Punjab National Bank Home Loan Interest Rate

The Punjab National Bank is the country's second-biggest bank, and it has been operating since the year 1894. During the history of the bank, seven banks have merged with it, and it has become stronger in network and growth. The Punjab National Bank also offers its customers home loans.

Punjab National Bank Home Loans

Financing home purchases, construction, and renovation have been tedious, but PNB customers can use the PNB home loans for this purpose. Since it is also one of the country's most reputed home loan offers, it has also been providing the best rates for eligible clients for over thirty years. 

Punjab National Bank provides a variety of home loan schemes at competitive rates beginning at 7.75% p.a. and up to Rs.1 crore. You have the choice of extending the repayment period to 30 years (maximum). The applicable processing fee is 0.35% of the loan amount plus GST. PNB offers subsidized rates to EWS, LIG, and MIG applicants under the PMAY scheme.

Punjab National Bank, one of the country's public sector banks, provides a variety of home loans. PNB Max Saver, PNB Gen-Next Housing Finance, and PNB Pride Housing Loan are some of the housing loans available. The bank provides home loans up to Rs.75 lakh at competitive interest rates.

Punjab National Bank Home Loan Interest Rate Based on CIBIL Score

Here are the interest rates of PNB home loans based on CIBIL score:

CIBIL Score

Interest Rates

>800

7.50%

>775 to 799

7.55%

>750 to <775

7.70%

>725 to < 750

8.00%

>700 to < 725

8.30%

>650 to < 700

9.40%

upto 650

9.60%

NTC CIBIL <170

9.65%

NTC CIBIL >=170

8.95%

This PNB home loan interest rate is for salaried persons.

PNB Home Loan Interest Rate for Max Saver Plan

Here are the interest rates for a max saver plan from the Punjab National Bank:

CIBIL Score

Interest Rates

>=550-649

8.85%

650-699

8.35%

700-749

8.25%

750 and above

8.05%

PNB Pride

8.05%

These PNB housing finance interest rates are for salaried persons.

Types of PNB Housing Loan Scheme

The Punjab National Bank offers its clients different types of home loans, and they are-

Home Purchase Loan

This loan is intended to be used to purchase a residential property in India.

Home Improvements

This includes the renovation, upgrade, repair, flooring, water-proofing, false ceiling, woodwork, tiling, plumbing, and electrical work of a previously owned house.

Home Construction

This will provide financial assistance for the construction of residential house property on one's own, particularly for those who already own land and intend to build a house on it.

Home Extension

This loan can be used to add a room or area to your house to accommodate a growing family.

NRI Home Loans

Home loan solutions for NRIs and PIOs can be utilized to buy or build a new home. It can also be used for renovating and repairing residential homes, but only in India.

Unnati Home Loans

These loans offer a quicker loan disbursement process and a maximum loan amount of Rs.25 lakh (subject to 90% of the property's market value). Interest rates begin at 10.75%.

Residential Property Loan

This is for obtaining a residential plot in order to build a house in a city.

PNB PMAY Home Loan Scheme

This is a Credit Linked Subsidy Scheme (CLSS) for members of society's Lower Income Group (LIG), Middle Income Group (MIG), and Economically Weaker Section (EWS).

Eligibility for the Punjab National Bank Home Loan

  • Individuals need to be more than 21 years and not more than 70 years at the time of maturity.
  • Employees of the government.
  • Salaried employees - with a minimum salary of Rs. 15,000 and more.
  • Professionals with more than three years of experience.
  • Businessmen with more than three years of experience.
  • Farmers
  • Self-employed persons with more than three years of experience.
  • CIBIL score higher than 611.

The Documents that are Needed for a Home Loan from the Punjab National Bank

The documents given below need to be kept along while applying for a home loan from the Punjab National Bank:

  • Residential Proof - Telephone bill, election card, ration card, driver's license, or statutory authority-issued certificate.
  • Age Proof - PAN Card, passport, or a relevant certificate from the statutory authority.
  • Educational Proof - degree certificate for professionals.
  • Income Proof - Income tax returns of the past three years, balance sheets certified by a CA, a Profit and Loss account, bank statements, business profile, or proof of business existence.
  • Application form
  • Cheques for processing.

Fees and Charges for the Punjab National Bank Home Loan

  • Processing Fee - 0.35%
  • Documentation Charges - Rs 1,350
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