40 Lakh Home Loan PNB

Taking a home loan from PNB is hassle-free. You can get any amount of home loan up to Rs. 10 crore from PNB. The PNB 40 Lakh home loan EMI is flexible. You can even pre-pay a portion of the loan’s principal within a year. 

The PNB 40 lakh home loan will come with a repayment tenure of up to 30 years. However, the rate of interest will depend on factors like your credit score and credit profile. 

40 Lakhs Home Loan PNB: Highlights

Rate of Interest	8.5% p.a. to 11.45% p.a.
Loan Amount	Up to 90% of the property cost
Processing Fees	Up to 0.5% of Rs. 40 Lakhs + GST
Maximum Tenure	30 years
Type of Interest Rate	Floating rate

40 Lakhs Home loan EMI for 10 years PNB

The PNB 40 lakhs home loan’s EMI for 10 years will be higher as the repayment tenure is shorter. However, as you are paying back the money in just 10 years, your interest obligation will be low. 

Let’s have a look at the 40 lakh home loan EMI for PNB, considering the rate of interest to be 8.5%.

Principal Amount	₹ 40,00,000
Loan Tenure	10 Years
Rate of Interest	8.5% p.a.
Monthly EMIs	₹ 49,916
Total interest is payable in 10 years	₹ 19,89,894
Total Repayment Amount	₹ 59,89,894

Note: These values are exclusive of GST.

40 Lakhs Home loan EMI for 20 years PNB

If you go ahead with a 40 lakhs home loan for 20 years, the value of your EMI will reduce. However, the interest cost will increase substantially. 

Let’s have a look at the PNB 40 lakh home loan EMI for 20 years, considering the rate of interest to be 8.5%.

The principal or the loan amount	₹ 40,00,000
Loan Tenure	20 Years
Rate of Interest	8.5% p.a.
Monthly EMIs	₹ 35,094
Total interest payable in 10 years	₹ 44,22,474
Total Repayment Amount	₹ 84,22,474

Note: These values are exclusive of GST.

40 Lakhs PNB Home loan: Fees and Charges

The 40 lakh PNB home loan comes with a processing fee of up to 0.5% of the loan value i.e. 0.5% of Rs. 40 Lakhs. Also, additional GST is applicable on the processing fees as per the Government guidelines. 

40 lakh PNB home loan: Documents Required

Different documents are required when you apply for a 40 lakh PNB home loan. Let’s have a look:

• Application form along with latest photographs
• Address Proof: Telephone Bill, Aadhar card, Driving License, Passport, Ration Card, Election Card, or any other certificate issued by a Statutory authority
• Age Proof: PAN Card, Passport, or any other government-issued certificate
• Income Proof:
• (For Salaried Applicants): Salary slips of the last 3 months, Form 16 for the last 2 years, bank statements from the last 6 months
• (For Self-Employed Applicants): Income proof for business and ITR, Accountant-certified balance sheets for the last 12 months, bank account statements

40 lakh PNB home loan: Eligibility Criteria

Explore the prerequisites for eligibility in obtaining a 40 Lakh Home Loan from PNB:

Salaried Applicants:

1. Age: Minimum 24 years old
2. Residency: Applicants must be permanent residents of India.
3. Work experience: Three years of minimum work experience is needed.
4. Minimum salary: INR 15,000 or more per month is the minimum necessary.
5. Loan amount: INR 8 lakh onwards
6. Tenure: Maximum tenure of 30 years
7. LTV: 90% or more
8. Credit Score Requirement: 611+

Self-Employed Applicants:

1. Age: Minimum 24 years old
2. Residency: You should be a permanent resident of India.
3. Work Experience: You should have at least 3 years of business continuity.
4. Loan Amount: INR 8 lakh onwards.
5. Tenure: Up to 20 years.
6. LTV: Up 90%
7. Credit Score Requirement: A minimum credit score of 611 is needed to apply for a Home Loan.
8. Additional: You apply for income tax returns.