Punjab National Bank Home Loan

• Wide variety of home loan schemes to suit every customer’s fund needs
• Attractive repo- linked home loan interest rates starting from 7.15% p.a.
• Loan amount available is up to Rs. 1 crore
• Longer repayment period extending up to 30 years
• No prepayment penalty for floating rate home loans
• Overdraft and top-up facility for all borrowers
• Multiple loan repayment options to suit customers’ needs

Also Read: Home Loan Tax Benefits

The current repo rate-linked PNB home loan interest rate is 7.15% onwards, which is the lowest home loan rate in India. As on date, the PNB’s Repo Linked Lending Rate (RLLR) is 6.65% w.e.f. 01.06.2020. For existing borrowers, the current 1-year Marginal Cost of funds based Lending Rate (MCLR) offered by PNB is 7.60% w.e.f. 02.06.2020.

Note: From October 1, 2019, the RBI had made it mandatory for all banks to link their retail and MSME loan rates to repo rate.

Compare PNB Home Loan Interest Rates for Various Schemes

**PNB PRIDE is for Central/State Government Employees/Defence Personnel & Para Military Forces.
***PNB Max Saver is housing loan in the form of overdraft with reducing drawing power.

Check Also: Compare Home Loan Interest Rates from Top Providers

Apart from PNB home loan interest rates, Punjab National Bank home loans include a few other charges. Some of these fees and charges are:

Note: The figures given in the table are indicative and are subject to change without prior information.

Home loans are expensive and a long-term commitment extending usually up to 30 years. If not managed properly, home loans can cause financial stress in the long run, thereby, increasing the chances of home loan default. To manage your PNB home loan EMIs smartly and plan your finances in advance, use Paisabazaar’s Home Loan EMI Calculator. The online home loan calculator helps users to know their home loan EMIs beforehand, which helps them plan their budget for the entire loan tenure, ensuring timely loan repayments. The home loan calculator is easy to use and gives accurate results.

PNB housing loan EMI depends on factors like interest rate, loan amount and loan tenure. The table below illustrates the change in home loan EMIs in case there is a change in the loan amount and loan tenure. The home loan interest rate is constant at 7.15% p.a. for all the scenarios.

In the table, one can notice that home loan EMIs increase with the increase in the loan amount. Also, with the increase in the loan tenure, the loan EMI decreases. But always keep in mind that an increase in loan tenure might decrease your monthly instalments but it would also increase the total interest pay-out.

PNB offers several home loan products, each having its own eligibility criteria. Customers planning to apply for PNB Home Loan must check the home loan eligibility criteria to avoid any loan rejection. The common PNB Home Loan Eligibility is given as below:

Read Also: Home Loan Eligibility Calculator

PNB Home Loan Documents for Salaried:

• Duly filled in home loan application form along with a photograph
• Proof of Identity such as Aadhaar Card, PAN Card, Passport, Driving License and Voter’s ID Card
• Proof of Residence such as Aadhaar Card, Passport, Driving License and Voter’s ID Card
• Proof of Age such as Aadhaar Card, PAN Card, Passport, Birth Certificate, Driving License and Voter’s ID Card
• Proof of Educational Qualification
• Proof of Income: Salary certificate issued by the employer (indicating gross and net salary)/Income Tax Return
• Bank Statement of salary account of past six month

PNB Home Loan Documents for Self Employed:

• Duly filled in home loan application form along with a photograph
• Proof of Identity such as Aadhaar Card, PAN Card, Passport, Driving License and Voter’s ID Card
• Proof of Residence such as Aadhaar Card, Passport, Driving License and Voter’s ID Card
• Proof of Age such as Aadhaar Card, PAN Card, Passport, Birth Certificate, Driving License and Voter’s ID Card
• Proof of Educational Qualification
• Proof of Income for Agriculturist: Record of landholding & cropping pattern or any other proof of income
• Proof of Income for Other Self Employed: Last 3 years’ Income Tax Return or Assessment Order & Computation of Income Statement
• Bank Statement of account for the last six months

Additional documents:

• Income proof of spouse/earning children/joint borrowers (if applicable)
• Property documents as required

Note: The above list of documents is only indicative. The bank might ask for other documents and proofs to process your home loan application.

Check: List of Home Loan Documents Required

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Punjab National Bank offers a variety of home loan products, including PNB Max Saver, PNB Flexible Housing Loan and PNB Pride Housing Loan. The bank offers home loans above Rs. 75 lakh at attractive interest rates starting at 7.15% p.a.

Read Also: Types of Home Loan

Compare Best PNB Home Loan Offers

1. PNB Housing Loan for Public

‘Housing Loan for Public’ housing loan scheme can be availed for the construction of a house/flat, purchase of a new house/flat, renovation of existing house/flat and purchase of residential land/plot.

*Charges such as stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money. However, such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs. 10 lakh.

2. PNB Max Saver

PNB Max Saver is a housing loan in the form of an overdraft. The loan scheme provides the benefit of substantial savings on the home loan interest. Borrowers can deposit their surplus funds in the overdraft account and withdraw the same up to the drawing power as per their choice and needs. Customers can avail the scheme for all purposes as described under Housing Finance scheme except for the purchase of land/plot.

An existing housing loan borrower desirous of availing loan under this variant should have a regular home loan account, no outstanding inspection irregularity, complete disbursement and repayment should have started.

*Charges such as stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money. However, such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs. 10 lakh.

3. PNB Pride Housing Loan

PNB Pride Housing Loan is for permanent Central & State Government Employees, Defence Personnel and Para Military Forces. Eligible customers can apply for the loan individually or jointly. It can be availed for the purchase of a new house/plot/flat, construction of a new house, renovation/repair of an existing house/flat.

*Charges such as stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money. However, such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs. 10 lakh.

4. PNB Gen-Next Housing Finance Scheme for Public

This loan product is for Gen-Next salaried class borrowers and PSBs/PSUs/Govt. employees. The loan can be availed for house purchase and house construction. PNB home loan borrowers must obtain term insurance of an amount at least equal to the loan amount. The cost of the premium may be financed at the option of the borrower(s). The same shall be over and above the extent of loan, at the prescribed margin, for which the customer is otherwise eligible and subject to maintenance of LTV ratio and repaying capacity of the borrower.

*Charges such as stamp duty, registration charges and other documentation charges shall be borne by the borrower and shall not be considered towards margin money. However, such charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs. 10 lakh.

**In case of multiple borrowers whose income has been taken for arriving at the loan eligibility and repaying capacity, one borrower must be at least up to the age of 40 years and others may be up to the age of 45 years. Further, where the income of the applicants is not being taken for arriving at the loan eligibility and they are owner/co-owner in the property, they are to be made co-borrower under this scheme without referring his/her age.

PNB Pradhan Mantri Awas Yojana – Credit Linked Subsidy (PMAY-CLSS)

PMAY-CLSS is a government scheme that offers interest subsidy on housing loans. Beneficiary families falling under the income groups – Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group – can enjoy the subsidised amount of up to Rs. 2.67 lakh under PMAY scheme through PNB.

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You can apply for PNB Home Loan online at Paisabazaar.com by following these steps:

• Click to begin with the PNB home loan application process
• Fill out the information in the required fields and accept the given terms & conditions
• Provide more details and proceed
• A few home loan offers for which you are eligible will appear. Compare your options and apply for a home loan which suits your needs the best

To get your PNB Housing Loan related queries or complaints resolved, contact the bank through the following ways:

1. PNB Official Website

Customers can register their complaints or place a service request on the bank’s website by submitting a duly filled CGRMS form. Click here to get started with the process.

2. PNB Home Loan Customer Care Numbers

Customers can also call on the following numbers to register their complaints or get a query resolved:

PNB Home Loan Toll-free Customer Care Numbers

1800 180 2222
1800 103 2222

 PNB Home Loan Other Customer Care Numbers

Tolled Number: 0120-2490000
Landline: 011-28044907

5. PNB Home Loan Customer Care Email ID

care@pnb.co.in

6. PNB Corporate Office Postal Address

Punjab National Bank,
Plot No 4, Sector -10,
Dwarka, New Delhi -110075

What is the maximum loan tenure for PNB home loan?

PNB offers its customers the flexibility to repay their home loans up to a maximum period of 30 years.

What is the benchmark applicable for PNB housing loan?

The PNB home loan interest rates are linked to RBI’s repo rate, an external benchmark.

Are there any tax benefits on PNB home loan?

As per the Indian Income Tax Act, 1961, all tax-paying Indian residents are eligible for home loan tax benefits on the principal repayment and interest amount of housing loans under Sections 24(b) and 80C of the Income Tax Act.

How to increase PNB home loan eligibility?

To increase your PNB home loan eligibility, you can add an earning co-applicant. The combined income of both applicants will help you increase your loan eligibility.

What is the maximum loan amount a customer can get against his/her salary?

The loan amount that a customer can get on his/her salary depends on his/her repayment capacity, which is determined by age, number of dependents, education qualification, current liabilities, credit history, etc.

What is the security required to avail PNB home loan?

Security required for PNB home loan is charged by way of an equitable mortgage of the property to be financed.

How can a customer repay PNB housing loan?

Customers may either issue post-dated cheques or give standing instructions to their banker to pay the instalments through ECS (Electronic Clearing System) from your Non-Resident (External) Account / Non-Resident (Ordinary) Account in India. Cash payments are not accepted by the bank.