Urban Money

Punjab National Bank Housing Finance Home Loan

Punjab National Bank Housing Finance
4.5

Punjab National Bank (PNB) is the first Swadeshi banking institution in the country, starting its operations on 12th April, 1895 in Lahore. It started its journey with authorized capital of Rs. 2 lakh and working capital of Rs. 20,000. The bank was founded in the spirit of Indian nationalism and was the first such institution managed purely by Indian citizens with capital derived from Indians as well. Nine banks have been fused/merged with Punjab National Bank till date.

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Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Punjab National Bank Housing Finance Home Loan Interest Rate

Punjab National Bank Housing Finance

8.75% - 10.9%

Up to 0.5%

4.5

₹8L - ₹75L

Tenure(1 - 30 Years)

Details

Features & Benefits of PNB Housing Home Loan

  • Home loans with tenures up to 30 years. 
  • Financing up to 90% of the value of the home. 
  • Low processing fees of just 0.5% of the home loan. 
  • Customer-friendly doorstep services, post-disbursement solutions, customized eligibility programs and more. 
  • Online processing of applications. 
  • Vast network with presence in all major Indian cities.

It is easy to apply for PNB Housing home loan and you can also enjoy the benefit of a highly smooth PNB Housing home loan online application procedure. PNB Housing has experience spanning three decades, offering home loans that are in sync with the budgets of customers and at competitive interest rates as well. There are various kinds of home loans on offer including home purchase loans, home extension loans, home construction loans, residential plot loans, and home improvement loans.

PNB Housing Finance Home Loan Eligibility Criteria

PNB Housing home loan eligibility criteria include the following:

  • 21-70 years of age while applying. 
  • Monthly income of Rs. 15,000 and higher. 
  • CIBIL score of at least 611 and higher. 
  • More than 3 years of work experience. 
  • More than 5 years of business continuity for self-employed borrowers.

PNB Housing Home Loan Interest Rates

The rates of interest start from 6.75% per annum for both self-employed and salaried borrowers. 

Factors affecting PNB Housing Home Loan Interest Rates

  • Monthly Income- The higher your income, the lower your rate of interest. 
  • Loan Amount- The higher your loan amount, the higher your rate of interest. 
  • Type of Rates- You can choose between either fixed or floating rates of interest. 
  • Credit score- Good credit scores above 750 usually merit lower rates of interest on home loans. 
  • Employment type- Rates are different for self-employed and salaried borrowers. 

How PNB Housing Home Loan Compares with Other Lenders?

Name of the Lender Rate of interest per annum (onwards)
Citibank 6.75%
Kotak Mahindra Bank 6.55%
Bank of Baroda 6.50%
Union Bank of India 6.60%
Bank of India 6.85%
State Bank of India 6.75%
Central Bank of India 6.85%
LIC Housing Finance 6.90%
HDFC LTD 6.70%*
Axis Bank 6.90%
Punjab and Sind Bank 6.85%
Canara Bank 6.90%
Bank of Maharashtra 6.40%
IDFC First Bank 6.50%
Punjab National Bank 6.50%
Indian Overseas Bank 7.05%
UCO Bank 6.90%
United Bank of India 8.00%
IDBI Bank 6.75%
DBS Bank 7.30%
Karur Vysya Bank 7.20%
HSBC Bank 6.45%
Jammu and Kashmir Bank 7.20%
Saraswat Bank Home Loan 6.70%
PNB Housing Finance 6.99%
South Indian Bank 7.85%
Federal Bank 7.65%
Aavas Financiers 8.00%
Standard Chartered Bank 7.99%
Karnataka Bank 7.50%
Dhanlaxmi Bank 7.85%
Tamilnad Mercantile Bank 8.25%
Sundaram Home Finance 6.95%
Tata Capital 6.90%
Bandhan Bank 6.40% -13.50%
IIFL 10.50%
Yes Bank 8.95%
Shriram Housing 8.90%

Documents Required for PNB Housing Home Loan

The PNB Housing home loan requirements include the following:

  • Age Proof 
  • Loan application form
  • Proof of Residence
  • Educational Qualifications
  • Income Proof- Salary slips of last 3 months, last 6 months’ bank statements and Form 16 for the last 2 years for salaried borrowers. ITR, business proof, last three years’ IT returns, certified balance sheets and bank account statement for last 12 months for self-employed borrowers. 
  • Property documents.

PNB Housing Home Loan Customer Care Number

The customer care number is 1800 120 8800.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is A Home Loan A Tax Saving Deduction?

There are several tax saving deductions on home loans including Rs. 1.5 lakh under Section 80C and Rs. 2 lakh under Section 24. There are first-time home buyer deductions as well.

What Is The Minimum Salary For A Home Loan?

Rs. 25-30,000 is the minimum salary required for getting a home loan.

Can I Take Two Home Loans At A Time?

There are no restrictions on taking two home loans together if you are eligible, have the income and repayment ability required and a good credit score.

When Does The Loan Repayment Period Start?

Loan repayment usually starts on the month after the month in which your loan has been disbursed.

Does PNB Housing Provide Home Loan at the best rate?

Yes PNB Housing offers home loans at attractive interest rates of 6.75% per annum.

What are the documents required in PNB Housing for a home loan?

The documents needed include the following:

  • Age Proof 
  • Loan application form
  • Proof of Residence
  • Educational Qualifications
  • Income Proof- Salary slips of last 3 months, last 6 months’ bank statements and Form 16 for the last 2 years for salaried borrowers. ITR, business proof, last three years’ IT returns, certified balance sheets and bank account statement for last 12 months for self-employed borrowers. 
  • Property documents.

What are the KYC documents I will have to submit to apply for a home loan from PNB Housing?

The KYC documents you will require include identity and address proof.

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