PNB Housing Home Loan Interest Rates
Interest Rate

Starting @ 10.25%

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Processing Fee

Upto 0.35%

Loan Tenure

5-30 years

Lowest EMI Per Lakh

₹ 896 for 30 years

Prepayment Charges

Nil charges for floating rates loans

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PNB Housing Finance Home Loan Interest Rates

Punjab National Bank Housing Finance Limited (PNBHFL) is a subsidiary of Punjab National Bank which is a Multi National Indian Bank. PNBHFL caters to highly diversified housing credit products for a large customer base spread across the country. The NBFC extends a variety of Home Loans for the public, private individuals and builders, government employees and many more. The Home Loans from PNB HFL can be availed easily with a hassle-free procedure through the website or by visiting the nearest branch.

PNB Housing Finance Home Loans

Punjab National Bank Housing Finance Limited offers several credit products to its customers at an affordable rate and discount. It provides easy credit solutions which are suitable as per individual customer needs, whether it is related to purchase of a property, or construction, or renovation, or any extensions plan.

The major types of Home Loans by Punjab National Bank Housing Finance are as listed below:

  • Home Purchase Loan: Home Purchase Loan by PNB Housing is availed in case of construction, purchase, or extension of your current house.
  • Home Improvement Loan: It is a type of Home Loan which is availed to make modifications to your current house so that you can change the aesthetics of the home. It can include internal or external repairs, painting, roofing, plumbing, electricals, fittings & fixtures, water-proofing & many more.
  • Loan for NRIs: This Home Loan by PNB Housing is provided specifically to the NRIs for purchase, construction, repair or renovation of the residential property in India.
  • Residential Plot Loan: Under this category, Home Loan is availed to buy a residential plot of land, especially in the urban area where your house will be built later.
  • Home Construction Loan: PNB Home Construction Loan is granted for self-construction of a residential property.
  • Home Extension Loan: Home Extension Loan is availed to help the borrower make new additions to the current home.

All these PNBHFL Home Loans are backed by strong customer support. PNB Housing Loans are synonymous to affordable interest rates, fully at par with expectations of the target audience and their requirements.

The advantages associated with PNB Housing Finance products are:

  • A widespread network of operational branches spread across the nation.
  • A quick, hassle-free, and user-friendly application process.
  • Home Loans for all types of customer requirements, such as the purchase of residential land or ready Home, or extension, construction, and improvement of the home.
  • The main pillars of PNB Housing Finance limited are integrity, ethics, and openness.
  • The loan repayment is simplified with reduced EMI feature.
  • An efficient service delivery model ensures quick and easy approval and disbursal of Home Loans.
  • Highly qualified professionals handle customer care support 24X7.

PNB Housing Finance Rates of Interest

The PNB Housing Loan interest rates start from 8.9% p.a., which is one of the competitive market rates in the Home Loans segment. The effective rate of interest can vary based on the loan amount, income level, occupation, and also the type of loan applied for.

PNB Housing Home Purchase Loan Highlights

PNB Housing Finance Home Loan rate of interest starts from 8.9% to 8.95%, with special discounts for women borrowers.

Interest Rate

8.9% onwards 

Loan Tenure

Max. 30 years

Eligibility age

Salaried - 21 to 70 years

Self-employed - 21 to 70 years

Prepayment Charges

Allowed.
 
3% on prepaid amount +applicable taxes.

Nil for floating rate loans.

Lowest EMI

797 per Lakh for the max tenure of 30 years

Processing Fee

Up to 1.0%; Max 10,000

Interest Rates for Home Loans by PNB Housing

PNB Housing Finance offers Home Loans at both fixed and floating interest rates. Here are the details:

PNB Housing Finance Floating Interest Rates

Salaried/ Self-Employed Professional

8.90% p.a.

Businessmen/ Self Employed Non Professionals

8.95% p.a.

 Fixed Interest Rate on Home Loan by PNB Housing

Fixed Home Loan interest rates are available only for the Unnati Home Loan by PNB Housing. In this case, the fixed loan interest rate stands at 10.75%.

Salaried Individuals Self Employed Individuals (Professionals) Self-employed Individuals(Non-Professionals)

10.75%

10.75%


12.00%

W.e.f June 1, 2019, PNBHFL Housing Loan rates start from 8.9%. In case there is any change in the standard benchmark, the PLR rate will translate into the same change in the bank's Home Loan. For example, if the PNB home finance slashes PLR rate by 0.15%, then its present Housing Loan rate will be reduced from 8.9% to 8.75%.

Factors that Affect PNB Housing Finance Home Loan Interest Rates

The Home Loan interest rates applied are based on the computation of its internal cost of raising new funds and the borrower's occupation, income levels, the type of property, and also the repayment capacity.

The key factors can be listed as:

  • Amount of Home Loan: The principal amount of the Home Loan that is borrowed is a major factor that affects the interest rate. The more is the amount of loan; the lesser is the interest rate applicable for the same.
  • Existing customers of the bank: The PNB HFL provides the lowest Home Loan interest rates, which is specific for the current customers of the bank so that they can maintain a cordial relationship.
  • Type of Home Loan applied:The type of Home Loan availed also affects the effective rate of interest. The rate of interest for women borrowers, Fixed Loan and Floating Home Loan will invariably differ from each product.
  • Salary or income level: Your monthly income or in-hand salary helps the lender assess your repayment capacity and based on which the effective rate of interest on Home Loan is calculated.

Tips to Reduce PNB Housing Loan Interest Rate

  • Shorter Tenure:The rate of interest for a Home Loan is affected by the duration or the period of the loan. The shorter is the tenure of the loan, the lower is the total interest paid, but the EMI will be higher.
  • Increase EMIs: By increasing the amount of EMI, you will not only reduce the total interest paid, but it will also help you to pay the principal loan amount faster.

PNB Housing Finance Home Loan Processing Fee and Other Charges

In addition to Home Loan interest rates, PNBHFL levy some other charges which include:

  • Processing Fee: Processing charges are levied to bear the expenses that are incurred in conducting a credit appraisal and completing the process of disbursing a Home Loan. The PNBHFL charges a maximum of 1% processing fees, plus applicable taxes on Home Loans.
  • Technical and Legal Charges: PNBHFL applies legal and technical charges that are detailed to its borrowers at the time of credit processing. As you proceed with the Home Loan application, you are required to pay these predefined charges as per the lender's rule.
  • Prepayment Charges: As per the guidelines from RBI, the PNBHFL is not allowed to charge prepayment fees on floating rate housing loans. Thus, you can prepay the Home Loan with PNB Housing at NIL charges. However, 3% of the prepaid principle is charged on Fixed Rate Home Loan product by PNBHFL.

How to Apply for a PNBHFL Home Loan?

It is very easy and simple to get a Home Loan from PNB Housing. The process is easy to understand for all. You can either visit the branch or apply online through MyMoneyMantra website. Once you have applied for the Home Loan, your application will be processed instantly.

A loan representative will get in touch with you for further proceedings. They will assist you with all the information and details that need to be completed. An MMM's loan advisor will help you complete all the formalities with ease. They will help you choose a Home Loan product that best suits your credit requirements.

After you apply for the loan, you can check the status of the PNB HFL Home Loan by logging in with your customer account.

Documents Required For Home Loan by PNB Housing

For Salaried employees

  • Duly filled application form for Home Loan.
  • Two photographs of the applicant in passport size.
  • ITR records from the last two years.
  • Proof of identity such as Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport
  • Proof of Income such as last six months' salary slip, Form 16 of last two years, Bank Statement of at least last six months that reflects salary being credited or EMI being debited.
  • All the legal, property-related documents like past title chain such as conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, copy of the approved plan of construction or extension.

For Self-Employed

  • Duly filled application form for Home Loan.
  • Two photographs of the applicant in passport size.
  • Proof of identity such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport
  • Proof of Business like - VAT/ Service Tax registration/ Company's incorporation details, Address proof of the business, Accounts and Balance Sheets showing Profit and Loss Statements which have been certified by CA, the proof of the business's existence a copy of the Partnership Deed and business profile.

All legal, property-related documents like past title chain Such as Conveyance Deed, Allotment Letter, Sales Deed, Latest Property Tax Receipt, Possession Letter, Copy of Approved Plan of construction or extension.

Types of PNB Housing Loan Schemes

Punjab National Bank Housing Finance provides its customers with customized loan schemes which are designed to meet the borrower's specific requirements.

Some of them are as follows:

Unnati Housing Loan

Features

  • The Unnati Home Loan by PNB Housing is designed to help middle and low-income group individuals realise their dream of buying a house by extending an affordable housing credit at easy terms.
  • The process of loan application is easy with minimal documentation coupled with an attractive interest rate.
  • One can avail a Home Loan up to 90% of the value of the property.

Who is Eligible?

  • Salaried employees, self-employed individuals, individuals with a professional degree or diploma or ITI, an employee of a local stabilized business, individual with a monthly income of at least 10,000 are eligible for Unnati Home Loan by PNBHFL.

Key Loan Terms

  • Age: Salaried employees up to 70 years and self-employed professionals/non-professionals up to 65 years are eligible for the loan.
  • The principal loan amount that can be availed ranges from 15 Lakh to 10 Crore.
  • There is an option to apply for a maximum LTV of 90% of the property value.
  • The maximum tenure for Home Loan by PNB Housing is 30 years.

Pradhan Mantri Awas Yojana

The Subsidy Scheme under Pradhan Mantri Awas Yojana (PMAY) is designed to cater to the middle to lower income group and economically weaker section.

Ministry of Housing and Urban Poverty Alleviation (MoHUPA) launched the Credit-Linked PMAY Subsidy. The scheme was announced by Prime Minister Narendra Modi. The Indian Government goals at offering 'housing to all' by 2022 as per this scheme.

Features

  • For lower income groups and economically weaker section, the ownership of the new house should be in the name of a woman.
  • The interest subsidy is computed for a duration of 20 years.
  • All applicants of the Home Loan should be immediate family members, including unmarried children, spouse, and self.
  • The benefits of the Home Loan can be availed for buying the first property.

Eligibility

  • All applicants for Home Loan must be above 18 years of age.
  • For subsidy under EWS and LIG section, the annual income of the borrower should be up to 6 Lakh. For MIG 1 section, it can be between 6.01 Lakh to 12 Lakh, and for MIG 2, it can be between 12.01 Lakh to 18 Lakh per annum.
  • The Home Loan scheme can be availed by individuals only.
  • All the applicants of the Home Loan should be immediate family members, including unmarried children, spouse, and self.
  • The beneficiary of Home Loan cannot own a pucca house anywhere in India. Any member of his/ her family should not have a pucca house as well.

Key Loan terms

  • Strong service delivery model with doorstep services to ensure loan approval and disbursal.
  • No foreclosure or prepayment charges applicable on the Housing Loan.
  • The eligibility program can be customized as per the customer requirements.
  • The Home Loan can be availed up to 90% of the property value.

Why Should One Apply for PNB Housing Finance Home Loan On MyMoneyMantra?

  • 100% Safe: Your personal details are taken care with maximum care and are not shared with anyone other than PNBHFL.
  • Comparative Study: MMM website is very interactive and simple to use to raise Home Loans. The online space is designed to help you make a detailed comparison between different Home Loan products and their Interest Rates. A dedicated customer care support is also available for each applicant.
  • Credibility: The website furnishes all the useful information in a detailed way with regard to interest rates, terms and conditions, and so on. All this information is readily available to the customers.
  • Convenient and Quick: The application process through MyMoneyMantra is swift and , and one can apply for the Home Loan sitting at home or office space. The dedicated team of loan advisors extends full support to customers and ensure fast disbursal for each application.
  • Privacy: Privacy is one of the major concerns when one applies for credit. At MMM, we protect your privacy when you apply for a Home Loan online through MyMoneyMantra portal. All personal information that is provided will be shared only with your chosen bank/NBFC only. The customer data is treated with the utmost care and privacy.

FAQs on PNB Housing Finance Home Loans

Why should I opt for a transfer of my current Home Loan balance to PNB HFL Home Loan?

By opting for PNBHFL Home Loan, you can target attractive interest rate at the lowest EMI of 797 per one Lakh. This can be the case when 1 Lakh is drawn at 8.9% for 30 years. Hence, if you are paying an EMI higher than this, you can opt for a balance transfer to PNBHFL Home Loan.

What is the maximum loan duration with PNB Housing Home Loan?

30 years is the maximum duration for a Home Loan by PNBHFL.

What is the PNB HFL Home Loan application process?

It is very easy and simple to get a Home Loan from PNBHFL as the process for the same is easy to understand. You can apply for the Home Loan online through MyMoneyMantra website. Once you have applied for the loan, your application will be processed online, and then an agent from the respective bank will get in touch with you for further proceedings. The loan representative will assist you with all the information and documents that will be needed. MyMoneyMantra will also assess your CIBIL score and creditworthiness. We will guide you in case of property valuation, eligibility calculation, and also regarding technical and legal information.

Can we transfer Home Loan from another bank to PNBHFL?

Yes, you can transfer your current Housing Loan to PNBHFL without much difficulty, and this will also help you save the interest and pay lower monthly EMI.

Do I get a tax benefit on Home Loan from PNBHFL?

Yes, you can tap an advantage on Income Tax for PNB HFL as per the Indian Income Tax Act 1961. As per the details of the Income Tax Act, the Indian residents are eligible for a tax benefit on the principal amount and the interest components of the Home Loan that comes u/s 24 and 80C of Income Tax Act.

Can I foreclose my Housing Loan with PNBHFL, and what are the applicable charges?

You can foreclose the Housing Loan with PNB with zero or NIL charges.

How will the rate of interest on PNBHFL Home Loan change in future?

  • The floating rate on PNBHFL Home Loan is linked to its PLR rate.
  • When RBI increases rates, the bank increases its PLR rate and also the applicable rate of interest for all its existing and new Housing Loans would increase and vice-versa.

How does part pre-payment affect the PNB Home Loan EMI?

By using the option of part pre-payment, you can reduce the Home Loan amount that is outstanding, and this will also reduce your amount of interest that is due.

How to increase my eligibility to avail a PNBHFL Home Loan?

In case, your spouse or family members are earning well then you can make them a co-applicant for Home Loan and hence the combined earnings will also increase your eligibility.

Latest News on PNB Housing Finance

2019-09-05: PNB Housing Finance reports 52% rise for Q4

PNB Housing Finance has reported a 51 percent rise in overall net profit for the quarter ending March 31, 2019, at 379.8 crore. The net interest income has grown by13 percent to 609.7 crore. For the entire FY 2018-19, the NBFC's net profit rose 42 percent to 1,191.5 crore.

2019-01-03: PNB Housing Finance raises 1853 Crore via ECB

The Punjab National Bank housing finance has raised 1853 Crore through External Commercial Borrowing (ECB). These funds will be used towards normal on-lending operations of the company.

2018-10-02: PNB revises MCLR for October 2018

PNB has revised its MCLR for the month of October for selected maturities. The overnight and one-month MCLR is presently at 8.10%. The interest rates continue to be in the range of 8.10% to 8.65%. The revised rates are effective from the 1st of October 2018.

2018-11-13: PNB Housing Finance receives 3,500 crore from NHB

The regulators of National Housing Bank (NHB) has sanctioned an amount of 3500 crores to PNB Housing Finance which are utilized for specific sector wise disbursements as per the NHB norms.

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