A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • SBI Bank vs PNB Bank Home Loan

    State Bank of India (SBI) and Punjab National Bank (PNB) are two of the leading home loan providers in the country. Their exclusive home loan products, customer service, and low fees and charges have made these banks very popular among the borrowers.

    For decades, State Bank of India has been one of the most trusted lenders. They offer unique home loan products each designed to meet the needs of their borrowers. From regular home loans and balance transfer loans to special mortgage plans for NRIs and bridge home loans, there is a plethora of options.

    On the other hand, Punjab National Bank is a state-owned corporation that offers an array of housing loan options, including one with special rates to government employees. The quantum of finance on certain loans is need based, wherein the cost of purchase and repaying capacity of the borrower will determine the maximum financing.

    Comparison between SBI and PNB Home Loan

    Category SBI Home Loan PNB Housing Finance
    Purpose Home purchase/ construction/renovations/home extensions/plot purchase House/flat construction/purchase of house/flat/house additions/repairs/
    renovations/furnishing/plot purchase
    Loan amount Rs.5 lakh – Rs.50 crore Purchase of flat/house: Based on your eligibility Purchase of plot/land: Up to Rs.1 crore Renovation/repair/alteration: Up to Rs.25 lakh
    Maximum loan tenure Up to 30 years Up to 30 years
    Interest type Fixed/Floating Fixed/Floating
    Applicants Salaried/Self-Employed Professionals and Non-Professionals Salaried/Self-employed
    Processing fee Rs.0 to 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000) Corporate Home Loan: 0.5% of loan amount (min. Rs.50,000; max. Rs.10 lakh 0.35% of the loan amount (min.Rs.2,500; max.Rs.15,000) + Documentation charges of Rs.1,350
    Interest rate 6.95% p.a. onwards 7% p.a. onwards
    EMI per lakh Rs.662 Rs.665
    Age of the applicant Minimum: 18 years Maximum: 70 years Minimum: 18 years Maximum: 70 years
    Prepayment charges Nil Nil
    Pros
    • Lower interest rates for women borrowers
    • Interest calculated on daily reducing balance to maximise savings
    • Loan also available as overdraft
    • Lower interest rates for women borrowers
    • Some home loan products do charge any processing fees
    • Loan also available as overdraft where surplus funds can be deposited
    Documentation
    • Duly-filed application form
    • Passport size photographs
    • Proof of Identity
    • Proof of residence
    • Income proof
    • Property documents
    • Duly-filed application form
    • Passport size photographs
    • Proof of Identity
    • Proof of residence
    • Income proof
    • Property documents
    Features
    • Low processing fees
    • Nil prepayment charges
    • No hidden fees
    • The choice to repay only the interest during the initial period
    • Low interest rates
    • Nil prepayment charges
    • Lower interest rates for women borrowers
    • No maximum limit on the loan amount (If prescribed LTV is maintained)
    • Tenure up to 30 years
    Popular home loan products
    • Regular Home Loan
    • Flexipay Home Loan
    • Privilege Home Loan
    • SBI Shaurya Home Loan
    • Tribal Plus
    • Pre-approved Home Loan
    • Bridge Home Loan
    • NRI Home Loans
    • Balance Transfer of Home Loans
    • PNB Max Saver
    • PNB Pride Housing Loan
    • PNB Housing Scheme for Public
    • PNB Gen-Next Housing Finance Scheme for Public
    • PNB Flexible Housing Loan
    • PNB NRI Home Loan Scheme
    Residency type Indian Resident/Non-Resident Indians Indian Resident/Non-Resident Indians
    Concession for women borrowers 0.05% on the prevailing interest rate 0.05% on the prevailing interest rate

    Before you avail a home loan, it is very important to compare various housing loans available before you pick one. Understanding this table will help you analyse the differences between the banks and guide you in choosing the right lender who meets your requirements.

      

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