Punjab National Bank (PNB) is a nationalized bank that offers a number of loan products to a number of people. Some of the home loan products that the bank offers to its customers are home loan improvement loans, home extension loans, loans for purchase of commercial property, loan for construction of plots, loans for property developers, etc. Features of PNB home loans are:
• Loan Amount: PNB offers home loans upto 5 crores to eligible customers. Higher your credit score higher will be your eligibility to avail home loan at PNB. Home loans are granted for upto 90% of the total cost of the property.
• Rate of interest: PNB charges 8.80 to 8.90% rate of interest at a fixed rate of interest. The bank offers home loan at 8.90 to 9.60% interest rate on a floating rate of interest basis.
• Loan Tenure: You can borrow home loan for loan tenure of 360 months depending on your choice and repay the loan by paying in smaller EMIs.
• Processing Fee: the bank takes a one-time processing fee of Rs. 10,000/- for processing your home loan.
• Fore-closure charges: if you wish to close your loan account at any point of time during your loan tenure you will not be fined in form of any fore-closure penalty.
• Home Loan Balance Transfer: if you have an existing home loan where you are paying higher rate of interest you can apply for home loan balance transfer and repay in smaller EMIs.
• You can apply for “Home Loan Holiday Period” at PNB. By making use of this facility you can borrow the loan for purpose of construction of your home, renovation, expansion, etc. and repay after the construction has been completed for whichever purpose you want to obtain home loan and payback after the completion of the purpose for which you have availed home loan or pay after 18 months from the date of sanction of the loan; whichever is earlier.
Eligibility to apply for home loan at PNB:
• Any salaried/self-employed individual is eligible to avail home loan at PNB
• Eligibility to apply for home loan can be enhanced by clubbing income of your partner or spouse to avail higher loan amount as a home loan.
• The borrower should draw a minimum monthly income of Rs.12,500/- per month. If you do not have anyone whose income you can club over you can plan to do so and get higher home loan amount. even spouse.
Documents that are required to avail PNB Home Loan:
✔ Application form along with a recent photograph.
✔ Residence proof
✔ Identity Proof
✔ Last three months salary slip
✔ 2 years ITR certificate
✔ Proof of employment for salaried and Business continuity proof for self-employed professional
✔ Latest bank statements of atleast 6 months where your salary is being deposited.
Apply for PNB Home loans at Letzbank and avail waiver on Service Fee on all applications submitted online.