Punjab National Bank (PNB) Home Loan

Home Loan  

• This home loan is specifically designed for customers planning to buy a new or existing residential property.  
• The Loan-to-Value (LTV) ratio indicates that funding up to 90% of the property value is available through this scheme. 
• Repayment period of this scheme is up to 30 years. 
• Punjab National Bank is offering very competitive floating interest rates, starting from approximately 8.25% p.a. onwards. 
• Through this scheme, the bank offers quick sanction, disbursement, and personalized doorstep services with a very flexible and simple documentation process. 
• Nil prepayment charges on floating rate loans for individual borrowers.

Plot Loan 

• Plot Loan serves the purpose of financing the purchase of a residential plot of land for house construction with a specific clause that the house construction must typically begin within 5 years from the date of loan disbursement. 
• As per the Loan-to-Value (LTV) ratio, a funding of up to 70-75% of the plot's market value is available. 
• Maximum loan repayment tenure is of up to 30 years. 
• The bank offers quick loan approval and disbursement process with doorstep services with no prepayment charges. 

Home Construction Loan 

• Home Construction Loan is preferred by customers for the purpose of construction of a new residential house on a plot of land already owned by the applicant. 
• The disbursement process of this loan is such that the funds are released in phases (stages) corresponding to the progress of the construction work. 
• Repayment tenure includes a maximum repayment tenure of up to 30 years with flexible repayment options like Standard EMI, Step-up EMI, and Pre-EMI facilities. 
• Loan amount is based on the cost of construction and the value of the land, with LTV up to 90% of the house value. 

Home Extension Loan 

• Home Extension Loan is perfect scheme by PNB for customers looking to renovate or expand their existing residential property (e.g., adding new rooms, floors, or extending existing areas like the kitchen). 
• This loan scheme may finance up to 80% to 90% of the total extension cost. 
• The disbursement of funds in this scheme is done in stages corresponding to construction milestones. 
• One very interesting feature of this scheme is the provision of option for enhancement in the loan amount in the event of cost escalation. 

Home Improvement Loans 

• For customers looking to completely renovate, repair, and upgrade an existing residential property, the PNB Home Improvement Loan is the perfect choice. 
• This loan offers dynamic coverage including all internal/external repairs, painting, tiling, flooring, electrical, plumbing work, false ceilings, and waterproofing. Sometimes, upto a specified limit, the cost of furnishing can also be included. 
•  The maximum loan amount under this loan scheme is typically up to Rs. 50 Lakh. 
• The repayment tenure is usually up to 15 years for repair/renovation work, or up to 30 years for other purposes. 
• The bank offers attractive floating interest rates starting from 8.25% p.a. onwards. 

NRIs Home Loan (Non-Resident Indians) 

•  This scheme specifically targets the Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) looking to purchase, construct, extend or renovate a residential property in India or looking to purchase land for construction. 
• Maximum loan tenure of up to 15 years (can vary based on policy). 
• LTV ratio indicates availability of up to 80% financing for properties valued up to Rs. 75 Lakh. 
• Punjab National Bank offers dedicated doorstep services with an efficient and highly effective pan-India branch network for a quick approval and disbursal. It also offers  convinience of flexible repayment options through NRE/NRO accounts, ECS, or Post-Dated Cheques. 
• The bank also provides the facility to appoint a relative as a Power of Attorney (POA) holder in India for documentation.

Roshni Loans 

• This is an affordable housing loan scheme designed for lower and middle-income groups, including salaried and self-employed individuals with both structured and unstructured incomes. It caters to applicants with minimal/streamlined income documentation, such as freelancers or entrepreneurs. 
• The scheme offers broad coverage and can be used for home purchase, construction, extension, renovation, and plot purchase with construction. 
• The maximum loan amount under this scheme ranges from Rs 5 Lakhs to Rs 50 Lakhs. 
• Extended repayment periods of up to 30 years is available. 
• The LTV ratio indicates that a high funding of up to 90% of the property value is available. 
• Applicants may benefit from the Pradhan Mantri Awas Yojana (PMAY) subsidy. 

PNB Home loan EMI Calculator 

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.

Punjab National Bank Home Loan Eligibility Criteria

General eligibility criteria for availing any home loan from Punjab National Bank are as follows: 

• The individual must be an Indian national. 
• The individual must generally be 21 years of age and the maximum age at loan maturity is typically 70 years. 
• A minimum gross monthly income of around Rs.15,000 to Rs.25,000 is typically required but this can vary slightly depending on the specific scheme. 
• A minimum work experience/business continuity of 3 years is required. 
• A minimum credit score of around 650 is required but having a score of 750 and above is highly recommended to secure the best possible interest rate. 

Documents required for PNB Home Loan

The documents listed below are needed to be submitted to the bank officials in order to avail a housing loan from Punjab National Bank:

1. Duly completed loan application form
2. Photograph
3. Proof of Identity
4. Proof of Residence
5. Proof of Age
6. Proof of educational qualification
7. Proof of Income
8. Property documents
9. Bank Statement for the last six months
10. Income proof of joint borrowers/spouse/earning children (if applicable)
11. (Income Tax Returns)ITR for the last 3 years
12. Assessment order and computation of income statement
13. For Salaried Class
    1. Income Tax Return/Salary certificate indicating gross and net salary issued by the employer
    2. Bank statement of salary account for the previous 6 months
14. For Agriculturist: Record of cropping pattern and land holding or any other proof of income

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.

Punjab National Bank (PNB) Pradhan Mantri Awas Yojana

The PNB Pradhan Mantri Awas Yojana (PMAY) is a central government scheme implemented through financial institutions like Punjab National Bank (PNB) via the Credit Linked Subsidy Scheme (CLSS) component. 

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 depending on the category under which the beneficiary falls. The primary goal is to address the urban housing shortage and ensure a "pucca house" for eligible households across the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) categories.

The table listed below highlights the category, annual household income, and interest subsidy available under CLSS

Compare PNB Home Loan Interest Rate with other Banks

The following are the home loan interest rates for other banks:

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