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    Punjab National Bank Home Loan Reviews

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    Punjab National Bank Home Loan is Rated as "Great!" by 58 Users

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    Home Loan BYTES FROM OUR KITCHEN

    In every life, dreams and aspirations are the fuel that power innovation and progress. When it comes to life goals, and irrespective of where you are from, owning a house is definitely at the top of the list. In India, the Punjab National Bank (PNB) home loan has helped thousands of people crunch this crucial goal. And, with the ease and features afforded by the PNB home loan, its popularity and impact has multiplied over the years. A nationalized bank with a popular and customer friendly home loan product, what’s not to like?


     

    You’re probably eligible for an Punjab National Bank Home Loan if you are

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    PNB Home Loan Minimum Age

    At least 18 years old

    PNB Home Loan Maximum Age

    Less than 70 years old

    PNB Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    PNB Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Punjab National Bank Home Loan amount eligibility is based on these factors

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    PNB Home Loan Minimum Salary

    Earn more than the minimum
    income required

    PNB Home Loan Maximum Loan to property value

    Loan capped @ 90% of property value

    PNB Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Punjab National Bank Home Loan amount by these steps

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    PNB Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    PNB Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years or 70 years of age whichever is earlier

    PNB Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Punjab National Bank Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee Cheque
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Punjab National Bank Home Loan Interest RatesUpdated on 29 Sep 2016

    Punjab National Bank Home Loan Details
    Interest Rate 9.40%
    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

     

    Home Loans from PNB

    A Home loan, as the name suggests, is funds offered by a bank to help an individual purchase a new house/flat/apartment, an old property, land for the construction of the house or renovation of the existing house/property. With PNB home loan, acquire a resource that is immensely customer centric, involving a transparent and quick processing cycle, the goodwill that is associated with a renowned banking organization and importantly, the PNB home loan interest rate that is one of the most attractive in its class.

    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!

    Features of 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-
      1. For purchase/construction/additions to house- Depends on requirement.
      2. For home renovations/repairs- Rs. 25 lakhs (max)
      3. For furnishing the house- Rs. 5 lakhs (max)
      4. For purchasing a new plot of land- Rs. 50 lakhs (max)

    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 9.4% (floating) and 9.9% (fixed) over a maximum repayment tenure of 30 years.

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

    Loan type Interest rate
    Floating 9.4% (MCLR+0.05%)
    Fixed 9.85% (Floating rate +0.50%)
    Overdraft for HL borrowers 9.95% (MCLR+0.60%)
    For purchase of standalone solar system 11.45% (MCLR+2.10%)

    Punjab National Bank MCLR:

    PNB’s Marginal Cost of Funds-based Lending Rate (MCLR) as of August 1, 2016, are as outlined below:

    Loan tenure MCLR
    Overnight 9.1%
    1 month 9.15%
    3 months 9.25%
    6 months 9.3%
    1 year 9.35%
    3 years 9.5%
    5 years 9.65%
    PNB Home Loan Eligibility and Documentation:

    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-

    1. This loan can be applied for by both individuals as well as joint owners.
    2. The applicant(s) must not be younger than 18 years and older than 70 years at loan maturity.
    3. 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.
    4. 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 scheme for the public.

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

    • 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.

    News About Punjab National Bank Home Loan

    • ‘Loan Mela’ organized by Punjab National Bank

      Under the MUDRA scheme and Stand Up India scheme, Punjab National Bank organized a series of workshops and seminars. As part of their Monsoon Festival Bonanza for their customers, the bank launched a ‘Loan Mela’ which involves giving out loans to select customers of the bank.

      The loans offered under this scheme have a variety of waivers attached to them such as waiver of processing fees and document fees for select loans such as housing loans and education loans. Along with providing loans, the Loan Mela also serves as a workshop which offer educational seminars as well as target other products such as such as term plans and health policies.

      25th August 2016

    • Punjab National Bank Reduces MCLR by 0.05 Percentage Points

      As a part of monthly exercise mandated by the RBI (Reserve Bank of India), PNB (Punjab National Bank) has reduced its benchmark MCLR (Marginal Cost Based Lending Rate) by 0.05 basis points. The new MCLR for one-year loan is now 9.35%, bringing that much needed respite to home loan borrowers.

      The MCLR system replaced the conventional base rate system as mandated by the RBI. It was brought in by the apex bank to ensure fair offering in the market where lenders pass on the benefits of rate cuts to consumers more frequently on the basis of market conditions.

      10th August 2016

    • PNB sets one year MCLR at 9.40%

      Punjab National Bank, one of the largest public sector banks in the country has set its one year MCLR at 9.40% and the overnight MCLR at 9.15%. Besides these two, the one month MCLR has been set at 9.20%, three months at 9.30%, six months at 9.35%, and three years at 9.55% and five years at 9.75%

      MCLR or the Marginal Cost of Funds based Lending Rate is the new system which will be adopted by the banks in India instead of the base lending rate that was prevalent till date. MCLR is more flexible and more accommodating in terms of a lot of external factors that should go in determining the lending rate for a customer. As per the latest ruling of the RBI, all banks are supposed to introduce MCLR for home loan customers.

      7th July 2016

    • Yearly MCLR Rate Set At 9.40% by Punjab National Bank

      The Punjab National Bank announced that it has set its marginal cost of funds based lending rate (MCLR) at 9.40 per cent for one year. In addition to this, the bank has also set MCLR rates for another six tenors. The overnight MCLR rate has been set at 9.15 per cent, 9.20 per cent for one month, 9.30 % for three months, 9.35 per cent for six months, 9.55 per cent for three years and 9.70% for five years. From a stock perspective, shares of Punjab National Bank closed at Rs 76.75, which signified a drop of 2.97% or Rs 2.35 from its previous position of Rs 79.1 on the BSE. With the stock trading lower than its 200 DMA, the market cap of the bank currently stands at Rs 15532.06 crore, while the holdings by promoters, institutions and non-institutions stand at 62.08%, 31.16% and 6.75% respectively.

      13th June 2016

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