Punjab National Bank Home Loan Eligibility

Instantly check Punjab National Bank Home Loan Eligibility by accessing free Home Loan Eligibility Calculator. PNB Housing offers a range of home loans for different types of customers. Your income, age, credit score and property valuation are some of the factors that affect PNB home loan eligibility. Currently PNB housing home loans start at 6.99% p.a for maximum up to 30 years. 


About Punjab National Bank Home Loan

Punjab National Bank is a prominent commercial bank in the country. The head office of the bank is in Delhi. The bank provides banking products like savings account, deposits, personal loan, and much more. Individuals looking to buy or construct a house property can also avail PNB Home Loan at attractive interest rates.

Investment in house property is a critical decision considering the magnitude of the amount involved. Availing a Home Loan needs thorough research to get the best deal since even a small variation in the interest would mean a considerable saving. Punjab National Bank offers various types of Home Loan to cater to the requirement of every category of customer. Punjab National Bank is an ideal destination for an economical Home Loan.

What are the Eligibility Criteria for Punjab National Bank Home Loan?

Punjab National Bank has stipulated eligibility criteria for availing the housing loan, which has to be complied with to qualify for the loan.

  • The applicant should be an Indian Resident
  • Individuals or joint owners can also apply for PNB Home Loan
  • Individuals employed with State/Central Government, Employees of PSUs, reputed Companies, MNCs, self-employed individuals/professionals, businessmen, defence personnel, and paramilitary forces are eligible for the Home Loan. Different type of Home Loan for different employment status is designed to suit the requirement.
  • To avail Pradhan Mantri Awas Yojana (EWS & LIG) from Punjab National Bank, Economically Weaker Section (EWS) should have an annual income up to 3 Lakhs and house size carpet area up to 30 square meter. Whereas, Low Income Group (LIG) should have an annual income above 3 Lakhs and up to 6 Lakhs and house size up to 60 sqaure meter.
  • To avail Pradhan Mantri Awas Yojana (MIG), Middle Income Group 1 (MIG 1) should have an annual income above 6 Lakhs and up to 12 Lakhs and a house with carpet area up to 160 sqaure meter. Whereas, MIG 2 should have an annual income above 12 Lakhs and up to 18 Lakhs and house size with carpet area up to 200 square meter.
  • Salaried employees with minimum 3 years of work experience can avail PNB Gen Next Housing Finance for Public. Co-borrower should also be a working individual with a permanent salary. The primary borrower should be up to the age of 40 years and other up to the age of 45 years. The borrower should have a net salary of at least 35,000 per month.

Features of Punjab National Bank Home Loan

The following are the features of Punjab National Bank Home Loan:

PurposeThere are different types of Home Loans depending on the purpose. Home Loan for construction, Home Loan for the purchase of a house/flat, Home Loan for renovation and Home Loan for the purchase of a plot and construction of a house thereon, Home Loan for the repurchase of a house/plot.
Loan amount
  • There are different types of Home Loans like PNB Pride Housing Loan for Government Employees, PNB Max Saver, PNB Housing Loan for General Public and Housing Loan under Prime Minister's Awas Yojana. PNB Max Saver is OD facility under the Home Loan.
  • The quantum of the loan depends on the project cost. Loan quantum will be 75% to 90% of the project cost.  A maximum of 1 Crore will be given for the purchase of a plot for a project located in state capitals and metros and up to a maximum of 50 Lakhs for projects located in other centres.
  • The maximum quantum for the loan under Prime Minister Awas Yojana is 30 Lakhs.
  • A maximum of 10% of the project cost can be included for home furnishing with a maximum of 25 Lakhs.
  • Rate of interest is linked to RLLR and ranges between 7.95% p.a. to 8.70% p.a. (floating).
  • PNB Home Loan interest rate ranges from 8.75% to 8.85% p.a. in case of fixed interest rate (linked to 1 year MCLR).
  • The rate of interest for OD facility under the Home Loan is 9.35% p.a.
  • A concession of 0.05% in the rate of interest for women beneficiaries is available.
SecurityEquitable Mortgage of the property created out of the loan.
  • The loan can be repaid in easy instalments for a period up to 30 years, including the moratorium period. For home improvement, the maximum repayment period given is 15 years.
  • The moratorium period for construction of a house is 18 months from the date of the first disbursement, for the purchase of a house, the moratorium period is till the date of possession or 3 months from the date of the first disbursement, for home renovation, the moratorium period will be till the completion of the renovation or 6 months from the date of the first disbursement.
Balance TransferPunjab National Bank offers the facility of transferring the Home Loan balance with your existing lender at a comparatively low interest.
Interest subsidyFor a Home Loan under Prime Minister's Awas Yojana, you get the reimbursement of interest up to the extent of 2.67 Lakhs in the form of interest subsidy.
Processing charges
  • Processing charges at 0.35% of the loan amount ranging from 2,500 to 15,000.
  • No processing charges for a Home Loan under the Prime Minister Awas Yojana.
Documentation chargesThe documentation charges of 1,350 will be collected. For balance transfer, the documentation charges collected will be 2,500.
Pre-closure/part pre-payment chargesPre-payment charges at 2% of the outstanding loan balance and part pre-payment charges at 2% of the pre-paid amount will be collected.

Documents Required for Punjab National Bank Home Loan

The documents required for the loan are as below:

Type of documentSalariedSelf-Employed
Age ProofVoter's ID, Passport, Aadhar Card, Pan Card, any other certificate issued by statutory authorities.
Proof of residenceUtility bills, Aadhar Card, Voter's ID, Driving Licence, Passport
Proof of qualificationDegree Certificate (latest)
Income Proof3 months latest salary slip, Form 16 and IT Returns for the last 2 years

Financial statements like audited balance sheet, Profit and Loss Account for the last 2 years along with ITwith income computation for the last 2 years


Business Vintage proofNot applicableCertificate of incorporation or GST Certificate
Bank StatementStatement of Bank Account for the last 6 monthsStatement of Bank Account for the last 12 months
Property documentsCopies of the title documents of the property and approved plan.
PhotographTwo passport size photographs
Application formThe prescribed form for a Home Loan

Factors That Affect Punjab National Bank Home Loan Eligibility

The following are the factors affecting Punjab National Bank Home Loan Eligibility:

  • Age of the applicant: The age of the applicant is one of the factors that come into consideration when deciding the repayment tenure. With the maximum repayment tenure, the EMI will be decided. The longer the repayment period, the lower will be the EMI amount. If the applicant is closer to the younger age, then he/she can choose a longer repayment period to accommodate the EMI as per the affordability.
  • Credit Score: The credit score is an important criterion which will be the basis of the lender's credit decision. The credit score indicates the repayment pattern of the applicant and the creditworthiness. Hence, maintaining a good credit score is very critical if you have to get a Home Loan.
  • Income: The loan quantum depends on the income of the applicant. The monthly income has to accommodate the mandatory monthly expenses along with the EMIs of existing commitments if any and also should provide for the EMI of the proposed loan. So, the eligibility of Home Loan largely depends on the income of the applicant.
  • Property value: The loan quantum will be a percentage of the market value of the asset that will be created out of the loan. An asset located in an area which has a good scope for value escalation is recommended if you have to avail a higher loan amount. The lender's credit decision is based on the potential liquidity value of the property.
  • Status of employment: The employer you are working for is yet another important factor that decides the loan eligibility. If you are employed with Government Organisations, PSUs, Multinational Companies and have sufficient work experience, the chances of getting a higher loan quantum will be bright.

Tips to Increase Punjab National Bank Home Loan Eligibility

The following are some of the tips to increase the Home Loan eligibility:

  • Building a good debt to income ratio is very essential if you are looking for a higher loan amount. For this, you will have to clear the existing debts before applying for the Home Loan to lessen your existing commitments. The debt to income ratio is arrived at by considering the existing commitments which have to be provided for with your monthly income and also the proposed EMI.
  • Declare the other sources of income like the dividends, fixed deposit interest, rental income etc. which will be considered to arrive at the eligible loan amount.
  • Avail the loan jointly with family members like spouse, children, parents who have a stable income and a good credit score to enhance the eligible quantum.
  • Choose longer repayment period. The payable interest amount will be higher, but the EMI amount will be lower and can be easily provided for from your monthly income without feeling the financial stress.
  • A property located in a place where the market value is constantly appreciating will fetch you a higher loan amount. Choice of your property location also impacts the eligibility.
  • The interest outgo towards the loan will be very high if the loan amount is repaid in tenure of 30 years. The investment in house property is huge and requires funding from a lending institution for most of us. But it is advisable to keep the loan amount to the extent of the margin that has to be paid after summing up all the funds available from various sources. By limiting the amount, you can choose to pay the loan in a shorter tenure, thus reducing the interest outgo towards the loan.

Why Use a Home Loan EMI Calculator?

Using an EMI Calculator before applying for a Home Loan has the following benefits:

  • With the EMI Calculator, you will able to arrive at the EMI with different variables like the interest, loan amount and tenure. You can try different combinations and short-list the best offer that suits your budget. The EMI Calculator will give an idea of the amount that has to be provided for from your monthly income towards the Home Loan.
  • With the EMI Calculator, you will even get an idea of the interest you will be paying over a period of time for the loan amount you are availing.
  • With the EMI Calculator, you will be able to assess the amount of loan you are eligible for and you can enter the exact amount while applying for the loan which will save time and will expedite the approval process.
  • By assessing the eligible amount using the EMI Calculator, you will be able to go in for a project that fits into the budget.

The EMI constitutes of both the interest and the principal component. The EMI value will be constant, but the adjustment of the interest and principal component vary as the tenure progresses. Initially, a higher amount will be adjusted towards the interest component which will reduce as the tenure progresses. Similarly, the adjustment towards the principal component will be lower initially which will increase as the tenure progresses.

Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

View and improve your credit score - for free.

Know how good your score is

Get insights on how to improve it

Unlock offers as per your score

chart_15f235bf64 (1).svg

Punjab National Bank Home Loan Eligibility FAQs

What is the procedure for applying for a Home Loan at Punjab National Bank?


The following is the stepwise procedure for applying for a Home Loan at PNB.

  • You will have to submit the loan application along with the required documents
  • With the details provided the assessment of the proposal will be done based on the various eligibility factors and guidelines of the bank on a Home Loan.
  • The property is valued by a panel valuer of the bank and the legal scrutiny of the documents to ascertain the marketable title will be done by an advocate listed on the panel of the bank.
  • The loan application will either be considered favourably or rejected depending on the eligibility criteria of the bank.
  • If the proposal is approved, the loan documents as stipulated by the bank have to be executed and the original documents relating to the property have to be submitted to put through the equitable mortgage. Post-dated cheques if stipulated by the bank have to be submitted.
  • If the documents submitted are in order, the bank will disburse the loan amount directly to the builder or the engineer in case of construction. The disbursal of the loan amount will be in stages if the loan is for construction

Does PNB provide Home Loans to NRIs? If yes, in the case of a change in status how will the Home Loan be reassessed?


Yes. PNB provides a Home Loan to NRIs. If the status of the customer changes to a resident on account of re-location, the Home Loan repayment will also be reassessed based on the changed status. A revised repayment scheduled will be worked out. The rate of interest will be revised to the prevailing rate of interest for the particular product. This interest will be applicable to the outstanding balance that is being converted. A communication will be sent to the customer regarding the change in status from NRI to a resident.

Can a Home Loan be availed for an already purchased property?


Yes. Refinance will be provided at the prevailing interest if the loan is applied for within 6 months from the date of purchase of the property.

For a Home Loan to an NRI customer, is physical presence mandatory at the time of availing the loan?


It is not mandatory for the NRI customer to be physically present at the time of submission of the application and the disbursement of the loan. The application and execution of loan documents can be done by the power of attorney holder on behalf of the customer. The appointment of the power of attorney should be as per the Housing Format of the Bank.

What is the security required for availing a Home Loan from PNB?


Collateral security can be by way of deposit of title deeds or any other collateral security as required by the bank. Property with marketable title and without any encumbrance only will be accepted.