PNB Home Loan

PNB Housing makes your dream home a reality by providing loans to purchase, construct, and extend dwelling units. It offers customized Home Loan solutions with the best services, best domain knowledge, and simplified loan procedures. PNB Housing excels in providing complete services in meeting customers’ Home Loan needs.

Features and Benefits of PNB Home Loans

• It provides an extensive range of home loan products like Home Purchase Loans, Home Extension Loans, Home Construction Loans, Home Improvement Loans, and Residential Plot Loans.

• Pan-India branch network with 29 years of commitment towards customer satisfaction.

• Robust service by ensuring doorstep services with easy and fast approval & disbursal of loans.

• Excellent post-disbursement services.

• The facility of enhancement in loan amount in the event of escalations.

• A dedicated team of well-experienced employees to deliver and provide customer satisfaction.

• High standards of integrity, ethics, and transparency.

• Various repayment options.

• No prepayment or foreclosure charges.

• Home loan of up to 90% of the property value.

• Customized eligibility program to work out your loan amount.

Interest Rates and other Fees

PNB Housing Loans provide competitive interest rates for its customers. Go through the table and find out the interest rates for salaried, self-employed (professional and non-professional) and businessmen.

Loan Amount	Salaried/Self-Employed Professional	Businessmen/Self-Employed Non-professional
Up to 35 lakhs	9.05%-11.25%	9.15%-12.5%
35 Lakhs to 75 Lakhs	9.10%-11.25%	9.20%-12.5%
More than 75 Lakhs	9.20%-11.25%	9.30%-12.5%

Interest rates are subject to change at the sole discretion of PNB Housing.

PNB Housing offers a floating rate of interest linked to its benchmark rate PNBHFR:

PNBHFR for Loan disbursed to existing customers before 1st March 2017 is 14.87% p.a.

PNBHFR Series 0 - Loan disbursed to existing customers between  1st March 2017–30th June 2018 is:

• Salaried/Self-Employed Professional: 9.50% p.a.

• Businessmen/Self Employed Non-Professional: 9.55% p.a.

PNBHFR Series 1 - Loan disbursed to new customers on or after 1st July 2018 is:

• Salaried/Self-Employed Professional: 9.25% p.a.

• Businessmen/Self-Employed Non-Professional: 9.40% p.a.

PNBHFR Series 2 - Loan disbursed to new customers on and after 06th March 2019 is as follows:

• Salaried/Self-Employed Professional: 9.00% p.a.

• Businessmen/Self Employed Non-Professional: 9.15% p.a.

PNBHFR Series 3 - Loan disbursed to new customers on or after 01st June 2019 is as follows:

• Salaried/Self-Employed Professional: 8.90% p.a.

• Businessmen/Self Employed Non-Professional: 8.95% p.a.

Processing Fee: 0.50% of the loan amount is charged for completing the lending process.

Technical and Legal Charges: PNB also charges for technical and legal consultation, which is explained to the customer during the loan process.

Prepayment Charges: As per RBI, banks are not supposed to impose prepayment charges on floating rate home loans, but a charge of 2% is imposed in case of loan takeover.

Eligibility

Eligibility Criteria	Details
Age	21-60 years
Minimum Work Experience	2 years
Minimum years of business existence	5 years
Loan Amount	Rs. 5 lakh to Rs. 1 Crores
Loan to Value Ratio	Up to 90%
Maximum EMI percent	65%

Types of PNB Home Loans

Home Construction Loan

Home Construction Loan offers loans for the purpose of the construction of a residential house. It can be considered as a unique offering for customers who already have their own land and need funds for the construction of the residential house on the land.

Home Extension Loan

Home Extension Loan makes it easy for you to extend your existing home as per your growing family needs. As your family grows, you may need to have a reading room for yourself/an extra room for your children/a guest room for frequent guests etc. 

Home Improvement Loan

PNB offers Home Improvement loans if you want to upgrade your home in terms of looks and convenience. It covers:

• Upgradation

• External & internal repairs/paint

• Complete renovation of already owned residential property

• Repair of your house/flat

• Tiling and flooring

• Water-proofing & roofing

• False ceiling & woodwork (fixed to the building)

• Plumbing & electrical work

Residential Plot Loan

Residential Plot Loan is offered for the construction of a residential premises or the purchase of a residential plot in an urban area.

NRI Home Loan

PNB Housing offers a full range of home loan products to NRIs and PIOs for the purchase, construction, repair, and renovation of residential properties in India. 

Unnati Home Loan

Unnati Home Loan is a unique home loan solution that helps you realize the dream of living in your own home. It has got simplified loan procedures and a bouquet of customer-friendly services 

Salient Features

• Pan-India branch network

• Attractive interest rates starting at 10.75% p.a.

• Doorstep services for easy & fast approval and disbursal of loans

• Maximum loan amount of up to Rs. 25 lakhs that is subject to 90% of the market value of the property

PMAY – Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme(CLSS)

PNB Housing Finance offers CLSS for Economical Weaker Section, Lower Income Group, Middle Income Group categories under Pradhan Mantri Awas Yojana.

Credit Linked Subsidy Scheme (CLSS) is introduced by the Ministry of Housing & Urban Poverty Alleviation (MoHUPA), which was announced by Prime Minister Narendra Modi, with a vision of housing for all in 2022.

Under PMAY scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction/enhancement of a house.

Salient features

• Benefits available for the first property purchase. Applicants should be of immediate family including self/spouse/unmarried children only.

• Interest subsidy benefit is calculated for 20 years. Women Ownership is mandatory under LIG & EWS category for purchase of a new house.

Eligibility for PMAY

• Available for Individuals only

• Age should be above 18 years

• Applicants should be of immediate family including self/spouse/unmarried children only

• Annual combined income must be up to Rs. 6 lakhs for EWS & LIG category, Rs. 6.01 lakhs to Rs. 12 lakhs for MIG1 and Rs. 12.01 lakhs to 18 lakhs for MIG2.

• Renovation/extension must be used to convert kutcha house to a pucca house.

• The beneficiary family must not own a pucca house in his/her/in the name of any member of his/her family in any part of India.

• The beneficiary family should not have availed any of the housing schemes from the Government of India.

How to Apply for PNB Home Loans

Online Method(Through PNB Housing Loans Portal)

• Visit the PNB Housing Loans Portal.

• Fill in the details such as your property details, income details, and contact details.

• Agree to the Terms and Conditions, and click on Proceed.

• The customer service representative will contact you and guide you through the process.

Online Method (Through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.

• Fill in your Name, Email address, and Phone number.

• Our customer care executive will get in touch will you and give you the best and the lower interest rate schemes.

• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.

• After verification, your loan will be approved.

Offline Method(Through customer care)

• Visit the PNB Housing Loans Portal.

• Fill in the details such as your name, mobile number, email id, and location under the section ‘Want us to call you?’ on the left side of the screen.

• The customer service representative will contact you and guide you through the process.

Offline Method(Through Branch)

• Visit the nearest PNB branch.

• Fill in the Home Loan Application form.

• Submit the form along with the required documents.

• Your documents will be verified by the bank.

• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

Documents Required for PNB Housing Loan

For Salaried Employees:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • 3 months pay slip

  • Latest Form 16 and IT Returns

  • 6 months bank statement showing salary credits

• Property related documents

  • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Own Contribution Proof

  • Employment Contract/Appointment Letter if current employment is less than a year old.

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • 6 months Bank Statements that show the repayment of any ongoing loans.

  • A cheque for processing fee favoring PNB.

For Self-employed Individuals:

• Proof of Identity and Residence

  • Passport

  • Aadhaar Card

  • Driving License

  • Voter ID

• Proof of Income 

  • Income Tax Returns along with computation of income for the last 3 Assessment Years (of the individual and the business entity attested by a CA)

  • Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures/Schedules (of the individual and the business entity attested by a CA)

  • 6 months Savings Account Statements of the individual.

  • 6 months Current Account Statements of the business.

• Property-related documents

  • Receipts of payments made to the developer

  • Copy of the Allotment Letter/Buyer Agreement

  • Title Deeds of the Plot  

  • Copy of the plans, approved by the Local Authorities

  • Proof of no encumbrances on the property

  • Construction estimate by an Architect/Civil engineer

• Other documents

  • Latest Form 26 AS

  • Own Contribution Proof

  • Business Profile

  • Partnership deed for a business entity that is a partnership firm

  • Memorandum and Articles of Association of the Company

  • List of Directors and Shareholders with their individual shareholding that is certified by a CS/CA in case of the business entity being a company

  • Passport-size photograph of the applicants/co-applicants must be affixed on the Application form and signed across.

  • Details of ongoing loans of the business entity and the individual including the installments, outstanding amount, security, purpose, balance loan term, etc.

  • A cheque for processing fee favoring PNB.

For NRIs:

• Identification documents

  • Passport Size photograph

  • Copy of Passport

  • Photocopy of valid Permanent Resident Card/valid Visa (if Indian passport)/valid Work Permit.

  • Photocopy of address proof (Recent bank statement/Utility Bill)

  • Post Paid Bill if landline is not available

  • Photocopy of PAN Card

  • Signature proof (any of the above KYC document)

  • KYC of local co-applicant in India (ID proof, Address Proof, Sign proof) and should be in a mortgage location.

• Income documents:

  • last 3 months salary slips with corresponding bank credits established through bank statements

  • Last 2 years B4/P60/IR8/Employment Contract/Work Contract/Certificate for last two years

  • Last 3 months bank statement

  • Bank statement/loan statement confirming EMIs running (both for loans in India/abroad) for loan eligibility calculation purposes (in addition to salary a/c statement if other loans are running)

• Property documents:

  • Copy of latest Sale Deed with chain-link Allotment Letter

  • Payment Plan and Receipts in case of property that is under construction

  • Agreement of Sale, Sanction Plans, Tax Paid receipts, Chainlink title papers and etc., in case the property is ready.

PNB Home Loan Eligibility Based on the Value of Property

You may not receive the entire property value when you apply for a loan. Below is the maximum home loan that can be sanctioned based on the value of the property:

• If the value of the property is less than 30 Lakhs, 90% of the amount can be sanctioned.

• If the value of the property is greater than 30 Lakhs and less than 75 Lakhs, 80% of the amount can be sanctioned.

• If the value of the property is greater than 75 Lakhs, 75% of the amount can be sanctioned.

PNB Home Loan Eligibility Based on the Salary

The table given below shows the approximate loan amount that can be sanctioned based on the age, and maximum loan tenure. The EMI amount is between 40-65% of the Net Income or in-hand income. In this table, the EMI is taken as 65% of the Net Income and the rate of interest is taken as 9.05%.

Age	MaximumLoan Tenure	Loan amount (in Lakhs) for Salary (25,000)	Loan amount (in Lakhs) for Salary (50,000)	Loan amount (in Lakhs) for Salary (75,000)	Loan amount (in Lakhs) for Salary (1,00,000)
25 years	30 years	20.10	40.21	60.31	80.42
30 years	30 years	20.10	40.21	60.31	80.42
35 years	25 years	19.28	38.57	57.85	77.14
40 years	20 years	17.99	35.99	53.99	71.98
45 years	15 years	15.97	31.94	47.92	63.89
50 years	10 years	12.80	25.60	38.40	51.20

How to Calculate Home Loan EMI

There are a lot of EMI calculators available online. You can calculate the Home Loan EMI here at mymoneykarma.

Top Banks Offering Lowest Home Loan Interest Rate in 2019

Home Loan Provider	Home Loan Interest Rates	Processing Fees	Prepayment Charges
Yes Bank	9.85%	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.55%	Rs. 0 – 10,000	NIL
HDFC Bank	8.65%	Up to 0.5% of loan amt	NIL
ICICI Bank	8.80%	0.5% – 1.00% of loan amt.	NIL
PNB Housing Finance	9.10%	Up to 1% of loan amt	NIL
Axis Bank	8.90%	Up to 1% of loan amt	NIL
IDBI Bank	8.75%	0.5% of the loan amount	NIL
Punjab National Bank	9.05%	Nil	NIL
Canara Bank	8.70%	Varies based on applicant profile	NIL
Bank of Baroda	8.70% - 9.70%	0.25-0.50%	Nil for floating rate loans
Kotak Bank	8.90% - 8.75%	Maximum 2% of the loan amount + GST (it varies as per the loan amount)	6% of the foreclosure loan amount within one year and 5% plus GST otherwise.
IndusInd Bank	9.50%	Up to 2%	NIL
RBL Bank	10.45-11.80%	Rs. 5000-15000	Nil for floating rate loans
Andhra Bank	8.75%	0.5% of the loan amount	NIL