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.
Applying for a home loan on BankBazaar offers the following unbeatable advantages:
Types of PNB Housing Finance Home Loan
PNB Housing Finance Limited offered various home loans to choose a solution that works best for him/her. From home loans dedicated to the purchase of property, construction, extension of the house, to loans that help in the functional improvement of a home, the options are many. The choice, is yours.
The PNB Housing Finance Home Loan comes in the formats listed herein. Expounding, each offers a specialised home loan solution the fits snugly with your specific requirements.
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Home Purchase Loan: For the construction, purchase or extension of your living space.
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Home Construction Loan: For the self-construction of a residential home.
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Home Extension Loan: To help you add more space to your existing home.
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Home Improvement Loan: For the aesthetic and/or functional improvement of your home. This can include internal/external repairs, roofing, painting, waterproofing, plumbing, electrical works, etc.
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Residential Plot Loan: For the purchase of a residential plot of land in an urban area, where subsequently, your house will be built.
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Loan for NRIs: To help NRIs construct, purchase, repair or renovate residential properties in India.
All of these home loan products are backed by a solid customer support initiative and the company’s hard earned on-field experience. No wonder PNB Housing Finance is this popular- the company has taken the time to understand its target audiences’ base requirements and fashioned home loan products in line with said requirements.
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Features of PNB Housing Finance
The salient features of a PNB Housing Home Loan are listed herein,
- Expansive network of operational branches spread across India.
- Loans for all requirements- Purchase, Construction, Extension, Improvement and Plot loans.
- Hassle free application processing, transparent procedures and zero red-tape.
- Quick and easy approval and disbursal of loans, thanks to an efficient service delivery model.
- Robust customer support handled by highly qualified professionals.
- Ethics, Integrity and Openness are central pillars at PNB HOUSING.
- Easy repayment options.
PNB Housing Finance Loan Eligibility
The eligibility criteria set for the acquisition of a home loan from PNB Housing Finance Limited are as follows,
- The applicant must be an Indian citizen or a fully documented NRI. Essentially, a Person of Indian Origin (PIO).
- The applicant’s age must not exceed 70 years at the time of loan maturity.
- If the applicant is looking for the NRI Loan, he/she must have worked for at least one year in a foreign country. Employed people who go abroad on deputation aren’t eligible for this loan.
PNB Housing Finance Home Loan Documents
Documents required for Salaried Individuals:
| Identity Proof (any one) |
- Voter ID
- Aadhaar Card
- PAN Card
- Valid Passport
- Valid Driving License
|
| Address Proof (any one) |
- Valid Passport
- Ration Card
- Aadhar Card
- Voter ID
- Valid Driving License
- Utility Bills
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| Education Qualification |
Latest degree certificate |
| Income Proof |
- Salary slips for the last 3 months
- Latest Form 16 and Income Tax Returns for the last 2 years
- Bank statements showing salary credits for the last 6 months
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| Other Documents |
- Title deeds of the property
- Photocopy of the approved plan
- Conveyance deed
- Latest property tax receipt
- Own contribution proof
- Processing Fee Cheque favouring “PNB Housing Finance Ltd.”
- Duly filled loan application form affixed with passport size photographs of the applicant/co-applicant
|
Documents required for Self-employed professionals/Non-professionals:
| Identity Proof (any one) |
- Valid Passport
- Voter ID
- PAN Card
- Valid Driving License
- Aadhaar Card
|
| Address Proof (any one) |
- Aadhar Card
- Voter ID
- Valid Driving License
- Valid Passport
- Ration Card
- Utility Bills
|
| Education Qualification |
Latest degree certificate in case the applicant/co-applicant is a self-employed professional |
| Income Proof |
- Business address proof
- Business profile
- Latest Form 26AS
- VAT/Service Tax registration
- Memorandum and Articles of Association of the company
- Incorporation details of if the business entity is a company
- Balance sheet and Profit and Loss account audited by a certified CA for the last 3 years
- Income Tax Returns of both the individual and the business entity for the last 3 years, audited by a CA
- Copy of partnership deed in case the business entity is a partnership firm
- Proof of business existence
|
| Other Documents |
- Title deeds of the property
- Photocopy of the approved plan
- Conveyance deed
- Latest property tax receipt
- Own contribution proof
- Processing Fee Cheque favouring “PNB Housing Finance Ltd.”
- Duly filled loan application form affixed with passport size photographs of the applicant/co-applicant
|
PNB Housing Finance Interest Rate: Floating Rate
| Salaried |
8.99%-11.50% |
| Self Employed Professionals |
8.99%-11.50% |
| Self Employed Non Professionals |
9.20%-12.00% |
PNB Housing Finance Interest Rate: Fixed Rate
| 1 year |
9.25% – 11.50% |
9.50% – 11.50% |
| 2 years |
9.25% – 11.50% |
9.50% – 11.50% |
| 3 years |
9.25% – 11.50% |
9.50% – 11.50% |
| 5 years |
9.50% – 12.00% |
9.75% – 12.00% |
The interest rate will automatically get converted into the prevailing floating rate at the time post the fixed-rate period for the remaining loan amount.
- Rates of interest are subject to change at the sole discretion of PNB Housing
- Central/State Government employees, defence personnel, and individuals in the para military forces are eligible for PNB PRIDE.
- A woman should be the single applicant or a co-applicant for the home loan. She should also be the single owner or a co-owner of the financed property.
PNB Housing Finance Fees and Charges:
- Account statement - Rs.200 plus applicable taxes.
- Change of the repayment mode - Rs. 500 plus applicable taxes.
- Full prepayment or part prepayment of the loan amount (floating ROI) - 2% of the principle prepaid plus taxes.
- Full prepayment or part prepayment of the loan amount (fixed ROI) - 3% of the principle prepaid plus taxes.
- Statement for loan preclosure - Rs. 500 plus applicable taxes.
- Return of Cheque/NACH mandate form - Rs. 500 plus applicable taxes.
- CERSAI fees - Rs. 500 plus applicable taxes.
PNB Housing Finance Home Loan EMI Calculator
A Home Loan Calculator, or Home Loan EMI Calculator, is helpful with the electronic computation of the Equated Monthly Installments (EMI) that applies to your loan. When speaking of home loans from PNB HOUSING, the EMIs can be calculated by using the immensely helpful, time saving and highly interactive Home Loan EMI Calculator on BankBazaar website.
This calculator offers the following advantages:
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Super Fast: EMI calculation for your home loan can be accomplished in minutes.
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Lots of Information: Gather a lot of information associated with your home loan- applicable EMI amount, amortization details etc.
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100% Free: Using this handy tool is completely free of cost.
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Try Different Combinations: Enter different PNB HOUSING home loan interest rates or tenures and analyse the resultant EMI. Find the combination that works best for you.
PNB Housing Finance home loan is robust, highly customer centric and comprehensive. Offering attractive interest rates and a solution for every home loan requirement, the PNB Housing Finance Home Loan is a definite favourite to deserve your time and attention.
Pradhan Mantri Awas Yojana – Credit linked subsidy scheme by PNB Housing Finance
The Credit Linked Subsidy Scheme is offered by the PNB Housing Finance for Middle Income Group (MIG), Lower Income Group (LIG) and Economically Weaker Section (EWS) categories under the Pradhan Mantri Awas Yojana (PMAY).
The Ministry of Housing and Urban Poverty Alleviation or MoHUPA introduced the Credit Linked Subsidy Scheme. The introduction of the scheme was announced by Prime Minister Narendra Modi. The Government of India aims at providing housing for all by 2022 under this scheme.
Under the Pradhan Mantri Awas Yojana, the customer can enjoy interest subsidy on enhancement, construction or purchase of a house.
Features of the PMAY Scheme:
- In case of LIG and EWS, women ownership is a must when buying a new house.
- The interest subsidy is calculated for a period of 20 years.
- All applicants must of immediate family including unmarried children, spouse and self.
- The advantages can be availed for purchase of the first property.
Benefits of the PMAY Scheme:
- The service delivery model is strong. The doorstep services ensure that the loan approval and disbursal is fast and easy.
- There are no foreclosure or prepayment charges on the home loan.
- The PNB branches are spread across the country. The bank has served customers for a period of 29 years.
- The eligibility program can be customised to work out a loan amount.
- Up to 90% of the value of the property can be availed as loan.
Eligibility Criteria for Applying PMAY Housing Finance Scheme:
- This scheme can be availed by individuals only.
- All the applicants must be above the age of 18 years.
- All applicants must of immediate family including unmarried children, spouse and self.
- The beneficiary cannot own a pucca house anywhere in India. Any member of his/her family can also not have a pucca house.
- For EWS and LIG categories, the annual income of the applicant can be up to up to Rs.6 lakh. The annual income of applicants belonging to MIG 1 can be between Rs.6.01 lakh and Rs.12 lakh. The annual income of applicants belonging to MIG 2 can be between Rs.12.01 lakh and Rs.18 lakh.
- Extension or renovation must be used for converting a kuccha house to a pucca house.
Documents Required for PMAY Scheme:
- Duly filled application form along with recent photograph.
- KYC documents including PAN and Aadhaar.
- All educational qualification certificates.
- Salary slip for the past 3 months for salaried employees. Proof of business along with profile for the self-employed applicants.
- Form 16 for the past 2 years for all the salaried applicants. For self-employed applicants, certified valance sheets and income tax return certificates for 3 years are required.
- In case of extension loan or construction loan, affidavit on the requisite stamp paper on property ownership is required.
- Photocopy of all the property documents.
- Customer’s self-declaration for the family income.
Effective Rate of Interest for Pradhan Mantri Awas Yojana:
The effective rate of interest is 6.5% on loan amount upto Rs. 6 lac for tenure of 20 years. The net value of the interest subsidy will be calculated at a discounted rate of 9%.
Owning a house is a smart investment and comes with great tax benefits.
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