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PNB Housing Finance offers home loans at floating rate of interest ranging from 9.25% to 11.50% depending on the nature of employment. Loans can be availed for up to 90% of the cost of the property for a maximum repayment tenure of 30 years. The minimum processing fee is Rs.10,000 plus taxes.
PNB Housing Finance Limited (PNBHF) offers various property-related loans at reasonable interest rates and easy processing. Find below a summary of the key points of PNBHF’s home loans:
Reference Rate
9.25% to 11.00% p.a for salaried individuals
9.25% to 11.00% p.a for self-employed professionals
9.50% to 11.50% p.a for self-employed individuals
Loan Amount
Minimum: NA, Maximum: 90% of property cost
Processing Fees
Up to 0.5% (min. Rs.10000 + GST)
Penal Interest Rate
2% per month on dues
Prepayment/Foreclosure Charges
NIL for floating-rate packages
2% to 3% for fixed-rate and non-individuals
Max Tenure
30 Years
Rate Packages Available
Floating Rate
If you plan to apply for a PNBHF loan to buy property/plot or construct your own house, then you need to know the other home loan-linked fees and charges. Make sure you’re aware of all your responsibilities before you take a loan.
PNB Housing Finance is a branch Punjab National Bank. The bank has an enormous customer base and provides a widespread line of home loan products for the public, private builders, government employees, etc. PNB Housing Finance home loans can be availed by visiting one of their several branches spread across the nation.
Types of Home Loans by PNB Housing Finance
The different types of home loan products offered by PNB Housing Finance are the following:
Home Purchase Loan:
This loan is for the purchase of a residential property in India.
Home Improvement Loan:
This covers the renovation, upgradation, repair, flooring, water-proofing, false ceiling, woodwork, tiling, plumbing, or electrical work of an already purchased house.
Home Extension Loan:
This loan can be used to add an extra room or space to your home to meet the needs of a growing family.
Home Construction Loan:
This will provide the financial support to construct a residential house property on one’s own, especially for those who already own land and wish to construct a house on it.
Residential Plot Loan:
This is for purchasing a residential plot to construct a house in an urban area.
Loan for NRIs:
The home loan products for NRIs and PIOs can be used to purchase a new house or construct one. It can also be used for the renovation and repair of the residential properties, but only for those in India.
Unnati Home Loans:
These loans provide a simplified and streamlined loan disbursal process with a maximum loan amount of up to Rs.25 lakh (subject to 90% of the property’s market value). The interest rates start at 10.75%.
Pradhan Mantri Awas Yojana:
This is a Credit Linked Subsidy Scheme (CLSS) for the Lower Income Group (LIG), Middle Income Group (MIG), and Economically Weaker Section (EWS) of society.
Features and Benefits of the Loan:
The features and benefits of the loans are as follows:
Rate of interest that starts as low as 9.25%.
Floating rate of interest that is linked to the benchmark rate – PNBHFR. This gives you the benefit of lower rates of interest when compared to loans with fixed interest rates. It translates to greater savings for you over the long term.
PNB has tied up with prominent insurance companies so you can get your loan repayments insured. This helps to protect you financially even in the case of unfortunate events that could hamper the repayment of your loan.
Doorstep services ensure quick and hassle-free disbursal of the loan.
A wide range of loan products within the home loan category including loans for home improvement, home extension, and purchase of plots.
Repayment options through Electronic Clearance System (ECS) and post-dated cheques make it easier to pay back the loan at your convenience.
Repayment tenures of up to 30 years which offer more time to repay the loan in a stress-free manner.
In case of increase in the cost, there is the facility to enhance the loan amount.
Who is Eligible for PNB Housing Finance Loan?
The age of the borrower should not exceed 70 years at the time of the maturity of the loan.
Documents Required
The list of documents required for salaried individuals and self-employed individuals are given below. While there are some common documents, there are also some that are unique to each category.
Documents Required for Salaried Individuals:
All the documents given below have to be self-attested by the applicant.
Eligibility Proof
Documents Required
Proof of residence
Telephone bill/election card/ration card/driving license/passport/any relevant certificate from a Statutory Authority
Proof of age
Passport/PAN card/any relevant certificate from a Statutory Authority
Proof of educational qualifications
Latest degree certificate
Proof of income
Most recent salary slips of 3 months
Bank statements from salary account of the last 6 months
Form 16
Others:
Application form that is filled up accurately (which can be downloaded from the website of PNB Housing Finance Limited) along with photograph.
Photocopy of the approved plan or property title documents.
Cheque for processing fee made in favour of ‘PNB Housing Finance Ltd.’
Documents Required for Professionals/Self-Employed Individuals:
All the documents given below have to be self-attested by the applicant.
Eligibility Proof
Documents Required
Proof of residence
Telephone bill/election card/ration card/driving license/passport/any relevant certificate from a Statutory Authority
Proof of age
Passport/PAN card/any relevant certificate from a Statutory Authority
Proof of educational qualifications
Latest degree certificate (for professionals)
Proof of income
Income tax returns of the past 3 years. Balance sheets and Profit & Loss account to be audited/certified by a Chartered Accountant
Bank statements of the last 12 months
Business profile
Proof of existence of business and certificate
Other Requirements:
Application form that is filled up accurately (which can be downloaded from the website of PNB Housing Finance Limited) along with photograph.
Photocopy of the approved plan or property title documents.
Cheque for processing fee made in favour of ‘PNB Housing Finance Ltd.’
PNB Housing Finance Loan EMI Calculator:
BankBazaar’s free online EMI calculator helps you to know exactly how much EMI you would have to pay for your PNB Housing Finance loan. The easy-to-use interface has sliders for important parameters like loan amount and tenure which you can adjust according to your requirement. You can also add in your interest rate and processing fee.
Your monthly loan EMI will be automatically generated and displayed along with an amortization table. The table displays your debt repayments for your tenure comprising the principal and interest amounts on an annual and monthly basis.
A Credit Linked Subsidy Scheme (CLSS) is offered by PNB Housing Finance under the Pradhan Mantri Awas Yojana. This scheme offers interest subsidies and was introduced by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) with the aim of providing housing for everyone in India by the year 2022.
The following categories of people can be beneficiaries of the scheme:
Lower Income Group (LIG)
Middle Income Group (MIG)
Economically Weaker Section (EWS)
The loan can be utilised to purchase, construct, or enhance a house. Under the LIG and EWS category, it is mandatory that women should have ownership of the house if it is for the purchase of a new house. The benefits are only available for purchase of the first property. Only immediate family members are eligible to be applicants, which include the self, unmarried children, or spouse. The tenure for the interest subsidy is 20 years.
Why Apply for a PNB Housing Finance on BankBazaar.com?
Applying for a home loan on BankBazaar offers the following unbeatable advantages:
Save Time: Avoid running around for your PNB HOUSING home loan. From checking out all the features, to applying and running down the list of required documents, to finally receiving confirmation from PNB HOUSING, everything happens quickly and smoothly- thanks to BankBazaar’s interactive and informative approach.
All the Information You Need: Everything important, from the basic terms and conditions to the eligibility factors, from PNB housing finance interest rate to documentation required, find everything you need, here!
Compare and Review: Compare the PNB HOUSING home loan against other loan options available in the Indian market. Read reviews from your peers about their own borrowing experience, clear nagging queries by contacting BankBazaar’s expert customer support team.
Simple and Transparent Application Process: No hidden charges, no red-tape, not too technical that only a rocket scientist can understand, and immensely respectful of your requirements and limitations.
100% Safe: Your personal information is treated with the maximum care, never shared with anyone other than PNB HOUSING and passed through robust, encrypted systems that have 0% tolerance towards malicious intent.
How to Apply for a PNB Housing Finance Limited on BankBazaar.com
FAQ:
Is PNB Housing Finance available all over India?
Yes, PNB Housing Finance has a wide network all over India.
How is the loan disbursed?
The loan is disbursed either in installments or as a lump sum depending on the requirements. For flats or houses under construction, it is disbursed in regular stages depending on how the construction is progressing. For purchasing a flat or house on resale, the loan is paid in a lump sum.
Does the applicant to have to make a contribution?
Yes, the applicant has to make a contribution that is 10% of the total cost of the property (for purchase of property, this includes registration charges and stamp duty).
What is the quantum of loan that is provided?
For a loan amount of up to Rs.30 lakh, the maximum funding provided is 90% of the market value.
For a loan amount of up to Rs.75 lakh, the maximum funding provided is 80% of the market value.
For a loan amount that exceeds Rs.75 lakh, the maximum funding provided is 75% of the market value.
Is there any security required for the loan?
The security required is a first charge which is in the form of an equitable mortgage of the property that is to be financed and/or any other securities that can be taken as collateral.
PNB Housing Finance incorporates Pehel Foundation for implementation of CSR programs
A wholly-owned subsidiary has been incorporated by PNB Housing Finance for the implementation of various CSR programs of the housing finance firm. The subsidiary, known as Pehel Foundation, will be responsible for the implementation of various CSR programs of PNB Housing Finance and PHFL Home Loans & Services. PNB Housing Finance is headquartered in New Delhi and is promoted by Punjab National Bank and National Housing Bank. The housing finance firm has its presence in over 60 locations through its network of 84 branches located at Bengaluru, Noida, Chennai, New Delhi, Dehradun, Kolkata, Jaipur, Cochin, Mumbai, Ahmedabad, Thane, Hyderabad, Indore, etc. The products offered by PNB Housing Finance includes home loan, non-home loan, and deposits of different tenors.
15 January 2020
Funds worth Rs.2,500 crore raised by PNB Housing Finance from LIC through NCDs
PNB Housing Finance has managed to raise Rs.2,500 crore from the Life Insurance Company of India (LIC) by issuing secured non-convertible debentures (NCDs). This is the second time when the mortgage lender has issued NCDs to raise funds in this fiscal year. In a statement, the company has said that the funds raised will be used for the usual business operations. The issuance of NCDs is on a private placement basis with a 10 years door-to-door tenure. A foreign bank had subscribed to the PNB Housing Finance’s first NCD issuance of Rs.500 crore. The housing finance firm will use the fund raised from LIC to strengthen its position in asset liability management and liquidity. As on 30 September 2019, PNB Housing Finance has a capital adequacy ratio of 15.67% and had raised Rs.27,000 crore through securitisation of loan portfolios and fixed deposits of Rs.6,379 crore. Rs.3,000 crore was raised through NCDs while Rs.1,211 crore was raised via external commercial borrowing.
9th Nov 2019
Net profit of PNB Housing Finance jumps by 45%
A 45% increase in net profit was witnessed by PNB Housing Finance at Rs.367 crore for the September quarter as against the profit of Rs.253 crore during the same quarter last year. The numbers come a month ahead of the housing finance firm’s proposal to raise Rs.2,000 crore through sale of equities. PNB Housing Finance revealed that its net interest margin for the quarter under review was at 3.19% as compared to 2.72% recorded last year. The reason behind this has been cited to be a better spread from the affordable housing segment despite the slowdown in the overall loan disbursement. However, there was a weakening of asset quality witnessed with gross non-performing assets (NPAs) dipping to 0.84% while there was a 36% growth in its net interest income at Rs.628 crore. The Chief Executive of the firm has revealed that excess provisions have been created by the company out of the profits earned due to the rate cut in corporate tax announced by the government.
25 October 2019
Up to Rs.10,000 crore to be raised by PNB Housing by issue of bonds
PNB Housing Finance is planning to issue bonds in tranches in a bid to raise a maximum of Rs.10,000 crore. The quarterly earnings of the company for the second quarter of this fiscal will be declared by the company’s board on 24 October 2019. The proposal to raise fund will also be considered during the meeting, as revealed by the bank in a regulatory filing. The board will look at issuing unsecured and secured non-convertible debentures amounting to Rs.10,000 crore in tranches. At the Bombay Stock Exchange, the shares of the company closed at 13.03% lower at Rs.380.10. Headquartered at New Delhi, PNB Housing Finance is promoted by Punjab National Bank and registered with the National Housing Bank. The loan disbursements of the company dipped by around 35% to Rs.4,970 crore during a time when the Indian banking system witnessed a drop of 8.8% for the fortnight ended 27 September. On a year-on-year (YoY) basis, the company’s assets under management (AUM) was recorded at Rs.89,471 crore.
17 October 2019
PNB Housing Finance raise Rs.690 crore to finance purchase of affordable housing projects
To finance the purchase of affordable housing projects, PNB Housing Finance has raised around Rs.690 crore from International Finance Corporation (IFC). It needs to be mentioned here that IFC is a member of the World Bank Group. In a regulatory filing, PNB Housing Finance stated that the investment was made under the central bank’s automatic route in the revamped external commercial borrowings (ECB) framework.
Sanjaya Gupta, the managing director of PNB Housing Finance stated that with the RBI allowing them to borrow ECB up to $750 million annually under the automatic route they were hopeful that it would utilise the facility in the coming months as well. Hemalata Mahalingam, IFC South Asia Manager – Financial Institutions Group said that the partnership with PNB Housing Finance will help them expand to smaller towns and cities as well as reach low-income customers with loans.
27 August 2019
Q4 consolidated net profit up by 51% for PNB Housing Finance
PNB Housing Finance recently reported that it has recorded a 51% rise in its consolidated net profit for the fourth quarter of 2018-19. The net profit during the final quarter of the financial year increased to Rs.379.7 crore from Rs.251.6 crore. The net interest income of the housing finance firm increased by 13% during the fourth quarter.
It needs to be mentioned here that during the entire fiscal PNB Housing Finance’s consolidated profit after tax deductions increased by 42%. From Rs.841.2 crore in the previous fiscal, it increased to Rs.1, 191.5 crore.
It needs to be mentioned here that the board of directors of the company recommended a final dividend of Rs.9 per equity share of Rs.10 for FY18-19.
15 May 2019
PNB Housing Finance says it is in absolute compliance with National Housing Bank Circulars
With regard to disbursements of home loans to individual buyers, PNB Housing Finance Limited (PNBHFL) says it has been in absolute compliance with the circulars issued by the National Housing Bank. In a regulatory filing, the company said that it has made timely modifications to its policy on home loan disbursements linked to the stage of construction of the project.
The company while referring to a Public Interest Litigation (PIL) filed in Delhi High Court stated that the allegations were false and that it would soon file a detailed response to the petition. PNBHFL stated that it follows high standards when it comes to corporate governance. On Wednesday, the company’s shares fell by 0.45 percent and closed at Rs.915.70 a piece on the Bombay Stock Exchange (BSE).
9 April 2019
Punjab National Bank Housing Finance Raises Rs.235 Crore through NCDs
Punjab National Bank (PNB) subsidiary PNB Housing Finance on Wednesday announced that it has raised Rs.235 crore by issuing bonds with maturity of 1.5 years. The Non-Banking Finance Company (NBFC) said in a regulatory filing, that it’ll allot the secured redeemable non-convertible debentures on Thursday. The issues opened on 27 February 2019 and the bonds will offer interest rate at 8.77%. Today on the Bombay Stock Exchange (BSE), the stock of PNB Housing Finance ended 1.85% up at Rs.927.20.
6 March 2019
Punjab National Bank Reduced MCLR Rates by 10 bps From 1 March 2019
State-run Punjab National Bank (PNB) on Wednesday said that it will reduce the MCLR by 10 bps for several tenor loans from 1 March 2019. In a regulatory filing, PNB said that there is a cut in the marginal cost of funds-based lending rate (MCLR) effective from 1 March 2019. Tenor loans of one-year, against which most of the consumer loans are benchmarked, has been reduced to 8.45% from 8.55%, while the three-year MCLR has been reduced to 8.65%. The rates for one/three/six months and overnight, MCLRs are also cut by 10 basis points each at 8.10%, 8.15% and 8.05%, respectively. PNB said that the base rate at 9.25% will remain unchanged. On 8 February 2019, India’s largest lender SBI had announced a reduction in home loan rates by 0.05% point for loans up to Rs.30 lakh. The Reserve Bank of India, in its last bi-monthly policy review for 2018-19 had reduced the key repo rate by 25 basis points to 6.25%, leading the way for banks to make consumer loans much cheaper.
5 March 2019
PNB to sell stake in housing finance arm to GA and Varde
General Atlantic Partners (GA) and Varde Partners have emerged as the top bidders to pick up a stake in Punjab National Bank’s (PNB) housing business. The duo has won the bid to purchase 22% stake in PNB Housing Finance for around Rs.3,500 crore. In December 2018, PNB revived its plans to cash out of the venture after the initial plan of a 66% sale by it and private equity investor Carlyle was dropped. Carlyle was dropped owing to the liquidity pressure following the debt default by Infrastructure Leasing & Financial Services (IL&FS) in September-October. PNB Housing which is a subsidiary of PNB which was launched in 1988. It has been one of the leading housing finance firms in the country with assets worth Rs.62,252 crore under management as on 31 March 2018. Its net non-performing loans stood at 0.25% of the total. The company has 84 branches in the north, south and west, and mortgages account for 70% of the business. As the principal shareholder, Punjab National Bank owns 32.79% stake. GA, an existing investor, will most likely buy 12% in the mortgage firm and Varde is expected to buy a 10% stake.
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My home loan was taken from PNB Housing but the rate of interest is very high and disbursement was not happened in a proper way especially final disbursal. Since my builder where i bought the flat has a tie up with the PNB Housing, i have selected the same. When i compared to other bank, interest rates are quite high.
I have taken a home loan with PNB HOUSING FINANCE on 8 months before which was processed directly with them. At that time I was in need of money, other banks need all documents to submit for verification but in PNB process was good and they asked to submit required documents only. I was in need of 22L but they have sanctioned a amount of 21.20 L and tenure period of 30 years. Rate of interest is floating so as of now 8.15%. Pre closure option is applicable.
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.
Was this review helpful?
1
DILIP KUMAR ALLU
, bangalore
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.
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