PNB Housing Home Loan
Based on 245 Customer Reviews
Published on: 06 Dec 2018
PNB Housing Finance Limited provides a wide range of loan products. Home loans are offered for the purchase of property, construction, extension and improvement of the house.
The PNB Housing Finance comes with the following home loan products that suit your specific requirements.
Home Purchase Loan: Home purchase loan is meant for the purchase, construction and extension of existing property.
Home Construction Loan: PNB Housing Finance Limited offers home loans for customers who already have their own land and need funds for financing the construction of their home on their land.
Home Extension Loan: PNB Housing Finance Limited offers Home Extension Loans for adding more space to your existing home as per your requirements.
Residential Plot Loan: PNB Housing provides loan for the purchase of residential plot in an urban area for the construction of a house.
Home Loan for NRIs: PNB Housing offers a variety of home loan products to NRIs (Non Resident Indians) and PIOs (Person of Indian Origin) for purchase, construction, extension and improvement of a residential property in India.
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Some key documents like proof of identity, address and income are required to be submitted while applying for PNB Housing Home Loan.
All documents should be self-attested
PNB Housing Finance Interest rates are linked to the benchmark PNBHFR of 8.50% to 9.25% per year.
|Home Loan Scheme||Interest Rate - 1 year MCLR basis|
|Upto 75 lacs||Avobe 75 lacs|
|Women*||MCLR + 0.20%||MCLR + 0.25%|
|Others||MCLR + 0.25%||MCLR + 0.30%|
|PNB Pride*||MCLR + 0.20%||MCLR + 0.25%|
|OD HL||MCLR + 1.40%|
|Home Loan Scheme||Interest Rate - 1-year MCLR basis|
|Fixed Rate – General||Floating +0.50%|
|Fixed Rate - PNB Pride||0.50% + Floating (PNB Pride)|
*Women should be the sole applicant or one of the co-applicants for the Home Loan and also the sole owner or one of the co-owners of the property proposed to be financed by the bank.
**PNB Pride is for Central/State Government Employee/Defence Personnel & Para Military Forces
Note: Rates of interest are subject to change at the sole discretion of PNB Housing.
PNB Housing Finance has come up with Credit Linked Subsidy Scheme (CLSS) for Economical Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG) categories in compliance with Pradhan MantriAwasYojana (PMAY) announced by honorable Prime Minister of India with a mission of home for all by 2022.
Families/individuals are eligible to avail interest subsidy for the purchase, construction, extension and improvement of the housing property under PMAY scheme.
Features & Benefits of PMAY Scheme
|CLSS Type||EWS||LIG||MIG 1*||MIG 2*|
|Household Income(Rs)||0 -3,00,000||3,00,000 – 6,00,000|
6,00,000 – 12,00,000
|12,00,000 – 18,00,000|
|Max Carpet Area (sqm)||30 sqm||60 sqm||120 sqm||150 sqm|
|Purpose of Loan||Home purchase/ construction/ renovation||Home purchase/ construction/ renovation||Home purchase/ construction/ renovation||Home purchase/ construction/ renovation|
|Amount eligible for subsidyupto (Rs)||6, 00,000||6,00,000||9,00,000||12,00,000|
|Maximum subsidy (Rs)||2.67 lac||2.67 lac||2.35 lac||2.30 lac|
|Tenure||20 yrs||20 yrs||20 yrs||20 yrs|
Note: The NPV (Net Present Value) of the subsidy is calculated at a discounted rate of 9%
Documents required for PMAY Scheme
Why should you apply for a home loan from PNB Housing through Afinoz?
Afinoz.com is one of India's leading personalized financial marketplaces. We have created a housing loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.
Free quotations – Get the best online deals on PNB housing home loans and free unbiased quotes on home loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.
Query- Who can apply for an Education Loan from avanse?
Reply- The applicant can apply for an Avanse Education Loan if he/she is:
Query- When can the applicant apply for an education loan from Avanse?
Reply-The applicant can apply anytime for an Avanse Education loan; the disbursement of the loan, however is done once Avanse receives the admission confirmation from the Institute for the course he/she wishes to pursue. Avanse also offers Pre-Admission Loans in case the student has applied or is awaiting confirmation of admission from the university.
Query-What do you mean by the Avanse pre-approved education loan? What is the benefit of taking one?
Reply- Avanse offers a Pre-approved Education Loan, based on the credit worthiness of the applicant/s (parents/ guardian/co-borrower/borrower). A student can use this to present as proof of funds while applying for admissions to different universities/institutes. In fact, with an Avanse Pre-approved Education Loan, an applicant can strengthen his/her case for admission, including the choice of course. It, therefore, makes sense to get a Pre-approval NOW, for a need that may occur later.
Query-How soon must the applicant apply for loan to ensure that he or she gets the fees paid on time during his/heradmission?
Reply-An Applicant should ideally start early. They should start the loan application process as soon as they know what college/institute/university they plan to attend the cost of the course/course fees for the current academic year and, if possible, provide proof of enrolment/admission confirmation. The applicant should allow himself 6 to 8 weeks from the time of the initial application until their school receives the funds.
Query-Can the applicant transfers his/her existing student loan to Avanse?
Reply-Yes, Avanse offers balance transfer facilities at competitive pricing.
Query- If the loan request has been rejected by Avanse once, can the applicant apply again?
Reply-Yes, the applicant can apply for an Avanse education loan once again. However, it is important that he/she fulfills all the documentation and compliance requirements before re-applying.
Query- If the applicant does not have a consistent record of first class in academics but has secured an admission with a reputed institute, will Avanse give him/her an education loan?
Reply-Yes, a good academic record is preferred as it shows the student’s level of commitment to his/her curriculum and career, thus giving us the confidence to finance his/her career aspirations. However, this is not the only parameter used to evaluate the loan eligibility.
Query-Does Avanse fund for admission acquired through payment seats?
Reply-Yes, Avanse finances courses for admissions secured through payment seats/ management quotas.
Query-Does Avanse Education loan fund part-time, correspondence or online program?
Reply-Avanse focuses on enabling your future and hence they do fund aspirants pursuing higher education through part-time, correspondence or online programs. However, Avanse must recognize the course as per norms prescribed and regulated by the management at Avanse Education Loans.
Query-What are the costs covered by an Avanse Education Loan?
Reply-An Avanse education loan provides the maximum loan amount i.e. 100% of the cost of education. It covers the following expenses that arise in your higher education commitments:
Query-What does margin amount mean and how much is it at Avanse?
Reply-Margin amount is the amount that the applicant pays through his own source as a down payment or his own contribution towards the education. However, Avanse does not ask for margin money as their loans are designed to provide 100% funding of the cost of education.
Query-What is a holiday/moratorium period?
Reply-Holiday period or moratorium is the tenure, which commences from the disbursal of the loan to the time the borrower makes his/her first Equated Monthly Installment (EMI) payment. The repayment does not start during this period. A holiday period is a maximum time a student gets before he/she can start paying back the principal loan in the form of EMIs