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PNB Home Loan- Avail Loan for your Dream House!

Updated on April 21, 2024 , 27920 views

Punjab National Bank, commonly known as PNB, is a banking and financial service bank owned by the Government of India. On 1 April 2020, the bank merged with United Bank of India and Oriental Bank of Commerce, making PNB as the second largest public sector bank in India. Currently, the bank has over 10,910 branches and 13,000+ ATMs across India.

PNB Home Loan

PNB offers various products and services in order to serve financial needs of people, and PNB home loans is one of them. The Home Loan helps customers to own their dream house at attractive interest rates. Read on to know in detail about PNB housing loans.

Type of PNB Housing Loan

1. PNB Max-Saver - Public Scheme

PNB Max-Saver is a housing finance scheme for the public. It provides an advantage to the borrowers to make significant savings on interest by depositing the surplus funds in the overdraft account. They can later withdraw the same as per their needs. Customers can avail the scheme for all purposes, except for purchase of the plot.

An existing housing loan borrower who wishes to avail the loan under the variant should have a regular home loan account, no outstanding inspection irregularity and repayment should be started in the account.

Particulars Details
Loan Amount Minimum- Rs. 10 lakh.
Interest Rate 7% p.a. onwards
Loan Tenure Up to 30 years
Margin As per housing finance scheme for public
Eligibility Prospective borrower- As per PNB existing housing loan scheme. Existing borrower- Where complete disbursement has made

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2. PNB Pride Housing Loan - Government Employees

The objective of this scheme is to offer financial help to the government employees for buying their dream home at attractive rates. This provides the loan to construct, purchase or carry out addition to a house or Flat. It also includes carrying out repairs, renovation, alterations, purchase of Land or plot.

This scheme gives various benefits for the government employees as mentioned in the table below-

Particulars Details
Eligibility Individuals or group of individuals, Salaried employees, Professionals, self-employed, businessman, farmers, etc
Loan Quantum Purchase of land/plot for house building: Maximum Rs. 50 lakh. Repairs/renovation/alterations: Maximum Rs. 25 lakh
Margin (borrower’s contribution) 1) Housing loan up to Rs. 30 lakh- 15%. 2) Housing loan between Rs. 30 lakh to 75 lakh- 20%. 3) Housing loan above Rs. 75 lakh- 25%. 4) Purchase of land/plot for house building- 25%.
Repayment Loan for renovation/ alteration: Maximum- 15 years inclusive of the moratorium period. Loan for others purpose: Maximum- 30 years inclusive of the moratorium period

3. Housing Loan for Public

The objective of this PNB home loan is to provide credit with attractive interest rates. You can take loan for various purposes, such as -:

  • Construction a house or flat
  • Purchase of a house or flat
  • You can purchase an under construction flat or any approved private builder project. Also, you can buy development authorities and cooperative societies.
  • Purchase land or plot for house building
  • You can carry out renovations and alterations of your house

Particulars Details
Eligibility Individuals or group of individuals, Salaried employees, Professionals, self-employed, businessman, farmers, etc.
Loan Quantum Purchase of land/plot for house building: Maximum Rs. 50 lakh. Repairs/renovation/alterations: Maximum Rs. 25 lakh
Margin (borrower’s contribution) 1) Housing loan up to Rs. 30 lakh- 15%. 2) Housing loan between Rs. 30 lakh to 75 lakh- 20%. 3) Housing loan above Rs. 75 lakh- 25%. 4) Purchase of land/plot for house building- 25%
Repayment Loan for renovation/ alteration: Maximum- 15 years inclusive of the moratorium period. Loan for others purpose: Maximum- 30 years inclusive of the moratorium period

4. PMAY Housing Loan for all

Pradhan Mantri Awas Yojana (PMAY) scheme is to provide housing loan to the individuals from Economically Weaker Section (EWS) and Low Income Group (LIG) category with attractive rates.

Under this scheme, you can construct a new room, kitchen toilet, etc. Let’s look at some of the best features of the PMAY housing loan-

Particulars Details
Eligibility EWS households- Annual income up to Rs. 3 lakhs are eligible for house size with carpet area up to 30 square meter. LIG households- Annual income above Rs. 3 lakhs and up to Rs. 6 lakhs are eligible for house size with carpet area up to 60 square meter
Beneficiary Family In the family, anyone should not own the pucca house in any parts of India
Loan Quantum Maximum Rs. 30 lakh
Margin (borrowers contribution) 1) Loan up to Rs. 20 lakh - 10%. 2) Loan up to Rs. 20 lakh and up to Rs. 30 lakh- 20%
Credit linked subsidy 1) 6.5% up to the loan amount for the tenure of 20 years. 2) Subsidy available only for loan amount up to Rs. 6 lakh. 3) The net present value of the interest subsidy will be calculated at a discount rate of 9%. 4) Maximum subsidy amount Rs. 2,67,280

5. PMAY housing loan for all-MIG

Pradhan Mantri Awas Yojana provides housing loans to individuals from Middle Income Group (MIG) I and II categories with attractive rates. Under this scheme, you can construct a house including re-purchase with the area of 160 meters and 200 square meters.

The scheme focuses to render a house for all below are the features of PMAY housing loan for all -

Particulars Details
Eligibility MIG I households- Annual income above Rs. 6 lakh up to Rs. 12 lakh and house size with carpet area up to 160square meter is eligible. MIG II households- Annual income above Rs. 12 lakh up to Rs. 18 lakh and house size with carpet area up to 200 square meter
Beneficiary Family In the family, anyone should not own the pucca house in any parts of India. A married couple is allowed for the joint ownership for a single house
Margin (borrowers contribution) 1) Loan up to Rs. 75 lakh- 20%. 2) Loan above Rs. 75 lakh- 25%.

Credit Linked Subsidy for PMAY

Particulars MIG I MIG II
Interest Subsidy 4% p.a. 3% p.a.
Maximum loan tenure 20 years 20 years
Eligible Housing Loan Amount for Interest Subsidy Rs. 9 lakh Rs. 12 lakh
House unit carpet area 160 Sq.m 200 Sq.m
Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%) 9% 9%
Maximum Subsidy Amount Rs.2,35,068 Rs.2,30,156

6. PNB Gen-Next Housing Finance Scheme For Public

This scheme provides housing finance to salaried borrowers such as IT professionals, PSBs/PSUs/Govt.employees.

Under this scheme, you can purchase a flat, contract a flat and purchase an under-construction flat approved by builder.

Particulars Details
Eligibility Single borrower- 40 years. Multiple borrowers- Between 40-45 years
Coverage 1) Salaried employees with a minimum of 3 years of experience. 2) Co-borrower will also be a salaried class
Monthly Income Rs. 35000 (monthly net salary)
Loan Quantum Minimum amount- Rs. 20 lakh. Maximum amount- Based on need
Repayment period 30 years
Moratorium Under the construction of flat up to 36 months and maximum up to 60 months

PNB Housing Customer Care

You can resolve your PNB housing loan related queries or complaints by contacting the bank in the following ways numbers:

PNB Customer Care Toll-Free Numbers

  • 18001802222
  • 18001032222

PNB Home Loan Customer Care Number

  • 0120-2490000
  • 011-28044907
Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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