How to Avail a Home Loan from PNB Housing Finance Limited?

Updated on: 14 Dec 2021 // 22 min read // Home Loans
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Do you wish to apply for Home Loan? Consider Punjab National Bank (PNB) Housing Finance Limited. Set up in 1988 under the Companies Act 1956 with Punjab National Bank being the principal promoter, this housing finance company provides various kinds of home loans to individuals and corporate bodies.

The services offered by PNB Home Loan

PNB Housing Finance Limited offers the following categories of home loans to its customers.

• Home Purchase Loan – Purchase of flats and individual houses
• Home Construction Loan – Construct home on own land
• Home Extension Loan –Construction of an additional structure to the existing house
• Home Improvement Loan – For interior decoration, painting, waterproofing, plumbing, and so forth
• Loan for purchase of residential plots – Purchasing residential plots of land in urban areas on which you can construct houses in the future
• Loan for Non-Resident Indians (NRIs) – Purchase, construct or renovate houses in India

Advantages of applying for a PNB Home Loan

Backed by the efficient support of Punjab National Bank, PNB Housing Finance Ltd. has its presence in every state in India.
It offers a wide variety of loans for various purposes
Simple loan approval process followed by quick disbursements
Quality post-disbursement services
The range of repayment options
No hidden charges – Processing fees 1% and No Foreclosure/prepayment charges
Attractive rates of interest comparable with the best in the industry

Eligibility Criteria

Maximum age at the maturity of the loan should not exceed 70 years
Applicant should be an Indian or a fully documented NRI
To be eligible under the NRI category, the applicant should have worked abroad for at least one year
Persons going on deputation abroad are not eligible for Home Loans under the NRI category

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Requisite documents for PNB Home Loan

Depending on the category of borrower, salaried or self-employed professionals, the documents vary.

KYC Documents

• ID Proof – PAN card, Aadhar Card, Driving license, Certificate from Statutory authority, Passport
Age Proof – Same as above
Residence Proof – Passport, Driving licence, ration card, telephone or gas bill.

KYC documents are the same for salaried employees and self-employed professionals.

Income Proof:

Salaried employees need to furnish three months’ salary slip as income proof. In addition, they need to submit either IT returns or Form 16 for two years. A bank statement for the last six months where they maintain their salary account is also essential.
Self-employed professionals and business entities should provide proof of the existence of business and certificate from the respective authorities like GST registration, and so on. They have to submit the bank statement (both personal and business) for the last 12 months. In addition, they need to submit the IT returns for the previous three years along with the financial statements certified by a Chartered Accountant.

Property Documents:

This is common to both the categories. Photocopies of the latest title documents of the property along with the parent document to establish the ownership chain. In case of loans for construction and purchase of ready-made houses, you need to submit the approved plan and construction permit. The latest encumbrance certificate and property tax paid receipts also need to be attached to the list.

Additional Documents:

In case of a Balance Transfer application, you need to submit the statement of loan account for the past one year along with the balance certificate and LOD (List of Documents) from the existing bank.

The Process of Applying for a Home Loan from PNB Housing Finance Limited

You now have a clear idea about the documents you need – armed with these documents in hand, you can use www.mymoneymantra.com and apply for a PNB Home Loan today!

Here’s how you can apply for a Home Loan through mymoneymantra:

• Visit www.mymoneymatra.com
• Click on the Home Loan icon
• Enter the required details
• Click on “Show me the best offer”
• It will direct you to the subsequent page where you have to choose between Home Loan products of multiple banks and NBFCs
• Select PNB Housing Finance Ltd.
• Enter the required details and click on “Apply Now” button

Based on the data you have provided; our Mortgage Specialists will contact you to obtain further details.

The next step involves the valuation of the property you intend to purchase. In case of a home construction loan, the cost of construction comes into the picture. The company’s legal panel scrutinizes the genuineness of the documents and submits the legal scrutiny report. Depending on the valuation and your repaying capacity, the company reworks the maximum eligibility amount. You get the final sanction letter. Pay the processing fees and accept the terms and conditions of the sanction. The disbursement takes place according to the norms of the sanction.

Finally, you have to submit the original title deeds with the company and create the equitable mortgage. Depending on the state you reside, you need to register the equitable mortgage by paying the requisite stamp duty.

Also Read: Types of Home Loans in India and How to Choose the Right One

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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