PNB Housing Finance LTd Home Loan

PNB Housing Finance Home Loan

About PNB Housing Finance

Punjab National Bank(PNB) 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 Housing Finance Home Loans

PNB Housing Finance offers a wide range of services in the home loan segment. It is the most preferred bank by all kinds of people for any financial service. Packed with exclusive benefits, PNB Housing Finance Home Loans are tailor made catering to the needs of various customers.

Advantages of PNB Housing Finance Home Loans

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

Key Highlights

Features of PNB Housing Finance Home Purchase Loan

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

Loan Amount: The home loan amount is subject to the market value of the property. For property value above INR 75 Lakhs, you will get 75% of the funding.

Rate of Interest: Ranges between 8.85% to 11.25%

Processing fee: Up to 1% of the loan amount or INR 1500 and for locations such as Mumbai, Bangalore and Delhi will have to pay INR 2000

Tenure: The repayment period is 30 years

Eligibility: You should be below 70 years of age at the loan maturity.

PNB Housing Finance Home Improvement Loan

Objective: PNB Housing Finance home loan aims to help people to repair the existing house.

Loan Amount: The home loan amount is subject to the market value of the property. For property value above INR 75 Lakhs, you will get 75% of the funding.

Rate of Interest: Ranges between 8.85% to 11.25%

Processing fee: Up to 1% of the loan amount or INR 1500 and for locations such as Mumbai, Bangalore and Delhi will have to pay INR 2000

Tenure: The repayment period is 30 years

Eligibility: You should be below 70 years of age at the loan maturity.

PNB Housing Finance Residential Plot Loan

Objective: PNB Housing Finance home loan aims to help people to purchase residential plots.

Loan Amount: The home loan amount is subject to the market value of the property. For property value above INR 75 Lakhs, you will get 75% of the funding.

Rate of Interest: Ranges between 9.85% to 11.75%

Tenure: The repayment period is 30 years

Eligibility: You should be below 70 years of age at the loan maturity.

Unnati Home Loans

Objective: PNB Housing Finance home loan aims to help people to purchase a house.

Loan Amount: Up to INR 25 Lakhs

Rate of Interest: Starting from 10.25% per annum

Tenure: The repayment period is 30 years

Eligibility: You should be below 70 years of age at the loan maturity. You should have a fixed minimum income of INR 10,000 per month. You should have completed a professional degree/diploma/ post graduate degree/ITI etc.

Documents Required to Apply for PNB Housing Finance Home Loans

Important documents to be submitted while applying for home loans with PNB Housing Finance

• 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 Housing Finance home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with PNB Housing Finance, 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 Housing Finance account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-PNB Housing Finance 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 Housing Finance account at your nearest PNB Housing Finance 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 Housing Finance Home Loan?

You can either apply online or visit a nearby PNB Housing Finance branch for the application. You can also download the home loan application form from the PNB Housing Finance 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 Housing Finance Home Loans

With attractive interest rates and low processing fees, PNB Housing Finance 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 Housing Finance home loan without any penalty. PNB Housing Finance home loan is the best option to buy or construct your dream house.

PNB Housing Finance Home Loan FAQs

1. Is there penalty for prepaying the PNB Housing Finance Home Loan?

No penalty is levied for prepaying the PNB Housing Finance Home Loan.

2. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

3. What is the maximum loan repayment period for PNB Housing Finance home loans?

The maximum repayment period is 30 years.

4. How Can I apply for PNB Housing Finance home loan?

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

5. What is the maximum loan amount provided by PNB Housing Finance?

The maximum loan amount depends on the market value of the property.

6. Does PNB Housing Finance facilitate balance home loan transfer?

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

7. Can I get tax benefits from PNB Housing Finance 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.