Getting a Home Loan is the first step to get closer to your dream home. In today’s world, buying a flat or a villa or a piece of land requires a considerable amount of funds and a good Home Loan from a reputed bank will help you do just that. All the different banks in India offer a good number of flexible and competitive Home Loans in today’s environment. In this article, we will give you all the information on PNB Home Loan and its advantages.
Punjab National Bank, most commonly known as PNB is a reliable bank that has been serving Indian customers since a long time. The various options the bank provides and the competitive rates of interests make it a good option for many people looking at taking a Home Loan from them.
The PNB provides this loan to salaried individuals who are looking at purchasing a new home. Here are the various benefits that PNB Bank Home Loans Offer:
There are various types of loans available for a customer based on their requirements. You can go for a basic home purchase loan, a home construction loan, a home extension loan, a home improvement loan or a plot loan depending on your immediate requirement.
They have a team of dedicated and experienced professionals and counsellors who will make it easier for you to obtain the loan.
They do not have any hidden charges or costs and the amount that is quoted to you at the beginning will be the one you have to pay.
The most important factor that you should keep in mind while taking any Home Loan is the interest rate. PNB Home Loan interest rates start from 8.70% to 9%. The interest rate will depend on:
The amount of loan you are applying for – the higher is your loan amount; the lesser will be your interest rate.
Your salary/income will decide the interest rate. If your income is a hefty amount, your interest rate will be lower and vice versa.
If you are an existing customer, your interest rate will be much lower because the bank gives more preference to an old client
A few other charges are included in a PNB Home Loan:
The processing fee is what you pay when the bank has checked all your documents and is ready to disburse the loan amount. Processing fee for PNB Housing Loan is 0.35% of the sanctioned loan amount (minimum Rs. 2,500 and maximum Rs. 15,000.
A few minor technical and legal charges will be paid by the client.
In the situation when you feel that you can foreclose the loan or you want to transfer this loan to another bank, a prepayment charge is applicable. You have to pay this to PNB depending on your interest rates.
Now that you have most of the information about the loan, in order to make sure that you get the loan at the right time, you need to submit the following documents:
If you submit all these documents, it makes it easier for the bank to process your loan quickly.
We hope that all your doubts pertaining to the different facets of a Home Loan are now clarified, and that you now know how and why is the PNB Home Loan a great alternative for you! So, wait no more before you apply for this astoundingly cost-effective credit and start on the journey of creating your dream home!
Also Read: Are You Eligible for PNB Housing Loan?
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