Let’s Review 2019 PNB Housing Loan Offers

Updated on: 18 Jan 2024 // 4 min read // Home Loans
Author :(534 posts)

Most middle-class households struggle striking a balance between their present financial commitments and future requirements. In such a situation, a decision to avail a Home Loan largely depends on the EMI that does not disrupt your current finances. 

While various financial institutions in India offer Home Loans at attractive interest rates, very few can match the features and benefits provided by a PNB Housing Loan. PNB Housing is a leading Non-Banking Financial Corporation (NBFC) of India. Over the last few years, PNB Housing Finance has carved a distinct niche for itself in this highly competitive market and has emerged as one of the most popular Home Loan providers in the year 2019. If you are also considering availing a Home Loan for buying a new residential property, here is a review of the PNB Housing Loan Offers for 2019.

HDFC Home Loan Offer

About PNB Housing Loan

A Housing Loan is a secured loan offered to prospective homeowners against the mortgage of the property to be purchased. The money availed as a Home Loan from PNB Housing Finance must be used for the purchase of a residential property only. With a vast branch network present across all major cities of India, applying for a PNB Housing Loan is extremely convenient.

Following are the significant features of a PNB Housing Loan:

1. The maximum amount available as a Home Loan from PNB Housing Finance depends on the market value of the property:

  • For property with value up to Rs. 30 Lakh –  90% of Market Value
  • For property with value between Rs. 30 – 75 Lakh – 80% of Market Value
  • For property with value up above Rs. 75 Lakh – 75% of Market Value

2. The maximum repayment tenor can go up to 30 years, as per your eligibility ascertained by the company.

3. In order to improve your eligibility, you can add more co-applicants to the Home Loan application.

4. PNB Housing also offers instant approvals for Home Loans on its website, wherein you can ascertain your eligibility in 3 minutes.

5. PNB Housing Finance has a tie-up with leading insurance companies to help you get your home as well as repayments secured.

6. PNB Housing Loan is available for salaried as well as self-employed individuals.

PNB Housing Finance: Home Loan Interest Rates

Without any doubt, the rate of interest applicable against your Home Loan is a significant factor in making the final decision. When it comes to PNB Housing Loan Interest Rates, thankfully, they are amongst the most attractive lenders in the market. PNB Housing Loan interest rates are based on floating rates and vary upon the nature of employment of the applicant.

  • For Salaried Employees: 9.25% to 11% per annum
  • For Self-employed Professionals: 9.25% to 11% per annum
  • For Self-employed Businessmen: 9.50% to 11.50% per annum

As the interest rates are subject to change periodically, you must contact your nearest branch for updated information on PNB Housing Loan interest rates.

PNB Housing Loan Eligibility Criteria

Following are the major points pertaining to the eligibility criteria followed for a PNB Housing Loan:

  • The applicant must be at least 21 years old at the time of availing the loan.
  • The age of the applicant must be less than 70 years on completion of the repayment tenor.
  • The applicant must have a work experience of 2 years with at least 1 year with the present employer. In case of self-employed professionals, the minimum work-experience requirement is 3 years.
  • The applicant must arrange for the margin money before the disbursal of the Home Loan.
  • The applicant must have a CIBIL score of 700+ to apply for the Home Loan.
  • The applicant must provide all the documents required for the processing of application including address proof, identity proof, income proof, employment proof, financial statements, and a cheque for the processing fees.

Why must you opt for a PNB Housing Loan?

As there are several financial institutions offering Home Loans in the market, you might be confused regarding the suitability of a PNB Housing Loan. Here are the major benefits of availing a Home Loan from PNB Housing for your perusal:

1. Pan-India Branch Network:

PNB Housing Finance has a wide branch network across India, with at least one branch present in every major city of India. It is therefore convenient for you to Apply for a Home Loan, follow-up on your application, as well as seek resolution of your queries.

2. Wide range of options:

PNB Housing Finance Limited offers Home Loans for up to 90% of the value of the property. You can also avail various other Home Loan products like Home Improvement Loans, Plot Loans, Home Construction Loans, and Home Extension Loans. This offers you an opportunity to satisfy all your Home Loan related requirements from one place only.

3. Low Processing Charges:

PNB Housing Finance levies a processing charge of 0.5% against Home Loans, subject to a minimum of Rs. 10,000 plus GST, which is amongst the lowest in the market.

4. The option of foreclosure:

You can foreclose your PNB Housing Home Loan account without incurring any pre-payment charges.

5. Attractive interest rates:

PNB Housing Loan Interest Rates start from as low as 9.25% per annum, offering you an affordable option to purchase a residential property.

With so many features and benefits on offer, availing a PNB Housing Loan to realise the dream of buying your own home could become a reality very soon.

Also Read: Are You Eligible for PNB Housing Loan?

To apply online for Best Credit Cards in India,  Secured Loans and Unsecured Loans, visit mymoneymantra, the leading online lending marketplace that offers financial products from 90+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.