Punjab National Bank (PNB) is an Indian multinational bank, It is a government corporation founded in 1894. PNB Home Loans offer attractive options and quick services with documentation, processing and other requirements for home loan financing.

 

In this article, we are going to cover all possible questions that are related to PNB Home Loans.

 

Top home loan schemes of Punjab National Bank

Housing Finance Scheme For Public – PNB Max-Saver

This scheme allows you to deposit surplus funds in the overdraft account and withdraw the same up to the drawing power as per your needs. The minimum loan amount is Rs.10 lakh.

PNB Pride Housing Loan For Government Employees

This scheme is dedicated for government employees, i.e. Central/State Governments/Defence Personnel & Paramilitary Forces – Individuals or Joint owners

Housing Loan For Public

This scheme is available for all for the purpose of purchase/construction of house/flat, under-construction unit from housing board/development authorities/co-operative societies, etc., addition to house/flat, repair/renovation, and more.

Pradhan Mantri Awas Yojana – EWS & LIG

This scheme aims at providing housing for economically weaker and low-income groups. 

Pradhan Mantri Awas Yojana – MIG

To ensure housing for middle income groups I and II at attractive interest rates.

PNB Gen-Next Housing Finance Scheme For Public

The scheme provides home financing to Gen-Next salaried individuals, such as IT professionals, PSBs, PSUs, and government employees. Get 1.25 times the loan amount as calculated for a regular housing loan.

Interest rates of Punjab National Bank home loans

Housing Loan

Loan Amount

Up To Rs.30 Lakh

Above Rs.30 Lakh Upto Rs.75 Lakh

Above Rs. 75 Lakh

Floating

LTV Up To 80%

LTV of 80%-85%

LTV Up To 80%

LTV Up To 75%

PNB Pride

(Irrespective Of Risk Profile)

RLLR+ 0.15% i.e., 6.95%

RLLR+ 0.30% i.e., 7.10%

RLLR+ 0.40% i.e., 7.20%

Other Schemes

CIC Score of 750 and above

RLLR+ 0.15%

RLLR+ 0.30% 

RLLR+ 0.30%

CIC Score of 700 up to 749

RLLR+ 0.35%

RLLR+ 0.45%

RLLR+0.55%

CIC Score of 650 up to 699

RLLR+ 0.60% 

RLLR+ 0.70%

RLLR+ 0.85%

RLLR+ 0.95%

Women Borrower**

With CIC Score Of 800 and above & LTV up to 70%

RLLR 

*RLLR here is Repo Rate Linked Lending Rate and is at 6.80% with effect from 1 September 2020.

Features and benefits of Punjab National Bank home loan 

  • Get financing on construction/purchase of house/flat, purchase of under-construction residential units, purchase of plot for construction of house, repair/renovation of housing units, and more.
  • Women applicants get a concession on interest rate subject to certain conditions.
  • Specific schemes are designed for different sections of the society, such as government employees, Gen-Next salaried individuals, economically weaker sections, and more.
  • Get a repayment tenure up to 30 years on home loans
  • The home loan schemes promote the aim of ‘housing for all’.

Who are eligible for Punjab National Bank home loans

PNB Max-Saver

  • Same as the standard home loan scheme.
  • The existing home loan borrower who wants to avail loan under this scheme will be allowed the benefit if their home loan account is running regular, no outstanding inspection irregularity, complete disbursement has been made, and repayment has started in the account.
  • Borrowers falling under Commercial Real Estate (CRE) will not be eligible under this scheme.

 

PNB Pride

  • Permanent employees of Central/State Governments/Defence Personnel and Paramilitary Forces – Individuals or Joint owners.

 

Housing Loan for Public

  • Individuals or group of individuals with an assured source of regular income 
    • Salaried employees
    • Professionals
    • Self-employed persons
    • Businessman
    • Farmers
    • Staff members

 

PMAY – EWS and LIG

  • Individuals from Economically Weaker Section (EWS) and Low Income Group (LIG) category are eligible. 
  • Joint owners from the same family are also eligible.
  • EWS households having an annual income of up to Rs.3,00,000 and house size with carpet area of up to 30 square meter.
  • LIG households having an annual income above Rs.3,00,000 up to Rs.6,00,000 and house size with carpet area up to 60 square meter.

 

PMAY – MIG

  • Individuals from the Middle Income Group (MIG) category are eligible. 
  • Joint owners from the same family are also eligible.
  • MIG I households having an annual income above Rs.6,00,000 up to Rs.12,00,000 and house size with carpet area of up to 160 square meter.
  • MIG II households having an annual income above Rs.12,00,000 up to Rs.18,00,000 and house size with carpet area of up to 200 square meter.

 

PNB Gen-Next Housing Finance Scheme for Public

  • Age: Up to the age of 40 years. In the case of multiple borrowers whose income has been taken for arriving at the loan eligibility and repaying capacity, one borrower must be at-least upto the age of 40 years and others may be maximum upto the age of 45 years.
  • Minimum net monthly salary is Rs.35,000.
  • Minimum three years experience.
  • Co-borrower will also be salaried class.

Documents required for Punjab National Bank home loans

Salaried employee

Self-Employed

Filled up loan application form

Filled up loan application form

2 Passport Size Photo

2 Passport Size Photo

Identity Proof – Passport/ Driving Licence/ Voter ID/PAN

Identity Proof – Passport/ Driving License/Voter ID/PAN

Residential Address Proof – Leave and License/Registered Rent Agreement/Utility Bill (last 3 months), Passport

Residential Address Proof – Leave and License/Registered Rent Agreement/Utility Bill (last 3 months), Passport

Income Documents – 6 months’ payslip, 2 years’ Form 16, 6 months bank statement showing salary credit and any EMI debit

Business proof such as VAT/service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Fees and charges

Processing Fees*

Documentation Charges*

0.35% of the loan amount

Minimum- Rs.2,500

Maximum- Rs.15,000


Full waiver of upfront/processing fees and documentation charges During PNB New Year Bonanza-2021 (from 01.01.2021 to 31.03.2021)

Rs.1,350


Full waiver of upfront/processing fees and documentation charges During PNB New Year Bonanza-2021 (from 01.01.2021 to 31.03.2021)

Take over of Loan Rs.2,500


Full waiver of upfront/processing fees and documentation charges During PNB New Year Bonanza-2021 (from 01.01.2021 to 31.03.2021)

Rs.1,350/-


Full waiver of upfront/processing fees and documentation charges During PNB New Year Bonanza-2021 (from 01.01.2021 to 31.03.2021)

Pradhan Mantri Awas Yojana (Economically Weaker Section/ Low Income Group)

Loan up to Rs.6 lakh– NIL

For additional loan amounts beyond the eligible loan amount as above– As per the existing housing loan scheme to the public.

Nil

Pradhan Mantri Awas Yojana (Middle Income Group)

Loan up to Rs.9 lakh in MIG-I – NIL

Loan up to Rs.12 lakh in MIG – II – NIL


For additional loan amounts beyond the eligible loan amount as above– As per the existing housing loan scheme to the public.

PNB Max Saver

In case the customer has paid Upfront Fees & Documentation Charges at the time of availing Housing Loan: One time charges of Rs.2,500.

In case the customer has not paid Upfront Fees & Documentation Charges at the time of availing Housing Loan: Charges as per Housing Loans

PNB Pride: Nil

 

7. Punjab National Bank home loan EMI calculator

We offer an important tool, home loan EMI calculator, to help you evaluate and plan your budget for a home loan.


Frequently Asked Questions (FAQs)

What is the margin offered on home loans?
The margin offered on PNB home loans are as follows:

Housing Loan Upto Rs.30 lakh

20% (15% in certain cases*)

Housing Loan Above Rs.30 lakh and up to Rs.75 lakh

20%

Housing Loan Above Rs.75 lakh

25%

Purchase of Land/Plot for House Building

25%

Can pensioners apply for a home loan with PNB?
Pensioners of Central and State government bodies can apply for a home loan under PNB Pride home loan scheme. Contact the bank for more details on the same as the facility may be subject to conditions.
Do the home loan schemes provide financing to buy a plot?
No. The financing is available only if you are purchasing the plot to construct a house. If you just want to purchase a plot, financing will not be provided.
Can I know more about the credit-linked subsidy scheme?
Here is everything you need to know about credit-linked subsidy scheme:
  • The subsidy is available at the rate of 6.5% up to a loan amount of Rs.6 lakh for a tenure of 20 years or during the tenure of the loan, whichever is lower.
  • Subsidy will be available only for a loan amount of up to Rs.6 lakh.
  • An additional loan beyond this amount, if any, will be at non-subsidised rate.
  • The Net Present Value of the interest subsidy will be calculated at a discounted rate of 9%.

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