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PNBHLF is one of the more prominent home loan providers in the market and has catered to plenty of home loan customers.Its friendly customer service clubbed with its flexible repayment scheme has made amongst a customer's top choices for home loans.
Registered with National Housing bank, PNB Housing Finance Limited (PNBHFL) is a subsidiary of Punjab National Bank (PNB). Incorporated under the Companies Act in the year 1956, it started its operations in 1988. PNBFHL has specialized experience in the field of housing finance for over 25 years. The company boasts of a widespread network across the country, and is trusted by millions.
Plot loans are different from home loans because the latter provides borrowers with financial assistance for purchasing a house or a flat. The house or flat could either be a pre-existing one or can be constructed newly. Plot loans, on the other hand, funds you to buy a plot/piece of land. Owning a plot/piece of land gives you the freedom to construct a house on it completely to cater to your taste, preferences and needs. Hence, plot loans are availed for the purchase of the land on which construction, of your residence, has to be carried out subsequently.
PNBHFL offers plot loans to customers for construction of residential property (on the plot for which the loan is availed) in an urban area. The loan is offered at affordable rates of interest, and has multiple benefits to serve the purpose of making plot loans easily accessible for customers.
Features and Benefits:
The lucrative features and benefits offered by PNBHFL on its plot loans have been listed below -
The loan can be availed only for construction of residential property on the plot, in an urban area.
The company provides a range of repayment options, for customers availing plot loans, to suit their needs.
Quick approval and disbursal of the loan. The company also provides door step service for the same to ensure maximum convenience for customers.
The widespread branch network makes availing the loan very easily accessible to customers.
Impeccable post loan disbursal services.
In case there is a rise or escalation in the cost of the plot, the company provides the option of enhancement in loan amount.
Transparent, authentic and impeccable customer service.
The quantum of loan provided is as follows -
Up to Rs. 20 lakhs
90% of the market value
Rs. 20 - 75 lakhs
80% of the market value
above Rs.75 lakhs
75% of the market value
The eligibility criteria for availing plot loans from PNBHFL are as follows -
The applicant should not be more than 70 years old, at the time of loan maturity. This age limit is applicable only for salaried individuals.
If the applicant is self-employed/non-professional, the he should not be over 65 years of age at the time of loan maturity.
The standard documents required for availing plot loans from PNBHFL are -
Valid identity proof issued by the government - passport, aadhar card, voter ID card, driving license, PAN card
Address/residence proof - telephone bill, electricity bill, ration card, etc.
Educational qualification certificates.
Passport size photographs of primary applicant and co-applicants.
Proof of income - salary slips of last 3 months, bank statements of last 6 months (for salaried individuals) and last 12 months (for self-employed individuals), form 16/IT returns.
Processing fee cheque issued in the name of PNB Housing Finance Limited.
Frequently Asked Questions (FAQs):
How do I apply for PNBHFL plot loans?
Visit the nearest PNBHFL branch and obtain a plot loan application form. After filling the form duly, and furnishing it with the required documents and processing fee cheque, submit at any PNBHFL branch. You can also visit the company’s official portal and click on ‘contact us for residential plot loan’, and fill in your basic details (as required). Thereafter, the company officials shall contact you, and guide you through the process of availing the loan.
What are the procedures to repay my PNBHFL plot loan?
To ensure enhanced convenience of customers, PNBHFL offers many modes of repaying loans. Customers can issue standing instructions to ensure the payment of the installments via ECS (Electronic Clearing System). Some borrowers choose the mode of direct deduction of monthly installments (by the bank). The same can also be done by issuing post-dated cheques from the borrower’s bank account.
What is pre-EMI and EMI? Is there any difference between the two?
Borrowers repay loans through Equated Monthly Instalments (EMI). This amount includes the principal, and also the interest component. Repayments in the form of EMI starts from the month subsequent to the month of final disbursement of the loan. Pre-EMI Interest is the simple interest, payable every month till the time loan amount is not fully disbursed.
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I took a home loan with PNB Housing Finance Ltd because the terms and conditions are very liberal at that time, I have been expecting higher loan amount for my purchase. They have fulfilled my requirements and its more than 90%. The rate of interest is little bit higher and they are not following RBI guidelines. When interest rate is increased, they have started charging more but not reduced when it got reduced.
Chosen the home loan from PNB housing but the charges are very high and the services are not upto the mark. Its Government undertaken organization hence i got the loan from them. They do not take so much time to deliver the loan. They have sanctioned the loan in 20 days. Their interest rate is 10.75% hence now i want to transfer the loan to some other bank.
There is no much documents required in PNB Housing finance thats the reason i opted the home loan from them. I bought the loan amount of Rs. 7 lakhs and they took 1 month to provide this loan. Interest rates are on the higher part after 1 year. I have been paying the EMI amount of Rs. 7200 for the tenure period of 15 years but i have requested them for 20 years.
I have taken Home loan through Punjab National Bank which was referred by my friend.The service is not upto the mark.I have got this loan sanctioned within 20 days.I have got all the required information about the loan process through the agent .The rate of interest and the processing fee was very high .
The PNB housing loan process was convenient but from my end the documentation submitted delay hence it took some time. I purchased the apartment from the builder, based on the under construction they released the amount. The best part they gave me attractive interest and process was good and faster as compared to others.
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DILIP KUMAR ALLU
Reviewed on Aug 26, 2019
I am not happy with the PNB housing customer service, they are not aware of product knowledge and whenever I raise any complain they keep asking the same. I need to share my queries to all executive they don't have any previous record. I took Rs.40 lakhs for the duration of 20 years. They gave me 9% of interest for my home loan.
I have selected punjab national home loan amount is 12 lakhs , EMI 11200 , Rate of interested is normal one time process fee Rs 5000 and Tenure 15 year ago .Customer service is good and responsive .while documents submitted directly bank , there is no delay disbursal loan amount.
I have taken 20L as home loan with PNB Housing Finance. I have purchased a residential property. I have no issues with the loan process. The customer service is good. The interest rate is nominal which is around 9.2% and there was nominal processing fee.I have completed 2 to 3 years and the overall duration is 15 years.
The home loan rate of interest is too high and currently the provided rate is 10.50%. The processing fee is okay. All the services has been good except rate of interest. They took 2 months to disbursed the loan. Some criteria is not fulfilled like because my property is more than 25 years due to the documentation issue, it got delayed from my end.
I have completed a home loan with PNB Housing Finance and it was a good experience. I have purchased a residential property and the loan process was simple. The interest rate is lower than others. There was a processing fee which is around 2500 rupees for 20L.
I have taken the tenure period for my PNB housing loan of 5 years on that 3 years completed and the loan is going very smooth. Their communication is fantastic they are giving alert message stating that to check the balance to keep for paying the EMI. I have done a balance transfer to this bank because i want some top up. Their interest rate is nominal. Their customer care is very good and they are running bank for the customer and the staff mentality is good. All the paper work, they came to my house and got the sign.
The home loan experience is good with PNB Housing, I took the principal amount of Rs. 32 lakhs , first time I took 25.75 lakhs and second year I took mortgage loan of Rs. 6.15 lakhs for three years of team. The documentation was very easy, the executive came to my place and collected the papers. I already recommended their service.
Several times I got response from PNB housing for my home loan request. But I took the loan from HDFC limited because I have my old loan with the same bank. But I believe PNB interest is more they quoted me 8.75 but in HDFC limited I got 8.6% of interest and also PNB housing is charging some where around Rs. 9000 fee.
I was applied for a home loan in PNB HOUSING FINANCE LIMITED one month before through an online process. The rate of interest and processing fee are not intimate from bank. The loan amount was sufficient for the tenure of 25 years.Due to bank norms has not met process was closed.
I applied my home loan with PNB but i cancel this loan because they was charging very high rate of interest which is disappointing . I said them to negotiate but they have not done . I applied for 1500000 and they was reddy to give the same amount . The service is good , and even response is good .
My friend has taken the home loan from PNB housing hence there is no issue on housing hence i have chosen them. After i filled my application, they have not done any follow till now. I have applied the loan amount of Rs. 20 lakhs. They have asked me for the sanctioned date then i have requested them within 3 months to sanctioned the loan and the interest rate is 8.3%
I have been applied for PNB HOUSING FINANCE LIMITED a while back, but i closed this loan because i dont want this loan from them, they use to charged me high rate of interest as compare to the market price, so i requested to close my applications, their customer care where very supportive they have response me well.
I have dropped the plan to take housing loan from PNB Housing because the interest rate is higher they told me 9.10% of floating interest. But other banks are providing lesser interest hence I suggest them to give competitive interest like HDFC bank which provided me interest rate up to 8.65 % which was nominal.
When I raise the request for the PNB Home loan there was no response from the bank end, even no one have contacted me to collect the documentation, the follow up and response should be prompt. The interest was reasonable from their end but there was no response.
I have dropped the plan to take housing loan from PNB Housing because the interest rate is higher they told me 9% of floating interest. But other banks are providing lesser interest hence I suggest them to give competitive interest like SBI and other nationalized bank.
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Reviewed on Jul 02, 2019