Description
PNB Housing Finance Limited provides a wide range of loan products. Home loans are offered for the purchase of property, construction, extension, and improvement of the house.
The PNB Housing Finance comes with the following home loan products that suit your specific requirements.
Home Purchase Loan: Home purchase loan is meant for the purchase, construction, and extension of the existing property.
Home Construction Loan: PNB Housing Finance Limited offers home loans for customers who already have their own land and need funds for financing the construction of their home on their land.
Home Extension Loan: PNB Housing Finance Limited offers Home Extension Loans for adding more space to your existing home as per your requirements.
- Home Improvement Loan: Home Improvement Loan covers:-
- Renovation of already owned residential property
- Upgradation of your existing home
- External and internal repairs of your home
- Water-proofing and roofing
- Tiling and flooring
- Painting, plumbing, and electrical work
- False ceiling and woodwork (fixed to the building)
Residential Plot Loan: PNB Housing provides a loan for the purchase of residential plot in an urban area for the construction of a house.
Home Loan for NRIs: PNB Housing offers a variety of home loan products to NRIs (Non-Resident Indians) and PIOs (Person of Indian Origin) for purchase, construction, extension and improvement of residential property in India.
Features & Benefits of PNB Housing Home Loan
- Custom-made loans for a variety of reasons – purchase, construction, renovation and extension of the residential property
- Pan India branch network
- Best-in-class service delivery model – doorstep services ensuring simplified and quick approval disbursal of loans
- Excellent post disbursement services
- Top-up loan facility in the event of increase in cost
- High standards of ethics, integrity and openness
- Convenient and various repayment options
PNB Housing Home Loan Eligibility
- The borrower must be 21-year old when the loan is sanctioned
- The entire loan must be repaid before the applicant’s age exceeds 70 years
- The co-applicant must be at least 18-year old
- If the applicant is an NRI, the applicant should be an Indian citizen or a Person of Indian Origin(PIO), should be working for at least one year in a foreign country before applying for a home loan in India
Documents required for PNB Housing Home Loan
Some key documents like proof of identity, address and income are required to be submitted while applying for PNB Housing Home Loan.
Documents required for salaried employees
- Filled up the loan application form with passport size photos
- Age proof: PAN Card, Passport, School Certificate, Birth Certificate, etc.
- Residential address proof: Passport, Ration Card, Voter ID Card, Electricity Bill, Telephone Bill.
- Education qualification: latest certificate/degree
- Latest salary slips for 3 months
- Form 16 for last 2 years
- 6 months bank statement showing salary credited
- Processing fee cheque in favor of ‘PNB Housing Finance Ltd.
- Photocopy of the approved plan, allotment letter
Documents required for self-employed professional/non-professional
- Filled up the loan application form with passport size photos
- Age proof: PAN Card, Passport, School Certificate, Birth Certificate, etc.
- Residential address proof: Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority
- Education qualification: latest degree (for professionals)
- Certificate & proof of business existence along with the business profile
- VAT/ Service Tax registration, business address proof, profit & loss account balance sheet certified/ audited by CA
- Last 1-year bank statements (self & business)
- Processing fee cheque in favor of ‘PNB Housing Finance Ltd.
- Photocopy of the approved plan, allotment letter
Documents required for NRI Home Loan
- Filled up the loan application form with passport size photos
- Age proof: PAN Card, Passport, School Certificate carrying date of birth, Birth Certificate, etc.
- Residential address proof: Passport, Driving License, Telephone Bill, Ration Card, Voter Card, Aadhar Card, etc.
- Copy of Passport/ PIO Card
- Copy of Work Permit if applicable
- Appointment letter of current employer, the latest three salary slips, last two years’ income statement
- Processing fee cheque in favor of ‘PNB Housing Finance Ltd.
- Photocopy of an approved plan, allotment letter
PNB Housing Home Loan Interest Rate 2020
PNB Housing Finance Interest rates are linked to the benchmark PNBHFR of 8.50% to 9.25% per year.
|
Floating Rate |
||
|---|---|---|
| Home Loan Scheme | Interest Rate - 1-year MCLR basis | |
| Up to Rs. 75 lacs | Above Rs. 75 lacs | |
| Women* | MCLR + 0.20% | MCLR + 0.25% |
| Others | MCLR + 0.25% | MCLR + 0.30% |
| PNB Pride* | MCLR + 0.20% | MCLR + 0.25% |
| OD HL | MCLR + 1.40% | |
|
Fixed Rate |
||
| Home Loan Scheme | Interest Rate - 1-year MCLR basis | |
| Fixed Rate – General | Floating +0.50% | |
| Fixed Rate - PNB Pride | 0.50% + Floating (PNB Pride) | |
*Women should be the sole applicant or one of the co-applicants for the Home Loan and also the sole owner or one of the co-owners of the property proposed to be financed by the bank.
**PNB Pride is for Central/State Government Employee/Defence Personnel & Para Military Forces
Note: Rates of interest are subject to change at the sole discretion of PNB Housing.
Processing fee and charges
- Account statement - Rs.200 + applicable taxes.
- Change of repayment mode - Rs. 500 + applicable taxes.
- Full or part prepayment of the loan amount (floating ROI) - 2% of the principal prepaid + applicable taxes.
- Full or part prepayment of the loan amount (fixed ROI) - 3% of the principal prepaid + applicable taxes.
- Statement for loan pre-closure - Rs. 500 + applicable taxes.
- Return of Cheque/NACH mandate form - Rs. 500 + applicable taxes.
- CERSAI fees - Rs. 500 + applicable taxes.
Pradhan Mantri Awas Yojana (PMAY)
PNB Housing Finance has come up with the Credit Linked Subsidy Scheme (CLSS) for Economical Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG) categories in compliance with Pradhan Mantri AwasYojana (PMAY) announced by honorable Prime Minister of India with a mission of home for all by 2022.
Families/individuals are eligible to avail of interest subsidy for the purchase, construction, extension, and improvement of the housing property under PMAY scheme.
Features & Benefits of PMAY Scheme
- Interest subsidy will be availed for a maximum of 20 years
- Applicable only on first property purchase
- Only immediate family members including self, spouse and unmarried children can stand to benefit from this scheme
- Women ownership is mandatory under EWS & LIG category for purchase of a new house
- The Aadhaar numbers are mandatory for MIG categories
- No prepayment or foreclosure charges on a home loan
- Home loan up to 90% of the entire value of the residential property
Eligibility for PMAY Scheme
- The applicant should be more than 18-year old
- The annual combined income of all applicants: Rs. 6 lacs for EWS & LIG category, Rs. 6.01 Lac to Rs. 12 Lac for MIG1 and Rs. 12.01 Lac to 18 Lac for MIG2
- The beneficiary must not have availed any central assistance under Housing for Everyone by 2022
- The applicants should not have a pucca house in his/her name in any part of the country
- Home loan for renovation will be used to transform kaccha house to pucca house
Interest subsidy benefits under Pradhan MantriAwasYojna
| CLSS Type | EWS | LIG | MIG 1* | MIG 2* |
| Household Income(Rs) | 0 -3,00,000 | 3,00,000 – 6,00,000 |
6,00,000 – 12,00,000 |
12,00,000 – 18,00,000 |
| Max Carpet Area (sqm) | 30 sqm | 60 sqm | 120 sqm | 150 sqm |
| Purpose of Loan | Home purchase/ construction/ renovation | Home purchase/ construction/ renovation | Home purchase/ construction/ renovation | Home purchase/ construction/ renovation |
| The amount eligible for subsidy up to (Rs) | 6, 00,000 | 6,00,000 | 9,00,000 | 12,00,000 |
| Maximum subsidy (Rs) | 2.67 lac | 2.67 lac | 2.35 lac | 2.30 lac |
| Interest subsidy | 6.50% | 6.50% | 4.00% | 3.00% |
| Tenure | 20 yrs | 20 yrs | 20 yrs | 20 yrs |
Note: The NPV (Net Present Value) of the subsidy is calculated at a discounted rate of 9%
Documents required for PMAY Scheme
- KYC Documents including Aadhar and PAN card of applicants
- Education qualifications – degree/certificate
- Self-declaration form for family income
- Form 16 for last 2 years or last 3 years ITR (self or business) with profit &loss account and balance sheet audited by CA
- 6 months bank statement showing salary credited
- Processing fee cheque in favor of ‘PNB Housing Finance Ltd.’
- Photocopy of the approved plan, allotment letter
➤ FAQs
Ques. Is PNB Housing Finance available throughout the entire nation?
Yes, PNB Housing Finance has a wide network across India.
Ques. How will the loan be credited into my bank account?
The loan gets credited either in parts or as a lump sum amount based on your needs. For homes under construction, it gets disbursed in typical stages based on how the construction is progressing. For buying or reselling a house, the loan gets paid in a lump sum.
Ques. Do I need to make a contribution?
Yes, you will have to make a contribution of 10% of the total amount of the property (for property purchase, this comprises registration charges and stamp duty)
Ques. Is there any security requirement that I will need to fulfil against the PNB housing home loan?
The security needed is a first charge which is in the form of an equitable mortgage of the property that is to be funded and/or any other securities that can be pledged as collateral.
Ques. If my rate gets changed in the floating interest rate type, what will be modified by loan term or EMI?
The installments will be kept the same and the due loan gets adjusted unless you mention otherwise. Under exceptional circumstances, the installments get changed to facilitate the principal repayment within a time period.
Ques. How do I check if I am eligible to apply for a PNB HFL home loan?
If you are an Indian citizen, a Non-Resident Indian (NRI), or a Person of Indian Origin then you can apply for a PNB HFL home loan. You can apply for the loan you are a salaried individual, self-employed professional, or a business person. PNB Housing Finance will decide your home loan eligibility based on multiple aspects including your income, credit history, an income of co-applicant, number of dependents, qualifications, property value, age, occupation stability, and occupation continuity.