PNB Home Loan

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.

Eligibility Criteria for PNB 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.

Types of PNB Home Loans

Owning a home isn’t just a financial milestone but a dream defining stability and comfort. Punjab National Bank (PNB) is a trusted partner on this journey and offers multiple PNB home loan options that serve distinct life stages and aspirations. All the housing loan solutions are flexible, affordable, and come with exclusive benefits. Let’s explore these offerings that simplify the path to your dream home.

PNB Max-Saver – Housing Finance Scheme for Public

Punjab National Bank Max Saver schemes come with an array of features. These are briefly discussed below:

Housing Loan for PNB Pride Customers

PNB housing loans for pride customers are exclusive to customers in government jobs. The features are as mentioned below:

Housing Loan For Public

PNB has a general-purpose loan for the public. The features are discussed below:

Pradhan Mantri Awas Yojna – Housing Loan for All

The bank supports the subsidised PMAY housing scheme for customers. Find the details below:

PNB Gen-Next – Housing Loan for Salaried

PNB Gen-Next housing scheme will cater to salaried individuals and has the following features.

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:

PNB Max Saver

PNB Pride

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:

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.