PNB Home Loan

Punjab National Bank
4.5

PNB home loan offers customised options to meet the specific requirements of its clients. Customers can determine whether they are eligible for a PNB home loan by looking at their age, income, and credit score. In addition, customers can finish their applications easily because of the minimum documentation requirements. To accommodate its customers' various demands, PNB provides various home loan solutions with flexible repayment options and low-interest rates. PNB also offers committed customer care support throughout the loan application procedure.

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Punjab National Bank

Punjab National Bank Home Loan

  • Interest Rate

    8.4% - 10.25%

  • Loan Amount

    ₹1L - ₹5Cr

  • EMI Per Lakh

    ₹2,047 - ₹2,137

  • Processing Fees

    0.25% of Loan amount (Minimum – Rs. 1000/- Maximum Rs. 1500/-)
  • Pre-Payment Charges

    NIL

Features & Benefits of PNB Home Loan

Housing requirements are rising day by day and not everyone has the bandwidth to produce funding ideal for a home purchase. It is only with an ample amount of assistance that one can afford a decent living space. With various lending institutions in place that provide an array of housing loan facilities, customers do not need to look here and there. One such major banking institution is Punjab National Bank which became instrumental in providing financial support during the freedom struggle of citizens during the British Raj. Since then, PNB has constructed and devised various financial products that assist in providing excellent services to its customers. Today, anyone in need of a lucrative home loan can avail of the Punjab National Bank Housing Loan facility. This guide provides a detailed description of the Punjab National Bank Home Loan, its features, utility, interest rates, and various other benefits.

The Punjab National Bank Home Loan scheme comes with an array of features and benefits suited to the needs of its various customer classes. These features make this scheme a lucrative option to consider. Some of the major features and benefits of availing of the Punjab National Bank Home Loan scheme are as follows.

  • Attractive interest rates with relatively minimal expenses as compared to schemes offered by various other banks. 
  • Easy and transparent process of application. Customers can expect a loan sanction and disbursal within a minimal time frame. 
  • Less paperwork is involved in applying for the Punjab National Bank Home Loan scheme. 
  • Attractive repayment tenure can be chosen. Customers have the provision to repay their loans in up to a 30 years time frame. 
  • One can also opt for pre-closure of their loan without incurring any penalty charges. 
  • Loan takeover facility is available with the Indian Bank home loan scheme. 
  • Punjab National Bank home loan scheme is open to many customers. The eligibility criteria are set with minimal expectations.
  • The loan amount that can be availed goes up to Rs. 1 crore.
  • The repayment period ranges from 10 to 30 years. 
  • The Punjab National Bank housing loan interest rates start at 8.50% p.a.
  • Customers can transfer their loan balance at a reduced interest rate using the balance transfer service.
  • The option to borrow up to 90% of the property's worth is available
  • The processing cost for a home loan is quite low, up to 0.5% of the loan amount.
  • There are no fees and charges on PNB home loans till March 2024.
  • The customer service is prompt. It aims to help the customers in a quick manner.

PNB Home Loan Overview

Punjab National Bank is one of India's largest public sector banks, with over 6,500 branches and 10,000 ATMs spread across the country. It provides a variety of services, including house loans. PNB Home Loan is a simple and convenient approach to fund all types of housing requirements like purchasing a property, building a house, restoring a house, purchasing a piece of land, and much more. The interest rate of Punjab National Bank home loan starts from 8.50% p.a. And the repayment tenure goes up to 30 years. A borrower can apply for a PNB housing loan for amounts up to 90% of the property’s value. The PMAY scheme allows EWS, LIG, and MIG applicants to enjoy subsidised rates.

Punjab National Bank Home Loan Fees and Charges

PNB requires a certain amount to process a home loan application. This fee is paid by the applicant. The fees charged to process an application for the Punjab National Bank home loan are mentioned below:

Processing Fee NIL up to 31st March 2024
Documentation Charges NIL up to 31st March 2024

PNB Max Saver

In case the customer has paid upfront fees and documentation charges at the time of availing of a housing loan NIL up to 31st March 2024
In case the customer has not paid upfront fees and documentation charges at the time of availing housing loan NIL up to 31st March 2024

PNB Pride

Processing Fee NIL
Documentation Charges NIL

Note: The fees and charges mentioned above are dated for the month of August 2023.

 

Documents Required for Punjab National Bank Home Loan

Applicants are advised to be aware of the documents required when applying for a Punjab National Bank housing loan. The following documents must be produced to ensure a hassle-free application experience.

  • Identity Proof: PAN/Voter ID/Aadhaar Card
  • Address proof: Aadhaar Card/Passport/Driving License
  • Latest Degree to validate the educational qualification
  • Salary slips of last 3 months (for salaried applicants)
  • Certificate and Proof of business existence (for self-employed applicants)
  • Form 16 for the last 2 financial years (for salaried applicants)
  • ITR for the last 3 financial years (for self-employed applicants)
  • Self-attested copy of the Title Documents of the Property and Approved Plan

How the EMI Calculation Works for Punjab National Bank Home Loan?

Punjab National Bank home loan EMI calculation is a simple computative procedure that can otherwise get elaborate when doing calculations manually. Alternatively, one can simply resort to using a Punjab National Bank Home Loan EMI Calculator which is an online tool that provides a real-time outcome of a loan in terms of the payable monthly interest. This can be assistive in depicting whether or not a scheme is affordable. Moreover, there are other benefits such as making financial decisions, outlining financial planning, and so on. Lastly, using a Punjab National Bank Home Loan online calculator saves time and energy and shows users real-time outcomes.

Generally, the Punjab National Bank Home Loan EMI calculation uses a generic mathematical formula, as explained below:

EMI = [ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ N - 1 ]

Where,

  • P stands for the Principal Amount, 
  • R stands for Interest Rates, 
  • N represents the number of years

The individual inclined to assess EMIs on their home loan can also take the assistance of PNB Home Loan EMI calculator available online.

Balance Transfer Punjab National Bank Home Loan

The Punjab National Bank housing loan balance transfer is a realistic alternative if a borrower wishes to swap their house loan to a new lender with better rates. Transferring home loan balances to PNB home loans will result in cheaper EMIs, lower interest rates, and more flexible repayment alternatives.

The procedure is simple and straightforward, and a borrower may also get additional top-up loans to satisfy their financial demands. Applicants will be required to submit all necessary paperwork, including foreclosure letters from their former financer or lender. Customers can lower their EMIs by transferring their PNB home loan balance.

Punjab National Bank offers the feature of balance transfer which allows customers to switch their lender for a better interest rate and services. This can be instrumental in assisting a customer to lower their monthly expenses from interest. There are parameters that the bank checks to ensure whether or not the customer is fully capable of loan repayment including the CIBIL score, borrowing history, and so on. Punjab National Bank Home Loan Interest rates start from 6.75% which may go up as per the customer’s profile. The loan-to-value ratio offered for its customers are as follows:

Loan Amount LTV ratio
Up to Rs. 30 Lakhs 90%
Between Rs. 30 Lakhs and Rs. 75 Lakhs 80%
Above Rs. 75 Lakhs 75%

The loan duration will be available for a maximum of 30 years. Furthermore, there are requirements for attaching documents of the property that is being subjected to the loan benefits. This is for security purposes and caution for minimising credit risk on the bank. Customers can also enjoy minimal foreclosure and prepayment penalties along with quick loan disbursement. Customers also have to adhere to certain fee conditions which are as provided below.

Processing Fees Salaried Applicants: 0.25% of the loan amount. Self-employed Applicants: 0.50% of the loan amount
 

FAQs

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

Does Punjab National Bank Provide Home Loan at the Best Rate?

There are many banks with lower starting interest rates for home loans. For example, the ICICI home loan starts at 8.10% and the Kotak Mahindra Bank Home loan starts at 7.99%. However, much depends on the customer profile as well. Considering that, Punjab National Bank Home Loan offers interest rates at a slightly higher starting price but compensates for the other aspects of the service.

What is the Interest Rate of a Home Loan in Punjab National Bank?

Punjab National Bank home loan comes with attractive interest rates which are kept at 8.40% and extendable as per customer profile and bank policies.

What are the Benefits Punjab National Bank Provides on Home Loans?

The benefits of purchasing a Punjab National Bank Home Loan include an overdraft protection facility, an attractive rate of interest, flexible loan tenure, an attractive loan-to-value ratio, and much more.

Does Punjab National Bank have a Fixed Rate of Interest on a Home Loan?

Punjab National Bank home loan comes with attractive interest rates which are kept at 8.40% and extendable as per customer profile and bank policies.

Does Punjab National Bank Check for CIBIL Score for Home Loans?

The minimum eligible CIBIL score that Punjab National Bank Home Loan requires is equivalent to or more than 611.

What is the Maximum and Minimum Housing Loan Amount I can get from Punjab National Bank?

The minimum Punjab National Bank Home Loan amount starts from INR 8,00,000 for a tenure of up to 30 years.

What are the KYC Documents I will Have to Submit to Apply for a Home Loan from Punjab National Bank?

As per the bank’s policy, anyone applying for a Punjab National Bank Home Loan has to submit a few KYC documents pertaining to authentication of identification, residential address proof, bank account details, home evaluation certificate in case of refinancing or LAP, and PAN Card.

Will I be Charged a Penalty for Not Paying my EMI on the Punjab National Bank Housing Loan?

There will be a penalty for missing monthly instalments on the Punjab National Bank Home Loan facility which is applicable as per the bank’s policy.

What is the Processing Fee on the Punjab National Bank Home Loan?

Anyone opting for a Punjab National Bank Home Loan facility has to pay a processing fee of 0.50% along with applicable GST of the loan amount which is a non-refundable fee.

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