Punjab National Bank provides home loans starting from 8.40% interest rate per year, with repayment periods of up to 30 years. They offer extra features like home loan overdraft and special products for specific groups like defense personnel, government workers, and young salaried individuals in IT or government jobs up to 40 years old.
Punjab National Bank Home Loan Highlights |
|
|---|---|
| Interest Rate |
Floating Interest Rates- 8.40% – 10.25% p.a. Fixed Interest Rates- 9.40%- 11.75% p.a. |
| Loan Amount | As per the borrower’s eligibility |
| Tenure | Up to 30 years |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
PNB Home Loan interest rates begin from 8.40% per year. The bank determines rates based on factors like loan amount, credit score, and loan type. Other lenders might also consider factors such as occupation, employer, and monthly income when setting their home loan rates.
| Amount of Loan | Interest Rate (p.a.) |
|---|---|
| Rs 25 lakhs – Rs 75 lakhs(men) | 8.70% |
| Rs 25 lakhs – Rs 75 lakhs (women) | 8.65% |
| Above 75 lakhs (men) | 8.75% |
| Above 75 lakhs (women) | 8.70% |
PNB Housing Loan for Public
Purposes: PNB offers Home Loans for the public to help with buying or building a house/flat, making additions, repairs, renovations, alterations, or furnishing existing properties, purchasing under-construction houses/flats from various authorities or builders, buying land for constructing a home, and covering cost increases for existing home loan borrowers' under-construction flats.
Loan Amount:
- Plot/land purchase for house construction: Maximum loan amount up to Rs 50 lakh.
- Repair/renovation/alteration: Maximum loan amount up to Rs 25 lakh.
- Addition/construction/purchase of house or flat: Loan amount depends on the project cost and the borrower's repayment capacity.
- Furnishing Cost: Included in the project cost, with a maximum of up to 10% of the housing loan or Rs 25 lakh, whichever is lower.
Tenure:
- For repair/renovation/alteration of house/flat- Up to 15 years
- For Others- Up to 30 years
LTV Ratio:
- Home Loans (all variants) above Rs 75 lakh with a CIC Score of 750 and above, a discount of 20% is applicable.
- Top-up Home Loans, Term Loans, and Overdrafts with a CIC Score of 750 and above, a discount of 20% is also applicable.
PNB Housing Finance Scheme for Public- PNB Max Saver
Purposes: PNB Max Saver is a home loan overdraft facility designed for existing home loan borrowers. It allows borrowers to withdraw the required loan amount from a linked overdraft account within the sanctioned overdraft limit.
Consumers can use the PNB Max Saver scheme to finance various purposes, including:
- Purchase or construction of a house/flat
- Addition, repair, renovation, alteration, or furnishing of existing properties
- Purchase of under-construction houses or flats from housing boards, co-operative societies, development authorities, projects, or approved private builders
- Meeting the escalation cost of under-construction flats for existing home loan borrowers.
Loan Amount: Rs 10 lakh onwards
PNB Pride Housing Loan for Government Employees
Purposes: Punjab National Bank offers the PNB Pride Housing Loan specifically tailored for government employees, including permanent employees of the State Government, Central Government, Defense Personnel, Paramilitary forces, PSUs, and pensioners of State/Central Government.
Loan Amount:
- For Plot/land purchase for house construction: Up to Rs 50 lakh
- For addition/construction/purchase of a house or flat: Determined based on the applicant’s requirement, depending on the project cost and the borrower's repayment capacity.
- For repair/renovation/alteration: Up to Rs 50 lakh
- Furnishing Cost: Included in the project cost, with a maximum of up to 15% of the home loan amount or Rs 50 lakh, whichever is lower.
Tenure:
- For repair/renovation/alteration of house/flat- Up to 15 years
- For Others- Up to 30 years
LTV Ratio:
- Up to Rs 30 lakh- 20%/15%*
- Above Rs 75 lakh- 25%
- Above Rs 30 lakh to Rs 75 lakh- 20%
- For purchase of Plot/Land for home construction- 25%
PNB Gen-Next Housing Finance Scheme for Public
Purposes: Gen-Next salaried borrowers can utilize the 'PNB Gen-Next Housing Finance Scheme for Public' to secure funds for various purposes such as:
- Purchase of ready-to-move-in flats/houses
- Construction of houses/flats
- Purchase of under-construction flats from approved private builders.
Loan Amount: Rs 20 lakh onwards
Tenure: Flat 30 years
PNB Composite Loan
Purposes: Punjab National Bank provides a Composite Loan option to its applicants, enabling them to finance the purchase of a residential plot along with the construction of a house on the same plot.
Loan Amount:
- The loan amount is determined based on the borrower's repayment capacity and the cost of the project.
- For plot purchase, the loan amount should be less than 60% of the eligible loan amount.
- At least 40% of the total eligible loan amount must be utilized for home construction purposes.
LTV Ratio:
| For plot purchase+home construction | Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | 20%/15%* | |
| Above Rs 30 lakh to Rs 75 lakh | 20% | |
| Above Rs 75 lakh | 25% | |
| For purchase of Plot/Land for home construction | 25% | |
Tenure: Flat 30 years
Also Read : Best Home Loan EMI Calculator
| Charges | Charges Applicable |
|---|---|
| Processing Fees | NIL up to 31st March 2024 |
| Documentation Charges | NIL up to 31st March 2024 |
Also read: Best Home Loan Fees and Charges
- Must be at least 18 years old
- Available for single or shared ownership
- Should not be over 70 years old when the loan ends
- Need a steady income source
Also Read : Best Home Loan Eligibility
PNB Home Loan Documents for Salaried
- Completed home loan application form with a photo attached
- ID proof like Aadhaar Card, PAN Card, Passport, Driver's License, or Voter’s ID
- Address proof like Aadhaar Card, Passport, Driver's License, or Voter’s ID
- Age proof like Aadhaar Card, PAN Card, Passport, Birth Certificate, Driver's License, or Voter’s ID
- Proof of Education
- Income proof: Salary certificate from employer (showing gross and net salary) or Income Tax Return
- Bank statement for the past six months from salary account
PNB Home Loan Documents for Self Employed
- Bank statement for the last six months
- Completed home loan application form with a photo attached
- ID proof such as Aadhaar Card, PAN Card, Passport, Driver's License, or Voter’s ID
- Address proof like Aadhaar Card, Passport, Driver's License, or Voter’s ID
- Age proof like Aadhaar Card, PAN Card, Passport, Birth Certificate, Driver's License, or Voter’s ID
- Proof of Education
- Proof of Income for Farmers: Landholding and cropping details or any other proof of income
- Proof of Income for other self-employed individuals: Last 3 years’ Income Tax Returns or Assessment Orders & Income Statement
Additional documents
- Property documents as required
- Income proof of spouse/earning children/joint borrowers (if applicable)
Also Read : Best Home Loan Documents Required
1. What is the processing fee of PNB Home Loan?
PNB has waived off its home loan processing charges until March 31, 2024.
2. Can I choose between fixed and floating rates of interest?
Punjab National Bank exclusively offers home loans at floating interest rates.
3. Does PNB consider the income of the co-applicants while applying for home loans?
Yes, PNB considers the income of co-applicants when assessing the repayment capacity for a home loan application.
Also read: Best Home Loan Balance Transfer
4. What is the current PNB Home Loan interest rate?
Punjab National Bank provides home loan interest rates that begin from 8.40% per annum. These rates vary based on factors such as the applicant's credit score, the type of home loan scheme chosen, and the amount of loan offered.
5. What are the PNB Home Loan interest rates for government employees?
PNB Home Loan interest rates for government employees can vary from 8.40% p.a. to 10.25% p.a. These rates depend on factors such as the loan amount, the applicant's credit score, and the specific PNB Home Loan scheme chosen.
6. How much home loan can I get from Punjab National Bank?
Punjab National Bank does not publicly disclose the specific loan amounts it offers to home loan applicants. However, the lender determines the home loan amount based on factors such as the project cost and the borrower's repayment capacity.