Urban Money

Punjab National Bank Home Loan

Punjab National Bank
4.5

With a maximum loan amount of Rs. 1 crore, Punjab National Bank offers a number of home loan packages at affordable rates beginning at 6.75 percent p.a. The payback period may be extended to 30 years at your choice (maximum).

OTP Send

Enter 6 Digit OTP

We have just sent a verificaton code to
Mobile XXXXX

Check Punjab National Bank Home Loan Eligibility

+91
Choose City
bt svg
Urban Money

Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Punjab National Bank Home Loan Interest Rate

Punjab National Bank

6.75%

0.35%

4.5

Up to ₹1Cr

Tenure(Up to 30 Years)

Details

Features & Benefits of Punjab National Bank 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.

Eligibility Criteria for Punjab National Bank Home Loan 

Applicants who are interested in applying for a Punjab National Bank Home Loan scheme are mandatorily required to meet certain eligibility parameters. This criterion sets a standard for who can apply and who cannot. This ensures that the bank limits its credit risk by not investing in any random individual. Here are some pointers that a customer needs to adhere to.

  • Customer should be a citizen of India where cases pertaining to non-residency should be complemented with requisite documentation to authenticate the citizenship status.  
  • For availing of PNB Pride Housing Loan For Government Employees, one has to be employed in a government service sector. 
  • The categories of employment include salaried individuals, businessmen, professionals, self-employed individuals, pensioners, and individuals that are employed in a government department. Spouses of government servants can also be classified under this eligibility category.
  • For availing of Housing Loan For Public - PNB Max Saver, the borrower has to be up to date on their payments and inspection to their housing contractor or builder or owner as applicable. 
  • For availing of a PNB home loan under the PMAY scheme, the rules are applicable as per the government guidelines of EWS class. 
  • In the Gen-Next housing finance scheme, customers are required to be at least age 40.

Punjab National Bank Home Loan Fees and Charges

To avail the benefits of Punjab National Bank Home Loan facility, customers will be required to pay certain fees and charges which are mostly non-refundable. These charges include processing fees, prepayment charges, and other penalties that the bank levies. The table below showcases the prevailing price chart.

0.35% of the loan amount INR 1350/-
Take over of Loan Rs. 2,500 INR 1,350/-
Term Loan: 0.75% of loan amount Maximum-Rs. 1,00,000/- For loans up to INR 50 lakh – INR  2500/- For loans above INR 50 lakh – INR 5,000/-
Half month’s Loan instalment Maximum Rs. 15000/- NIL
Prepayment  NIL
 

Documents Required for Punjab National Bank Home Loan

A home loan application is never complete without submitting the mandatory documents which allow a lender to assess the credibility and authenticity of the applicant. The Punjab National Bank home loan application must include the following documents.

  • Identification documents can be Aadhaar Card, PAN card, Voter ID, Driving Licence, or any other government-issued identification card. 
  • Residential proof documents can be an Aadhaar card, PAN card, recent electricity bill, recent water bill, attested letterhead from a gazetted officer, etc. 
  • Bank statement proof
  • Income proof
  • Employment proof via offer letter or salary slip

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 various EMI calculators available online.

Balance Transfer Punjab National Bank Home Loan

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

Punjab National Bank Home Loan Customer Care Number

Customer care and service are one of the most important aspects for any business to hold on to its customer base. With Punjab National Bank Home Loan, borrowers have the provision to get in touch with the bank’s customer representatives for getting their queries addressed. Here are a few ways one may do so.

  • Toll-Free No. - 1800 180 2222 / 1800 103 2222
  • Tolled No. 0120-2490000
  • Landline: 011-28044907
  • Email - care@pnb.co.in

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.

Get your latest Credit Score, FREE

Home Loan Guide

Get in-depth knowledge about all things related to loans and your finances

Pradhan Mantri Awas Yojana 2023:24 – Latest Update
Vimal VijayanFeb 03, 2023

Pradhan Mantri Awas Yojana 2023:24 – Latest Update

In the latest update made by Finance Minister in the Union Budget 2023-24, Pradhan Mantri Awas Yojana received a major boost in fund assistance to 66%. This translates to the scheme receiving INR 79,000 Crores. Additi

Read More
Top10 Best Bank for Home Loan In 2023
Tushar GautamJan 27, 2023

Top10 Best Bank for Home Loan In 2023

We have compiled a list of the best banks for home loan in India 2023 based on the home loan value it offers to the borrower. These banks offer a variety of home loan programs with numerous advantages and

Read More
Home Loan For Women 2023
Tushar GautamJan 20, 2023

Home Loan For Women 2023

Home loans for women is offered by many lending institutions operating in India. One can claim a loan amount from anywhere between Rs 2 Lakhs to upto Rs 10 Crores. The interest rate offered on the home loan to women c

Read More