PNB Housing Loan
Punjab National Bank (PNB) promoting PNB housing and helping people to buy their dream home in affordable prices. PNB housing is registered member of National housing bank (NHB). This is one of the best financial organizations from where customers can borrow home loan easily in competitive interest rate. Its equity shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) from 7th Nov 2016. Loan can also be used for construction, purchase of property and extension of property. Applying of PNB Housing is quite easy through its branches and online mode too. PNB avails the facility for all customers to apply for home loan as per their financing need; customers can also easily select the repayment option. As we understand that EMI (equated monthly installment) is of the most effective and convenient payment option for all repayment related queries. Before finalizing the loan amount use emi calculator to get the exact calculation of amount that you are going to pay along with applicable interest rate in certain repayment tenure.
Loan Amount Availed by the PNB Housing
a. In case of loan amount is around INR 30 lakhs: Up to 90% of market value.
b. When loan amount will be between INR 30 lakhs and INR 50 lakhs: Up to 80% of market value.
c. If amount is more than INR 75 lakhs: More than 75% of market value.
PNB housing home loan advantages
1. High standards of integrity, ethics and transparency.
2. Excellent post disbursement services.
3. PAN India branch network.
4. Robust service delivery model door step services ensuring easy and fast approval & disbursal of loans.
5. Customers will get various home loan related products like Home Extension Loans, Home Improvement Loans, Plot Loans, Home Purchase Loans and Home Construction Loan in affordable prices.
6. Multiple repayment options for customers.
7. Facility to enhance loan amount as per customer’s requirements.
8. Dedicated team of well experienced employees who work on best in class information systems & network to deliver and provide customer satisfaction.
9. Fast procedure to confirm amount.
Interest Rates for PNB Housing Home Loan
PNB hosing offers loan at fixed rates for repayment tenure of 3, 5 and 10 years. As per provision of respective bank and reserve bank of India (RBI) and interest rates may vary for self employed, salaried and self employed non professionals, it is individual responsibility to read the complete details along with terms and condition to makes things much straightforward.
This is one of the recently launched program by PNB housing, as per regulation of this policy, interest rates will remain same for first year and after that floating interest rate will automatically applied on loan amount. Some specific facts are specified below:
a. Self employed non professionals: 8.70% to 9.20%
b. Salaried Employee: 8.50%
c. Self employed professional: 8.50% to 9%
Floating Interest Rate
As per recent updates by pnb housing, interest rate may vary as per eligibility of individual over different category. Latest rates are specified below:
a. For self-employed professional: 8.90%-9.40%
b. For salaried candidates: 8.90%
c. If candidates is self employed non professional: 9.10%-9.60%
Factors that Affects PNB Home Loan Interest Rate
a. Salary of Individual: Regular source of income is one of the most effective and vital factors that decide the criteria of interest rate. So it is understood that higher income will be responsible for lower interest rate.
b. Type of loan opted by the Applicant: As we know that PNB offers loan with floating interest rate. There will be special privilege for women borrower and rates may go up and down as per market condition.
c. Loan Amount: Another vital factor that will play vita role in interest rate deciding factor, so choose loan amount as per your current financial condition and repayment potential.
Vital Charges in PNB Home Loan
a. Processing Fees: Processing fees depends on loan amount, if per norms of PNB, fees will be between INR 20000 and INR 50000 (max) or up to 0.5% of loan amount.
b. Foreclosure Charges: PNB avails this will nil charges, if loan takeover prepayment charges then customer needs to pay 2% of that amount. Foreclosure charges came into effect when borrower wishes to repay complete amount before ending of repayment tenure.
c. Other Applicable Charges: Apart from above specified charges, bank also imposes applicable legal and technical charges during the entire processing.
Eligibility Criteria for PNB housing Home Loan
a. Both, joint owner as well as individual may apply for loan
b. Regular source of income is mandatory, if numbers of applicant are more than one then their income will be added.
c. As far as age criteria are concern customer minimum age must be 18 years and maximum age can be 70 years.
d. Regarding flexibility in home loan, customer must be existing home loan borrower and must fulfill all eligibility criteria as per requirement of PNB home loan scheme including age criteria.
Important Document for PNB Housing Home Loan
a. Completely filled application form.
b. Recently clicked passport size photo.
c. Identity Proof documents like voter id, Pan Card, passport.
d. Income proof document like salary slip, bank statement of previous 6 months, EMI debit.
e. If candidate is self employed then submit company details, business address proof, ITR file, GST registration number and other required document.
PNB Housing Finance Offers Home Loan for following purpose
1. Home Construction Loan: - For residential home self constructions.
2. Home Extension Loan: - borrowed to add extra space in existing home.
3. Home improvement loan: - best for roofing, painting, waterproofing, plumbing, electrical works and internal/external repairs.
4. Loan for Residential Plot: - Best to purchase residential plot in urban areas.
5. Home purchase loan: - For purchase or extension and construction of house.
Features of PNB Housing Loan
1. Loan approved by the pnb housing is multipurpose loan and may be used for several tasks like purchase of an existing house, furnishing, repairing, renovation of existing building, construction of apartment, new house, flat or land for construction of the house.
2. Loan repayment tenure may go up to 30 years.
3. Customer may opt for fixed or floating interest rate.
4. Quite flexible and affordable repayment options.
5. Transparent, fast processing without any extra hidden charges.
6. PNB also offers the facility to shift their home loan of other bank to PNB.
PNB Loan Disbursement Structure
a. To buy new plot of land: Up to INR 50 lakhs.
b. Regarding home furnishing: Up to INR 5 lakhs
c. To construction/purchase or expansion: As per requirement of individual.
d. For home repair/renovation: Up to INR 25 lakhs.
PNB Pride Loan for Government Employee
PNB offer home loan for government employee that too in lucrative interest rate. This is all because government employee may easily afford their dream home without affecting their current financial investment opportunity.
a. The government employee will be eligible for this loan scheme and amount can be used to buy new residential flat, additional construction in existing building, or to buy flat from approved private builder, housing boards, co-operative societies, development authorities.
b. Amount can be used for renovation, reconstruction, repairing or additional modification in existing flat or building.
Facts Related to Loan Disbursement and Repayment
As per criteria of pnb, maximum disbursement criteria are 4 and it should be exceeded. Installment will be based on current development growth and user must remember that bank offers subsidy from national housing bank. Disbursement process will take place when existing loan will offered to public. Customer equitable security is quite mandatory from security related concern. Factors that play vital role in deferral of amount are specified below:
a. If applicant is going to buy recently build flat or house then maximum allowed deferral period will be 3 moth or date of possessions.
b. If applied for home loan to construct new building then applicable deferral period will be effective for 18 month or till the construction of house.
c. If loan is availed regarding renovation or repairing then applicable deferral period will be valid for 6 month form loan approval date or completion of task.
PNB Next-Gen Housing Finance Scheme for Public
Punjab national bank, recently set new scheme for public formally known as PNB next-gen housing finance scheme. This scheme is ideal for people with higher earning individual like PSU employee, IT professional, central or state government employee and will help them to build their dream home. After the approval of loan individual may look for ready to purchase flats or purchase of under construction building from authorize and reputed builder.
Eligibility Criteria Regarding PNB Next-Gen Housing Scheme
a. Applicant monthly income must be more than INR 35000.
b. Applicant must be salaried employee and must hold the experience of three or more years. Co-applicant should also be a salaried employee.
c. Minimum age must be under 40 years, on the other hand if more than one person jointly applying for this loan then at least one member must be 40 years old and remaining candidate age must be under 45 years.
Features of PNB Next-Gen Housing Finance Scheme
1. As per norms, minimum loan amount availability is INR 20 lakhs.
2. One of the interesting and striking features of this scheme is that there are no criteria of approval of loan amount. Things will be based on repayment capacity and loan to value (LTV) value.
3. 1.25 times of total amount will be the quantum of finance and its calculation will be based on traditional housing loan approach and all these operation will be managed under loan to value (LTV) ratio.
Loan Repayment Tenure for PNB Next-Gen Housing Finance Scheme
a. Monthly repayment of amount is necessary as per scheme norms.
b. Borrower may pay amount for 30 years.
c. EMI for the 120 months right after the deferral tenure will be easily available for limit of 360 month.
d. All dues payment on time is mandatory.
e. During the deferral tenure only interest on loan amount needed to pay.
PNB Housing Contact Details
PNB Housing Finance Ltd.
Address: 9th Floor, Antriksh Bhavan,
22 Kasturba Gandhi Marg, Near Connaught Place,
New Delhi 110001
Phone Number : 1800 120 8800
Email Address: email@example.com