A "low interest" loan shouldn't mean you have very little interest in paying it back!
Punjab National Bank offers a variety of home loan schemes at competitive rates starting from 8.50% p.a.with a maximum loan of Rs.1 crore. You have the flexibility to extend the repayment tenure to 30 years (maximum). The processing fee applicable is 0.35% of the loan amount plus GST. EWS, LIG, and MIG applicants can enjoy subsidised rates under the PMAY scheme through PNB.
Punjab National Bank, one of the public sector banks in the country offers a variety of home loans. Some of the housing loans offered are – PNB Max Saver, PNB Gen-Next Housing Finance, PNB Pride Housing loan. The bank offers home loan in excess of Rs.75 lakh at attractive interest rates.
Compare: Home Loan Interest Rate all Banks
Processing fee: 0.35% of the loan amount (Min of Rs.2,500 and Max of Rs.15,000)
Planning to avail a home loan from Punjab National Bank? Consider using the Home Loan EMI Calculator provided by BankBazaar to ascertain the EMIs that would be needed to be paid. All you need to do in order to find the payable EMI is enter details like the loan amount, tenure, interest rate, processing fee, etc. and click the ‘Calculate’ button.
The website also allows you to see the amortisation table. The table helps you understand the repayment schedule as to how much of the EMI is posted towards the principal and interest on a monthly and yearly basis.
The documents listed below are needed to be submitted to the bank officials in order to avail a housing loan from Punjab National Bank:
Note: The bank officials may ask for additional documents as per the requirement of the case. So, cross verify with the bank officials regarding the documents which need to be submitted.
The bank for the purpose of purchase, construction, and expansion of a house offers housing loan to individuals from the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle-Income Group. The loan is provided through the Credit-Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) scheme. The interest subsidy is available at rates which range from up to 6.5% p.a. depending on the category under which the beneficiary falls.
The table listed below highlights the category, annual household income, and interest subsidy available under CLSS
| Category | Annual Household Income | Interest Subsidy |
| Economically Weaker Section (EWS) | Up to Rs.3 lakh | 6.50% |
| Low Income Group (LIG) | Rs.3 lakh to Rs.6 lakh | 6.50% |
| Middle Income Group - I | Rs.6 lakh to Rs.12 lakh | 4% |
| Middle Income Group - II | Rs.12 lakh to Rs.18 lakh | 3% |
The net present value of the interest subsidy is calculated at the discounted rate of 9%.
The maximum loan tenure for which subsidy is available under PMAY scheme is 20 years.
The purpose for which housing loan can be availed from Punjab National Bank are as follows:
Construction of house or flat, Purchase of built house or flat, Expansion of house/flat, Purchase of land or plot, and To meet cost escalation in cases of under-construction flats.
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