%-11.75%	11.75%-12.25%
NTC** Cibil >170	11.25%-11.75%	11.65%-12.15%
NTC** Cibil <=170	11.15%-11.65%	11.55%-12.05%

For Loan Amount above Rs 35 lakh

Credit Score	Interest Rates (p.a.)
	Salaried/Self-employed Professionals	Self-employed Non-Professionals
>=825	9.50%-10.00%	9.80%-10.30%
>800-825	9.50%-10.00%	9.80%-10.30%
>775 to 799	10.20%-10.70%	10.80% to 11.30%
>750 to <=775	10.35% to 10.85%	11.15% to 11.65%
> 725 to <=750	10.70% to 11.20%	11.30% to 11.80%
> 700 to <=725	11.05% to 11.55%	11.75% to 12.25%
> 650 to <=700	11.45% to 11.95%	11.95% to 12.45%
upto 650	11.45% to 11.95%	11.95% to 12.45%
NTC** Cibil >170	11.45% to 11.95%	11.85% to 12.35%
NTC** Cibil <=170	11.35% to 11.85%	11.75% to 12.25%

PNB Housing Roshni Home Loan

Profile	Interest Rate (p.a.)
Salaried	10.50%-14.25%
Self-employed Non Professionals	11.50%-14.50%

Compare PNBHFL Home Loan Interest Rates with Other Lenders

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.40% - 10.15%	8.40% - 10.05%	8.40% - 10.05%
HDFC Bank Limited	8.50% onwards	8.50% onwards	8.50% onwards
LIC Housing Finance	8.50% – 10.35%	8.50% – 10.55%	8.50% – 10.75%
ICICI Bank	9.00%-9.80%	9.00%-9.95%	9.00%-10.05%
Kotak Mahindra Bank	8.75% onwards	8.75% onwards	8.75% onwards
PNB Housing Finance	8.50% - 14.50%	8.50% - 11.45%	8.50%-11.45%
Punjab National Bank	8.55%-10.25%	8.50%-10.15%	8.50%-10.15%
Bank of Baroda	8.40% - 10.65%	8.40% - 10.65%	8.40% - 10.90%
Union Bank of India	8.35% – 10.80%	8.35% – 10.95%	8.35% – 10.95%
IDFC First Bank	8.85% onwards	8.85% onwards	8.85% onwards
L&T Finance Limited	8.60% onwards	8.60% onwards	8.60% onwards
Bajaj Housing Finance	8.45% onwards	8.45% onwards	8.45% onwards
Tata Capital Housing Finance	8.70% onwards	8.70% onwards	8.70% onwards
Federal Bank	8.80% onwards	8.80% onwards	8.80% onwards

PNBHFL Home Loan Processing Fees & Charges

Particulars	Charges
Processing fees	0.5% of loan amount subject to a min. of Rs. 10,000
Part or Full Prepayment Charges	On the floating rate of interest by the individual borrower: No charges On the floating rate of interest by non-individual borrower being applicant or co-applicant: 2% of principal prepaid On the fixed rate of interest by the individual borrower: 3% of principal prepaid; if prepayment is my own source then no fee is applicable On the fixed rate of interest by non-individual borrower being applicant or co-applicant: 3% of principal prepaid
Cheque/NACH Mandate Form return	Rs. 500
CERSAI Fees	For loans disbursed after January 31, 2016: Rs. 100 For loans disbursed prior to January 31, 2016: Rs. 500
Conversion of Rate of Interest	Floating to Floating Rate of Interest: 0.50% of principal outstanding Fixed to Floating Rate of Interest: 2% of principal outstanding
Overdue Charge	2% per month on overdue payment
Legal/Recovery/Title Search Fees	As per actuals

Also know home loan processing fees charged by lenders offering home loans

Types of PNB Housing Finance Home Loan

PNBHFL Home Purchase Loan

Purpose: PNB Housing offers regular home loans for purchase, construction, improvement and extension of residential properties

LTV Ratio: Up to 90% of property value

Tenure: Up to 30 years

PNBHFL Home Construction Loan

Purpose: Consumers can avail PNB Housing Finance Home Construction Loans to raise funds for constructing their residential properties.

Tenure: Up to 30 years

PNBHFL Home Extension Loan

Purpose: Individuals can avail Home Extension Loans from PNB Housing Finance for adding more space to their existing house

PNBHFL Home Improvement Loan

Purpose: PNB Housing offers Home Improvement Loan to carry out upgradation/repair/tiling/flooring/roofing/water-proofing/plumbing/false-ceiling/electrical work/wood work of existing residential properties.

PNBHFL Residential Plot Loan

Purpose: PNB Housing Home Loan applicants can avail Plot Loan to raise funds for the purchase of residential plot in urban areas.

LTV Ratio: Up to 70-75% of plot’s market value

PNBHFL Home Loan for NRIs

Purpose: PNB Housing offers NRI Home loans to Non-Resident Indians and Person of Indian Origin to finance their purchase, construction, improvement, and renovation of residential properties in India.

PNBHFL Roshni Home Loan

Purpose: PNB Housing Roshni Home Loan is an affordable housing loan scheme for applicants who are new to credit or self-employed with informal income from a low/middle income group and with a monthly household income of at least Rs 10,000.

Loan Amount: Up to Rs 30 lakh

LTV Ratio: Up to 90%

Tenure: Up to 30 years

Eligibility Criteria for PNB Housing Finance Home Loan

• Salaried/Self-employed Professional/Self-employed Non-Professional
• Age: 21-70 years
• Nationality: Indian Resident, NRI, PIO
• Minimum Work Experience: 3 years
• Credit Score: 611 and above

For PNBHFL NRI Home Loans

• Applicant should be Indian citizen or Person of Indian Origin holding an Indian passport with status of NRI on employment, deputation and assignment.
• Maximum age: Up to 70 years at the time of loan maturity
• Work experience: At least 1 year in a foreign country (the condition of minimum service over one year is not applicable to applicants going abroad on deputation)

For PNBHFL Roshni Home Loans

• Maximum age of the applicant at the time of loan maturity should not exceed 70 years
• Salaried individuals of local or stable business entity are eligible for Roshni Home Loans. The company of the employer can be sole proprietorship, partnership, private limited company and trust
• Self-employed individuals from a low/middle income group with informal income and household earning as low as Rs 10,000 are also eligible for such loans

Also know the home loan eligibility set by top lenders

Documents Required for Loan Application

For Developer property (Direct Allotment from the Developer)

• Allotment letter,
• Payment receipt,
• Builder buyer agreement,
• Permission to mortgage from the respective authority

For Resale Property

• Agreement to sell
• Approved map of the property
• All prior deeds from the first allotment of the property
• Possession certificate and land tax receipt from relevant authorities
• Sale deed/Conveyance deed in favor of the seller
• Builder or society provided No Objection Certificate

Documents Required for PNBHFL Housing Loan

For Salaried

• Address proof –Aadhar card, Telephone Bill, Ration Card, Election Card, Passport, Driving License, Any other Certificate from Statutory Authority
• Age Proof – PAN Card, Passport, Any other Certificate from Statutory Authority
• Income Proof – salary slips of last 3 months, latest 6 months’ bank statement, Form 16 for last 2 years

For Self Employed

• Age Proof – Passport, PAN Card, Any other Certificate from Statutory Authority
• Address proof – Aadhar card, Driving License, Telephone Bill, Passport, Election Card, Ration Card, Any other Certificate from Statutory Authority,
• Income Proof – Pertaining to business and ITR, such as proof of business existence, accountant-certified balance sheets, last 3 years’ income tax returns, and last 12 months’ bank account statement

Documents Required for PNBHFL NRI Home Loans

• Duly filled application form with a photograph
• Age proof- Passport, PAN card or other certificates from statutory authority
• Residence proof- Passport, driving license, telephone bill, election card, Ration card or any other certificate from statutory authority
• Copy of work permit, passport or PIO card
• Salary slips of last 3 months
• Educational qualifications
• Appointment letter from current employer
• Bank statement for last 6 months showing salary credits
• Income statement from employers for last 2 months
• Copy of Title Deed of Property, approved plan, etc.
• Processing Fee Cheque in favour of ‘PNB Housing Finance Limited’
• Detailed estimate of cost from the architect or valuer in case of renovation or construction

Also know the documents required for home loans

PNBHFL Home Loan EMI Calculator

FAQs

1. What is the minimum credit score required by PNB Housing for availing home loans?
Ans. The home loan applicants need to have a minimum credit score of 611 for availing home loans from PNB Housing Finance.

2. Can I take two home loans at the same time?
Ans. Yes, you can take two home loans at the same time. However, you need to have adequate repayment capacity for repaying two home loans.

3. How long does it take for the approval of home loan?
Ans. PNB Housing usually takes 5-7 days for the approving home loan applications. However, if the applicant fails to present the income or property documents, the approval process might get delayed.

4. Can I get a joint home loan from PNB Housing Finance?
Ans. Yes, you can apply for a joint home loan with your immediate family member at PNB Housing Finance. Joint home loans are more likely to get approved than individual home loans. Availing joint home loan can also help in availing higher income tax benefit.

5. Can a higher credit score help in availing home loan at lower interest rates?
Ans. Yes, PNB Housing Finance sets lower home loan interest rates for applicants having higher credit score. For eg., PNB Housing Finance has set lowest interest rate slabs for applicants having credit scores of 800 and above whereas the highest rate slabs have been set for applicants having credit scores of 650 and lower.

6. How long does it take for PNB Housing Home Loan to get approved?
Ans. PNB Housing Finance claims approve home loan application within 5-7 days provided the applicant presents property and/or income related documentation on time.

7. What is the best way to apply for PNB Housing Home Loan?
Ans. Prospective home loan borrowers can apply for PNB Housing Home Loan through the official website of the lender. Interested individuals can also call or send sms on the toll-free number of PNB Housing Finance. Alternatively, prospective applicants can click here to apply for PNB Housing Home Loan while comparing the home loan interest rates offered by top lenders.

8. How much tax can I save for PNB Housing Home Loan?
Ans. PNB Housing Finance Home Loan borrowers can claim tax deduction under Section 80C and 24b of Income Tax Act. You can avail a tax deduction of up to Rs 1.5 lakh per financial year on principal repayment under Section 80C. You can also claim a tax deduction of up to Rs 2 lakh per financial year under Section 24b, on the interest paid on home loan. If the property is rented, you can avail the entire interest repayment amount as tax deduction without any limit.

9. Can I reduce my PNB Housing Home Loan tenure?
Ans. You can prepay your principal home loan amount to reduce the loan tenure of your PNB Housing Home Loan. The lender would rework on the requested loan tenure depending on your loan statement and recent income statements.

10. Can I extend my PNB Housing Home Loan tenure?
Ans. PNB Housing Finance allows its home loan borrowers to extend their home loan tenure. However, request for increase in loan tenure is considered as loan restructuring which results in reduction of the credit score of the borrowers. This in turn would negatively impacts their future loans and credit card eligibility.

Borrowers can opt for Home Loan Balance Transfer facility instead of increasing their loan tenure, wherein they can transfer their existing home loans to PNB Housing Finance at lower interest rates. This would reduce the home loan EMIs without increasing the interest cost. The borrowers can also opt for longer tenure with home loan balance transfer facility to further reduce their EMIs, provided they do not exceed the maximum age set by the lender for loan maturity.