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  • Punjab National Bank Home Loan is Rated as "Great!" by 76 Users

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    Home Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 76 users

    Punjab National Bank Home Loan

    "Punjab National Bank, or PNB as it is popularly known, boasts of 120 years of fruitful experience and an enviable 6081 branches across the country, including 5 overseas branches. The bank counts ‘PNB Flexible Housing Loan’ as an important product in its arsenal. The bank ‘banks’ on its traditional image, strong banking fundamentals, nationwide presence and immaculate brand image to woo its target customers. And, considering the impressive returns that the bank is registering year-on-year, the plan is working!"

    Punjab National Bank Home Loan Interest RatesUpdated on 24 May 2018

    Punjab National Bank Home Loan Details
    Interest Rate 8.45% to 8.55%
    Processing Fees Upto Rs 300 lacs-0.50% , Max Rs.20000/- exclusive of service tax Above Rs 300 lacs - Rs 50000/- exclusive of service tax
    Loan Tenure 30 years or 70 years of age whichever is earlier
    Pre Closure Charges Nil

     

    Perfect Home Loan Deals for you

    Features of Punjab National Bank Home Loan

    Punjab National Bank Home Loan

    The following features are the highlights of the PNB Home Loan:

    1. This loan can be used for the construction of a new house/flat/apartment, purchase of an existing house, land for construction of the house, repairs and renovation of existing building and furnishing.
    2. Choose between floating and fixed interest rates.
    3. Repayment tenure ranges up to 30 years (Also, EMI of just Rs.896/lakh- Conditions Apply).
    4. Fast, transparent process with zero hidden charges.
    5. Enjoy flexible or graduated repayment option.
    6. Shift your existing home loan from another insurer to PNB and enjoy lower EMI.
    7. Loan amounts are disbursed as per the following structure-
      • For purchase/construction/additions to house- Depends on requirement.
      • For home renovations/repairs- Rs. 25 lakhs (max)
      • For furnishing the house- Rs. 5 lakhs (max)
      • For purchasing a new plot of land- Rs. 50 lakhs (max)

    PNB Home Loan Eligibility:

    The eligibility criteria set for the acquisition of a home loan from PNB are as simple and customer centric as possible, amounting to the following-

    • This loan can be applied for by both individuals as well as joint owners.
    • The applicant(s) must not be younger than 18 years and older than 70 years at loan maturity.
    • The applicant(s) must have an established, regular source of income. In case of co-applicants like spouse, children and/or parents, their individual income can also be added.
    • For flexible home loan- Applicant must be an existing home loan borrower, not older than 50 years and must have availed the existing home loan as per PNB’s Housing Loan schemefor the public.

    Documents Required for PNB Home Loan:

    Next, when applying for the home loan, the following documents must be kept ready for verification-

    1. Completed application form with photographs.
    2. Proof of Identity: Passport, PAN Card, Driving Licence, etc.
    3. Proof of Residence: Passport, Driving License, Telephone Bill, Ration Card, Voter’s ID, etc.
    4. Proof of Age: Passport, PAN Card, Driving Licence, SSLC marks card, Voter’s ID, etc.
    5. Educational Qualifications: Documents in this regard, latest degree.
    6. Income Proof: Salary slips from the last 3 months, Form 16 for the last 2 years, Last 6 month’s bank statement detailing the salary account. For Self Employed- Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly audited by a Chartered Accountant, Last 12 month’s bank account statement detailing for self and business.
    7. Copies of title documents of the property and the approved plan.

    Punjab National Bank (PNB) Home Loan Interest Rate:

    Currently, PNB Home Loan is one of the popular home loan products available in the Indian market. One of the fundamental reasons for its enduring popularity is the PNB home loan interest rate that is comparable to some of the most competitive available options. You can avail this loan at the interest rate of 8.65% to 8.75% over a maximum repayment tenure of 30 years.

    The interest rates for various home loan products of PNB are as follows:

    Category Floating Interest Rates
    Salaried 8.90%
    Self Employed Professionals 8.90% – 9.40%
    Self Employed Non Professionals 9.10%-9.60%
    Fixed Interest Rates Salaried & Self Employed Professionals Self Employed Non-professionals
    3 years 8.80% – 9.30% 8.99% – 9.49%
    5 Years 8.80% – 9.30% 8.99% – 9.49%
    10 Years 9.10% – 9.60% 9.30% – 9.80%

    Punjab National Bank MCLR:

    PNB’s Marginal Cost of Funds-based Lending Rate (MCLR) with effect from 01.01.2017, are as outlined below:

    MCLR - Tenure Existing Revised
    Overnight 8.20% 8.20%
    One month 8.25% 8.25%
    Three month 8.35% 8.35%
    Six month 8.40% 8.40%
    One year 8.45% 8.45%
    Three years 8.60% 8.60%
    Five years 8.75% 8.75%

    PNB Pride Housing Loan For Government Employees

    The PNB Housing Loans for Government Employees is a scheme that has been set up to ensure availability of Housing Loans at attractive interest rates for all government employees so that every government employee can afford to buy a house for himself/herself.

    • The government employee will be able to avail this loan to construct a house or flat, to purchase a house or flat, to purchase a unit in an ongoing residential project from Housing Boards/Development Authorities/Co-operative Societies/Approved Private Builder.
    • To carry out additional construction on constructed property, to repair or renovate an existing construction, to meet escalation of prices during the construction of a house/flat, to purchase a plot of land to build a house/flat.

    PNB Housing Loans for Government Employees Eligibility and Documentation:

    Individuals or Joint owners who are permanent employees of the central/state governments, defence personnel, paramilitary forces are eligible to avail the PNB Housing Loans for Government Employees.

    Listed below are the various documents the applicant will need to furnish to avail this category of home loan and Punjab National Bank:

    • Completed application form with photographs.
    • Proof of Identity: Passport, PAN Card, Driving Licence, etc.
    • Proof of Residence: Passport, Driving License, Telephone Bill, Ration Card, Voter’s ID, etc.
    • Proof of Age: Passport, PAN Card, Driving Licence, SSLC marks card, Voter’s ID, etc.
    • Educational Qualifications: Documents in this regard, latest degree.
    • Income Proof: Salary slips from the last 3 months, Form 16 for the last 2 years, Last 6 month’s bank statement detailing the salary account. For Self Employed- Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly audited by a Chartered Accountant, Last 12 month’s bank account statement detailing for self and business.
    • Copies of title documents of the property and the approved plan.
    • Proof of Employment: The individual will need to carry some form of identification to prove that he/she falls within the eligibility criteria to avail PNB Housing Loans for Government Employees.

    Housing Loan For Public – Pradhan Mantri Awas Yojana – Housing For All

    The PNB Housing Loan for Public – Pradhan Mantri Awas Yojana – Housing For All is a scheme set up by the Punjab National Bank to ensure availability of housing finance to economically weaker sections of society and low income groups at low interest rates and charges with the objective of providing housing for all in India. The scheme will allow the recipient to use the funds for the construction of additional rooms, kitchen, toilet etc. It also allows the recipient to utilize the funds to purchase a new house or flat or to start a new construction. This scheme will cover all 4041 Statutory Towns as per the Census of 2011.

    Features of Housing Loan For Public – Pradhan Mantri Awas Yojana – Housing For All

    • Under the Pradhan Mantri Awas Yojana scheme the beneficiaries will receive a subsidy between Rs.1 lakh and Rs.2.3 lakh from the central government treasury. This subsidy will allow people from Low Income Categories and Economically Weaker Sections of society to afford housing.
    • From the date of disbursement of the loan for 15 years the beneficiary will enjoy a subsidized interest rate of 6.5%.
    • The subsidy will be available for loans up to Rs.6 lakhs. Loan amounts higher than Rs.6 lakh will not be subsidized.
    • This scheme is targeted towards female applicants, therefore, female applicants will get houses allotted faster.
    • Differently abled and aged applicants will receive preference for allotment of ground floor houses.
    • The maximum subsidy amount under this scheme will be Rs.2,20,187.
    • The Net Present Value of the subsidy on interest will be calculated at a discounted rate of 9%.
    • This scheme has no charges for processing or documentation.

    The Margin (Borrower’s contribution has been given in the table below)

    Home Loan Amount Margin
    For loans up to Rs.20 lakh 10%
    For loans above Rs.20 lakh and up to Rs.30 lakh 20%

    Loan Disbursement

    The disbursement of the loan will take place as per the existing housing loans offered to the public. The loan disbursement should not exceed 4 instalments depending on the progress of construction, the bank will receive the subsidy from the National Housing Bank in 4 instalments.

    Security

    The borrower will need to provide an equitable security or a registered mortgage of the property in question.

    Loan Repayment

    The repayment can be made by the borrower up to the age 70 or 15 years, including the moratorium period, whichever is earlier.

    Moratorium

    • For construction purposes the moratorium period will be up to 18 months from the first disbursement of the loan or till the completion of the construction, whichever is earlier.
    • For renovation or repairs being made the moratorium period will last up to 6 months or till the completion of the renovation, whichever is earlier.
    • For the purchase of a ready built house/flat or plot of land the moratorium period will last up to 3 months or till the date of possession, whichever is earlier.

    PNB Gen-Next Housing Finance Scheme For Public

    The PNB Gen-Next Housing Finance Scheme For Public is a scheme set up by the Punjab National Bank to provide housing finance for people with higher incomes such as IT Professionals, Government employees, PSUs, etc. to provide them with decent housing options. This loan may be availed to purchase ready to move houses or flats, for the construction of a house, for the purchase of an under construction flat from an approved builder.

    Eligibility to Avail PNB Gen-Next Housing Finance Scheme For Public

    • The individual should be a salaried employee, with a minimum of three years experience. The co-borrower should also be a salaried employee.
    • The maximum age of the borrower at the time of disbursement should be 40 years. If there are multiple borrowers whose income has been taken into consideration to arrive at the eligible loan amount, at least one of the borrowers should be 40 years of age and the other may be a maximum of 45 years of age at the time of disbursement.
    • The minimum net monthly income of the borrower should be Rs.35,000.
    • (Net Monthly Income=Gross Salary-Statutory Deductions such as Income Tax, Provident Fund etc.)

    Features of PNB Gen-Next Housing Finance Scheme For Public

    • The quantum of finance will be 1.25 times the loan amount, which will be calculated according to the regular housing loan method, this is subject to maintenance of the prescribed Loan to Value (LTV) ratio.
    • The minimum loan amount a borrower may avail under this scheme is Rs.20 lakh.
    • There is no ceiling on the maximum loan amount, it is need-based. This is subject to the maintenance of the LTV ratio and the repayment capacity of the borrower.

    Margin

    Home Loan Amount Margin
    Loans up to Rs.75 lakh 20%
    Loans above Rs.75 lakh 25%

    Charges such as stamp duty, registration charges etc. shall be charged towards the borrower and not considered towards the margin money.

    Loan Repayment

    • The repayment period of PNB Gen-Next Housing Finance Scheme For Public is 30 years.
    • The borrower will make monthly payments to service the loan.
    • During the moratorium period only the interest on the loan will need to be serviced.
    • The EMIs for the 120 months after the moratorium period will be at the sanctioned limit for 360 months.
    • During the remaining period EMIs to fully amortize the remaining amount will need to be paid.

    Moratorium Period

    • For flats under construction from approved builders the moratorium period will last 36 months plus the remaining period till the date of possession, this will last a maximum of 60 months.
    • In all other circumstances the moratorium period will last 36 months.

    Insurance

    It is mandatory to get a term insurance policy equal to the loan amount. The borrower may choose to finance the cost of premium of such a loan. The cost of premium will be over and above the extent of the loan.

    Home Loan - Sitemap

    Punjab National Bank Home Loan Reviews

    • Punjab National Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have recently taken this Home Loan 2 months back.The tenure which they had provided me was good. It took nearly fast time with all the process. I went to the bank directly and the whole process was pretty smooth and fast. It took less time for me to get the loan sanctioned.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 27, 2018
    • Punjab National Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My home loan is on going with Punjab National Bank. It was a good experience. They offered a nominal interest rate. I have taken 20 years and completed 24 months now. I have purchased a residential house. I can do the part payment easily. They processed the loan within 15 to 20 days.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 14, 2018
    • Punjab National Bank Home Loan
      "PNB Loan @ Poor services / "
      0.5 0.5/5 "Unacceptable"
      The customer support service is So disgusting or poor at PNB Loan , they are understand as customer is made !! Also, There is no revert to PNB Side even a single mail or call to know the reason about customer query or problem - Pls don't guide to some one for PNB Loan
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 02, 2018
    • Punjab National Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home loan from Punjab national bank,the service was good. The rate of interest offer by Punjab national bank is 10.25 which is high but I expected 9.25 from Punjab national bank. The documents have been collected from my door step. It was a good experience with Punjab national bank home loan department.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 02, 2018
    • Punjab National Bank Home Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The experience with PNB Home Loan has been pretty good. They gave Rs.10 Lakhs as the Loan and the Interest rate was well within 10%. The procedure in it is very good. The repayment option with them is pretty simple and effective too. The Loan was an easy one to apply.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 06, 2018
    • Punjab National Bank Home Loan
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      I had applied for a home loan with Punjab national bank.the loan amount is 38 lakhs,rate of interest is 8.35% low as compared to other banks.The net banking is bestway to make payment. I am holding this account for two years.They are very quick in processing the request and they always respond on time.I did not submit documents as the bank has got a tie up with the builder.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 06, 2017
    • Punjab National Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I approached Punjab National Bank regards to my home loan. They offer a good customer service. Executive came to my place and collected the documents. I had a good response and I am completely happy with the service. They have disbursed my loan within 2 to 3 days.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 10, 2017
    • Punjab National Bank Home Loan
      "Very little hazzle"
      0.5 5.0/5 "Blown Away!"
      Once other bank didn't get me the approval that I required PNB were right on spot. Their rate of interest is less compared to others and they accepted for the loan with very minimal hazzle and was done with in no time too. I really like my experience with this bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 10, 2017
    • Punjab National Bank Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I have approached m PNB for my home loan. Their rate of interest was between 7-9% which was average but I have cancelled the application due to my personal reason. The service and responses was very immediate and good so I would like to recommend to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 03, 2017
    • Punjab National Bank Home Loan
      "Average "
      0.5 2.0/5 "Expected more"
      I got the home loan with the Punjab National bank and the rate of interest rate is around 8.6%. Customer service is an average one for me, which I have experienced and they are lacking with the response. I would like to suggest that they need to improve their customer service.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 14, 2017
    • Punjab National Bank Home Loan
      "Loan at PNB Housing"
      0.5 1.0/5 "Really Bad"
      The loan process of PNB Housing is very bad. They have not told any thing properly and at the end, they are forcing the customer to take the Insurance worth 5% of value and without that they are not processing with the case. More over even if you have a Credit card of their prescribed features, they are forcing to apply for the credit card again. It looks like, they are doing the business of Insurance for the commission what the insurance company pays. I dont recommend others to take loan from PNB Housing in Hyderabad.
      Was this review helpful? 7
      , hyderabad
      Reviewed on May 30, 2017
    • Punjab National Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had some balance outstanding with LIC during the year which I had transferred to PNB housing loan during the year 2006. I had transferred around 64 to PNB HOUSING Finance and even for this transfer they had charged me. Rate of interest charged by them was around 11.60% they were additional charges levied too,. Eventually during the year 2010 my loan got closed completely.
      Was this review helpful? 2
      , bhopal
      Reviewed on Apr 13, 2017
    • Punjab National Bank Home Loan
      "Very much transparent"
      0.5 5.0/5 "Blown Away!"
      Within a span of 10 to 15 days I had got the loan from PNB housing loan. The most impressive part is PNB being a Nationalized they manage to provide very good service they had contacted rather than me contacting me.The processing time is very fast and post servicing they did not charge anything for the service . In short they are very much transparent.
      Was this review helpful? 2
      , lucknow
      Reviewed on Jan 16, 2017
    • Punjab National Bank Home Loan
      "More friendly with reasonable rates"
      0.5 3.5/5 "Pretty good"
      Infact, PNB housing loan process is too good at interest rate and good at service. However I am not yet to finalize the property and I had not given my consent to proceed further. To be honest, I had received many calls from PNB calls when compared with ICICI bank . I like the way they explain things and they way they project it
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 07, 2017
    • Punjab National Bank Home Loan
      "Respnse on time"
      0.5 3.0/5 "Satisfactory"
      In the recent past, I had taken a housing loan from PNB BANK. They had started to deduct EMI' too. Before deducing the amount I used to get message from them advising to have sufficient funds in my account based on which I plan and I manage to maintain the available balance in my account. I am holding this housing loan account for about 2 months
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 07, 2017
    • Punjab National Bank Home Loan
      "Very good response easy and very friendly"
      0.5 5.0/5 "Blown Away!"
      I had got the preferred quote from PNB for the housing loan. I had taken a housing loan from PNB the process is too good, it is very easy and they had approached me on time. The only concern is, If we repay the amount, it is not getting deducted towards the EMI rather it has an impact on the tenure and the amount gets reduced. Otherwise they are very good, as they had charged only rs 5000 as a processing fee.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 05, 2017
    • Punjab National Bank Home Loan
      "Excellent process"
      0.5 5.0/5 "Blown Away!"
      PNB housing loan process was excellent. Though they take time to process the request it takes a lot of time to fulfill the needs of the customer. The entire process was excellent. For the past 7 years I hold a housing loan but there is no drawback nor any challenges as such. I normally make the payment on time through ECS.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Dec 07, 2016
    • Punjab National Bank Home Loan
      "Needs Improvement in all areas"
      0.5 2.0/5 "Expected more"
      I had taken my home loan from PNB it was okay, as I had no other options I had taken my home loan with them. Because the documentation part was very much delayed. No proper update rather no timely action taken for the process. There was lack of coordination missed from the bank end. Finally they had disbursed the amount with the tenure of 15 years.
      Was this review helpful? 4
      , pune
      Reviewed on Nov 02, 2016
    • Punjab National Bank Home Loan
      "Good way in calculating ROI"
      0.5 5.0/5 "Blown Away!"
      My home loan is from PNB. The best about this bank is the way of them calculating the interest. The reducing balance is done on a quarterly basis. Where as the private banks do it on a annual basis. So it makes a lot of difference in the charges. The process for the loan was also on time and very convenient.
      Was this review helpful? 7
      , bangalore
      Reviewed on Sep 26, 2016
    • Punjab National Bank Home Loan
      "Good housing loan"
      0.5 5.0/5 "Blown Away!"
      PNB is very good when it comes to execution of housing loan. I received a SMS from PNB confirming my loan is sanctioned within 48 hours from the time of submitting my request I got this message which I am happy about. The property is not constructed fully the loan has to be disbursed as yet and once after its completed I will confirm them in turn,
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 20, 2016
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