PNB Home Loan

About PNB

PNB Private was founded in 1894 by luminaries from different parts of India with the intention of serving the people and develop the economy of the country. Headquartered in New Delhi, it is one of the oldest financial services company in India. The bank has 80 million customers, 6937 branches and around 16,684 ATMs across 764 cities.

What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to PNB Home Loans

PNB offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. PNB provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, PNB Home Loans are tailor made, catering to the needs of various customers.

Advantages of PNB Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment penalties
• Easy home loan balance transfer
• Transparent application process

Features of PNB Home Loan

Key Highlights

Objective:

PNB home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Up to 75 Lakhs subject to the market value of the property and repayment capacity of the individual, as assessed by PNB Housing.

Loan Tenure:

Up to 30 years of repayment period is available under PNB home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

Up to 0.50% of the loan amount subject to minimum of INR 10,000

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to PNB at ease.

Eligibility Criteria:

To avail the home loan from PNB, you need to have the following eligibility criteria.

• You should be less than 70 years old at the time of loan maturity.
• Steady source of income

Interest Rates

Following are the home loan interest rates and charges. 

Floating Interest Rate:

Fixed Interest Rate:

For Amount up to 30 Lakhs

For Amount above 30 Lakhs

Post the fixed rate period, interest rate would automatically get converted into floating rate prevailing at that time for the residual loan amount.

The interest rates are subject to change at the sole discretion of the bank.

Documents Required to Apply for PNB Home Loans

Important documents to be submitted while applying for home loan with PNB

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your PNB home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with PNB, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the PNB account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-PNB account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-PNB account at your nearest PNB Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for PNB Home Loan?

You can either apply online or visit a nearby PNB branch for the application. You can also download the home loan application form from the PNB official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of PNB Home Loans

With attractive interest rates and low processing fees, PNB caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the PNB home loan without any penalty. PNB home loan is the best option to buy or construct your dream house.

PNB Home Loan FAQs

1. What are processing fees on PNB Home Loans?

0.50% of loan amount is charged as processing fees.

2. Is there penalty for prepaying the PNB Home Loan?

No penalty is levied for prepaying the PNB Home Loan

3. Can I get PNB Home Loan without a Guarantor?

PNB home loan requires a guarantor.

4. What is the maximum loan repayment period for PNB home loans?

The maximum repayment period is 30 years; however, some home loans have lesser repayment duration.

5. How Can I apply for an PNB home loan?

You can either apply online or visit a nearest PNB branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by PNB?

You can get loan amount up to 70 Lakhs under PNB housing loan scheme.

7. Does PNB Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to PNB Bank.

8. Can I get tax benefits from PNB Bank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.