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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Get Punjab National Bank home loans at affordable interest rates. Punjab National Bank Home Loan interest rates vary based on the home loan tenure, home loan amount, credit score, and many other factors. Also, women can obtain home loans at slightly lower rates.
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Punjab National Bank offers home loans for self-employed and salaried individuals. With competitive rates of interest, you can get a loan for as much as 75 lakhs. Under the PMAY (Pardhan Mantri Awas Yojana), you can get even lower interest and subsidy on the loan repayment.
Punjab National Bank MIG I housing loans are for households with income of 6 to 12 lakhs while MIG II loans are for those with household income of Rs.12 to Rs. 18 lakhs. The carpet area allowed in under MIG I is 160 sqm. While that under MIG II is 200 sqm.
About Punjab National Bank Home Loan Interest Rate
Punjab National Bank offers home loan to salaried and self-employed individuals to buy, construct or renovate a home. The current home loan interest is as follows:
| Amount of Loan | Rate of Interest |
|---|---|
| Rs 25 lakhs – Rs 75 lakhs(men) | 8.70% |
| Rs 25 lakhs – Rs 75 lakhs (women) | 8.65% |
| Above 75 lakhs (men) | 8.75% |
| Above 75 lakhs (women) | 8.70% |
If you are looking to have your own home, you can take a home loan from Punjab National Bank which comes with a long tenure of 30 years. Some of the features and benefits include:
The rate of interest on home loans of Punjab National Bank depends on several factors:
The higher amount of loan you apply for, the lower the interest rate you are eligible for.
Applicants’ salary represents their capacity to repay the loan. Salary here means the net salary after all deductions including EMI for any previous loans. A high net salary qualifies for a lower interest rate.
Punjab National Bank offers different rates of interest to certain categories of individuals such as women and senior citizens. Depending on the category you belong to, you may qualify for lower interest rates.
Existing customers of the bank can get interest at competitive rates depending on the amount maintained in the account.
Banks check the credit score of applicants for computation of eligibility and interest rates.
If you are able to pay a part of the property cost yourself, you may be eligible for lower interest rates.
| Interest Rate | 8.65% onwards |
| Processing fee | Upto 0.50%, Minimum Rs 20,000 Maximum Rs 50,000 |
| Maximum tenure | 30 years |
| Prepayment charges | Nil |
| Age | 21 – 60 years for salaried 21- 65 years for self-employed |
Punjab National Bank offers floating rate of interest and fixed rate of interest on home loans. The floating rate of interest is 8.65% – 8.75% while the fixed rate of interest is 9.20% - 9.25%
Punjab National Bank offers housing finance to salaried and self-employed employees such as IT professionals, employees of PSUs, PSBs, and Government employees. It offers loan for construction of a house, purchase of flat under construction of an approved private builder and ready to move in house or flat. The salaried employees should have three years of experience at the place of work.
The minimum amount of home loan available is Rs. 20 lakhs and the maximum amount is Rs. 75 lakhs, depending on loan to value ratio (LTV) and repaying capacity. The borrower has to bear the registration, charges, stamp duty, and other documentation charges and cannot include it in margin money. The property will be mortgaged to the bank to the extent of the amount of loan and interest.
The repayment of the loan will be calculated in the following manner:
| Period | Monthly repayment |
|---|---|
| During the moratorium period | Interest alone will be serviced |
| Next 120 months | EMI on the sanctioned amount for 360 months |
| Balance period | EMI will fully include the outstanding loan amount during the period. |
In case the housing loan applicant is buying a flat from an approved private builder, the moratorium period will be 36 months plus the remaining period until the date of possession, which can be up to 60 months. During the moratorium period, interest will be serviced when levied. It is mandatory to have term insurance equal to the loan amount and the premium – which must be paid by the borrower – will be over and above the EMI for the loan.
You can track your Punjab National Bank home loan application by entering the application number on the bank’s official website. You can also follow up with the bank branch where you submitted the application.
You can apply for Punjab National Bank home loan by visiting the bank website and downloading the application form. The form is also available at all bank branches. Having filled out the form, a representative will contact you and help you to complete the loan process. It will help speed up the process if you can keep the required documents at hand before the representative contacts you. Apart from KYC documents, the following documents will be required -
| Salaried | Self -Employed |
|---|---|
| Application form duly filled with photograph | Application form duly filled with photograph |
| Proof of Age (Passport, PAN Card, Any other certificate from Statutory Authority) | Proof of Age (Passport, PAN Card, Any other certificate from Statutory Authority) |
| Educational Qualifications- latest degree | Educational Qualifications- latest degree(for professionals |
| Residence Proof(Passport, Driving License, Telephone Bill, Election Card, Ration Card, Any other Certificate from Statutory Authority) | Residence Proof(Passport, Driving License, Telephone Bill, Election Card, Ration Card, Any other Certificate from Statutory Authority) |
| Latest Salary (Slips for 3 months) | Certificate and proof of Business Existence along with Business Profile |
| Bank statement for last 6 months (salary account) | Bank Account Statements of last 12 months ( self & business) |
| Form 16 for last two years | Last 3 years income tax returns (self and business) with Profit and Loss Account, & Balance Sheet duly certified/audited by a Chartered Accountant. |
| Photocopy of titled Documents of Property, Approved Plan | Photocopy of titled Documents of Property, Approved Plan etc. |
| Fee for processing cheque in favor of PNB Housing Finance Ltd. | Fee for processing cheque in favor of PNB Housing Finance Ltd. |
Please note that the bank representative may ask for other documents in addition to these depending on individual circumstances.
1. What is the procedure to apply for Punjab National Bank home loan?
To apply for home loan with Punjab National Bank, you can contact the nearest branch or visit the bank’s website.
2. How can I enhance my eligibility for home loan with Punjab National Bank?
You can club the income of your spouse to enhance the home loan amount with Punjab National Bank.
3. How can part-prepayment help in reducing the home loan EMI payment?
Part-prepayment helps in decreasing the amount of outstanding loan which will help to decrease the interest amount due to be paid. After making part-prepayment you can continue to pay the same EMI and repay the loan earlier.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application