A "low interest" loan shouldn't mean you have very little interest in paying it back!
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. For some of the housing loans offered by PNB, the interest rates start at 8.65% p.a.
| Category | Loan Slab | Interest rate (p.a.) | Processing fee |
|---|---|---|---|
| Women | Up to Rs.75 lakh | 8.65% | 0.35% of the loan amount (Min of Rs.2,500 and Max of Rs.15,000) |
| Above Rs.75 lakh | 8.70% | ||
| Others | Up to Rs.75 lakh | 8.70% | |
| Above Rs.75 lakh | 8.75% |
| Category | Loan Slab | Interest rate (p.a.) | Processing fee |
|---|---|---|---|
| Women | Up to Rs.75 lakh | 8.80% | 0.35% of the loan amount (Min. of Rs.2,500 and Max. of Rs.15,000) |
| Above Rs.75 lakh | 8.85% | ||
| Others | Up to Rs.75 lakh | 8.85% | |
| Above Rs.75 lakh | 8.90% |
| Category | Loan Slab | Interest rate (p.a.) | Processing fee |
|---|---|---|---|
| Floating | Up to Rs.75 lakh | 8.65% | Nil |
| Above Rs.75 lakh | 8.70% | ||
| Fixed | Up to Rs.75 lakh | 9.15% | |
| Above Rs.75 lakh | 9.20% |
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 3% p.a. 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 subsidy amount under PMAY for the various categories are listed below:
| Category | Subsidy amount |
|---|---|
| EWS | Rs.2,67,280 |
| LIG | Rs.2,67,280 |
| MIG - I | Rs.2,35,068 |
| MIG - II | Rs.2,30,156 |
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:
Punjab National Bank has reportedly announced in a statement that the marginal cost of funds based lending rate has been hiked by 0.05% or 5 basis points (bps) across various loan tenors. The revised benchmark lending rates will be effective from 01 November 2018. The one year MCLR, on which most retail loans are benchmarked have been increased by 0.05% to 8.50% from 8.45%. The six month and three month tenors have also been hiked by 0.05% each to stand at 8.45% and 8.25% respectively. The MCLR for one month and overnight tenors presently stands at 8.15% each. Similarly, the MCLR for three-year loan tenors have also been revised to 8.70%
8 November 2018
The Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01 August 2018 has been announced by the Punjab National Bank. The overnight MCLR stands at 7.90%. Whereas, MCLRs for one-month, three-month and six-month tenure stands at 8.05%, 8.20% and 8.40% respectively. The MCLR rates have also been revised for higher tenures. For a one-year period, the MCLR has been raised to 8.45%. Though the MCLR rate for three years has been continued at 8.60%, the MCLR rate for five years has been discontinued according to the announcement.
2 August 2018
One of the biggest banks in the country, Punjab national Bank (PNB), has recently increased their lending rates by 5 - 10 basis points, depending on the tenors. The six-month tenor now stands at 8.40%, a 0.10% increase. The one, three, and five year tenors have all increase by 0.05%, and stand at 8.45%, 8.60%, and 8.75% respectively. For overnight, one-month and three-month tenor loans, borrowing will be costlier by 0.10 per cent each to 7.90 per cent, 8.05 per cent and 8.20 per cent, respectively.
4 July 2018
Punjab National Bank (PNB) increases their MCLR by 0.05% - 0.10% on selected tenors effective from 1st June 2018. This will result in costlier loans for borrowers. The MCLR for a loan with a six-month tenor will increase by 0.05% to 8.30% p.a. The MCLR for one, three, and five year tenors have increase by 0.10% to 8.40%, 8.55%, and 8.70% respectively. The overnight tenor has, however, not been affected by the MCLR change.
In addition, the base rate has also been revised from 9.15% to 9.25%.
15 June 2018
Punjab National Bank (PNB) increases their MCLR by 0.05% - 0.10% on selected tenors effective from 1st June 2018. This will result in costlier loans for borrowers. The MCLR for a loan with a six-month tenor will increase by 0.05% to 8.30% p.a. The MCLR for one, three, and five year tenors have increase by 0.10% to 8.40%, 8.55%, and 8.70% respectively. The overnight tenor has, however, not been affected by the MCLR change.
In addition, the base rate has also been revised from 9.15% to 9.25%.
1 June 2018
One of the leading Indian multinational bank in India, Punjab National Bank has reported a 51% hike in their year-to-year increase in their quarterly net profit. It is believed that this increase was mainly due to increase in home loans. PNB stated that they have recorded a profit of Rs.208 crore which was Rs.138 crore last year.
It is notable that the bank paid a dividend at Rs.6 per share. The bank also recorded an increase in loan assets to Rs.48,749 crore.
8 November 2017
In a research report, JM Financial recommended purchasing PNB Housing Finance stocks at Rs.1680. According to the report, the financial company’s operating performance continued to look healthy in the second quarter of FY18, with a YoY (Year Over Year) net profit of 51%. The disbursement growth of the company grew by 45%, while loans increased by 51%. All this along with other positive statistics has indicated to JM Financial that PNB Housing Finance is expected to grow steadily in the upcoming years.
3 November 2017
Punjab National bank has reduced their MCLR rate by 20 – 25 basis points. The public sector lender now has a MCLR of 9.15 %. This has been the trend for multiple banks in the country. Many other banks like SBI, HDFC, etc. have also cut MCLR rates due to the immense competition in the industry.
1 November 2017
The minimum and maximum floating interest rate associated with PNB Housing Finance ranged between 8.60% and 8.85%. However, at present, the floating rates for PNB home loan range between 8.60% and 9.75%. For 2 year fixed rate home loan the rate ranged between 8.50% and 10.25%, previously. At present, the rate of interest ranges between 8.50% 9.75%. For a fixed rate home loan for 3 to 5 years, the rate stood between 8.60% 8.95%. However, it has been changed and now it ranges between 8.50% 9.75%. Fixed rate home loan for a period of 10 years came with an interest rate that ranged between 9.00% 9.25%. However, now the rate for 10 year fixed rate home loan ranges between 9.00% 10.25%. The tenure of the loan previously ranged between 3 years and 30 years. However, at present, it ranges between 1 year and 30 years.
31 October 2017
The shares of Punjab National Bank Housing Finance are up high in an upbeat territory. When the stock opened it was at Rs.1,509. It quickly moved up to Rs.1,533.90 and presently, it stands at Rs.1,523. The gain that was recorded was approximately 6%.
PNB Housing Finance announced that the profit that they had stood at Rs.184.8 crore for the June quarter of 2017. This suggests that the company had a profit of over 93% compared to the last year, when their net profit was Rs.95.9 crore. The interest income was went up to Rs.343.6 crore. The growth of the net interest income was by 64% compared to last year.
28 August 2017
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