PNB Home Loan Interest Rates
A home loan from PNB bank is easy to avail and repay as it sounds. You can finance your dream home with interest rates starting at 8.75% per annum for salaried applicants and 8.99% per annum for self-employed applicants. You can get a loan of up to Rs. 25 lakhs, subject to 90% of the property value. This loan can be availed at flexible loan tenures of up to 30 years. The low processing fee and customer-friendly features make this loan ideal for the general public.
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Compare PNB Home Loan Interest Rates with Other Lenders
- Starting Interest Rate (p.a)
- Processing Fee
- Min. Loan Amount
IDFC FIRST Bank HL Interest Rate
8.75% - 10.5%
Up to 3.5% of the loan amount
₹1L - ₹10Cr
Tenure(1 - 30 Years)
HDFC Bank HL Interest Rate
8.35% - 9.4%
₹4,999 One time fee
₹1L - ₹10Cr
Tenure(1 - 30 Years)
Axis Bank HL Interest Rate
8.7% - 13.3%
0.50%(Min ₹10,000)one time fee
₹1L - ₹5Cr
Tenure(1 - 25 Years)
Kotak Bank HL Interest Rate
8.7% - 9.6%
Up to 3% of loan amount
₹10L - ₹10Cr
Tenure(5 - 25 Years)
Punjab National Bank is one of the leading banks that offers a wide range of home loan products to the borrowers. With PNB housing loans, customers get competitive rates along with flexible repayment options and minimal documentation work. Both salaried and self-employed individuals can avail of these kinds of loans with eligibility and rates that are influenced by factors like income and credit history. In this comprehensive content piece, we will talk about Punjab National Bank Home interest rates, factors that affect PNB house loan interest rates and more.
Punjab National Bank Home Loan Highlights
Here is a snapshot of the Punjab National Bank Home Loan’s key features:
- Competitive Interest Rates: PNB offers attractive interest rates on its home loans, which can be either fixed, floating, or a combination of both.
- Varied Loan Amounts: Based on the borrower's eligibility, which takes into account income, credit history, and property value.
- Flexible Repayment Tenure: Borrowers can choose a repayment period according to their convenience, which can range from short-term to up to 30 years in some cases.
- Minimal Documentation: The home loan process at PNB requires straightforward documentation, facilitating a hassle-free application process.
- Loan Purpose: PNB's home loans cater to a range of purposes, including buying a new home, constructing a house, land purchase, home extension, and renovation.
- Online Application: For the convenience of customers, PNB offers an online application facility for its home loans.
- Special Schemes: PNB occasionally introduces special home loan schemes that come with additional benefits or offers.
- Eligibility: Both salaried and self-employed individuals can apply, with specific criteria based on employment type.
- Transparent Charges: Apart from interest rates, PNB maintains transparency in other charges like processing fees, documentation charges, etc.
- Easy Transfer: Borrowers can also transfer their existing home loans from other banks to PNB under specific conditions.
Don't forget to check : PNB Home Loan Eligibility Calculator
Punjab National Bank Home Interest Rates on Loan schemes
|PNB Max Saver – Housing Finance Scheme for Public
|Start from 8.65%
|PNB Pride - Housing Loan for Government Employees
|Start at 8.50% and can go up to 10.10 p.a.
|Pradhan Mantri Awas Yojana - Housing Loan for All
|Punjab National Bank Home Loan Interest for Salaried and Self-Employed
|Punjab National Bank Home Loan Interest for Govt Employee
|The Punjab National Bank aims to provide home loans for government employees at attractive interest rates. Anyone who is an employee of the Central or State Government or belongs to Paramilitary Personnel and Pensioners of Central State Government and Employees of PSUs is eligible for the Punjab National Bank Home Loan. The interest rates on advances linked to MCLR are currently 8.60%, and for RLLR they are 9.00% + BSP, which is currently 0.25%.
|Punjab National Bank Bank Home Loan Interest Rate For Women
|Starts at as low as 8.50%
|Punjab National Bank Bank Home Loan Interest Rate For NRI
|For salaried and self-employed professionals, the interest rates range from 9.25% - 11.000%. For self-employed people, the interest rates range from 9.50%-11.50%.
Punjab National Bank Home Loan Interest Rate and Other Charges
Here is a basic snapshot of the Punjab National Bank Home Loan Interest Rates and other charges:
|PNB Interest Rate
|8.50% – 10.25% p.a.
|PNB Loan Tenure
|Up to 30 years
|NIL up to 31st March 2024
|NIL up to 31st March 2024
Why Punjab National Bank Home Loan Interest Rates the Best for Customers?
Here are a few factors owing to which Punjab National Bank Home Loan is best for the customers.
- Trust and Credibility: Being one of the oldest and most established banks in India, PNB has built a reputation for trustworthiness and reliability over the years.
- Competitive Interest Rates: PNB often offers attractive interest rates on its home loans, which can make borrowing more affordable for customers.
- Flexible Repayment Options: PNB provides flexible loan tenures and various repayment options, allowing borrowers to choose a plan that suits their financial capabilities.
- Variety of Products: PNB caters to diverse customer needs by offering a range of home loan products, from loans for purchasing a new home to loans for construction, renovation, and land purchase.
- Minimal Documentation: PNB has streamlined its home loan processes to ensure quick approvals with minimal paperwork, making the loan application process hassle-free.
Factors that affect Punjab National Bank Home Loan Interest Rate and EMI
The following factors affect the Punjab National Bank Home Loan interest rates, or majorly for any other bank.
- Repo Rate Set by RBI: Banks often align their interest rates based on the repo rate set by the Reserve Bank of India (RBI). If the RBI increases the repo rate, banks might increase their lending rates, and vice versa.
- Credit Score: An important factor is the borrower's credit score, which is established by credit rating agencies. A higher credit score indicates better creditworthiness, potentially leading to favourable interest rates.
- Loan Amount: The amount you borrow can influence the interest rate. Typically, a higher loan amount might come with a higher interest rate.
- Loan Tenure: The duration of the loan can also impact the interest rate. Longer tenures might sometimes have slightly higher interest rates due to the extended risk exposure for the bank.
- Type of Interest Rate: PNB offers both fixed and floating interest rates. Fixed rates remain constant throughout the loan tenure, while floating rates vary based on market dynamics.
- Bank's Internal Policies: Each bank, including PNB, has its own strategies, targets, and policies. Promotional schemes, special offers, or changes in internal strategies can affect interest rates.
- Relationship with the Bank: PNB customers who have been with the company for a while, particularly those who have a positive relationship with the bank, may be eligible for lower interest rates than new ones.
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Home Loan Calculators
Frequently Asked Questions (FAQs)
Does Punjab National Bank provide a 90% home loan?
Typically, banks, including PNB, decide the loan-to-value (LTV) ratio based on the property’s value and the regulatory guidelines set by the RBI. It’s possible for banks to lend up to 90% of properties of a certain value (e.g., properties worth less than INR 30 lakhs), but this can vary.
What is the EMI for a 30 lakhs home loan for 20 years?
The EMI depends on the interest rate. Assuming an average interest rate of, let’s say, 7% p.a. for PNB, you can use the EMI formula or an online PNB Home Loan EMI calculator to determine the monthly payment. However, the actual EMI can differ based on the precise interest rate at the time of loan sanction.
How can I reduce my Punjab National Bank home loan interest rate?
Some general methods to reduce the home loan interest rate include negotiating with the bank during the application process, making a prepayment or larger down payment, switching to a lower interest rate if the bank introduces a new rate or scheme, refinancing, or transferring the loan to another lender offering a lower rate.