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| Home » Punjab National Bank » Home Loan |
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PNB Home Loan |
PNB Home Loan is specially designed to help low income families and first time home buyers to finance the home of their choice. Punjab National Bank brings regular housing finance scheme for general public. Home loans offered by the bank can be used for construction or purchase of flat and house on the basis of First Power of Attorney from the original allotee. The loan amount can further be used to carry out repairs, additions, alterations, or renovations of existing house or flat. PNB also offers insurance coverage for loan outstanding with the payment of only one time premium.
Punjab National Bank home loan provide up to 75% of the total cost of constructing or purchasing of flat or a house. The home loan scheme also includes cost of car parking area upto a maximum extent of 5% of the overall cost of house. The estimated cost of the home loan project is subject to a maximum of Rs. 20 lacs for purchase of plot or land for construction of a house. Loan amount of upto Rs. 2 lacs is also made available for furnishing of the house. PNB home loans are financed against the mortgage of the property for which the loan is sanctioned.
Punjab National Bank Home Loan Interest Rates
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PNB offers competitive rate of interest for its range of home loan programs. The home loan rates will differ depending on the amount of the loan and the repayment schedule. The following is a chart showing the present home loan interest rates offered by the bank.
| Repayment period |
Fixed Option for loans(Upto 20 lac) |
Fixed Option for loans(Above 20 lac) |
Floating Option for loans(Upto 20 lac) |
Floating Option for loans(Above 20 lac) |
| Upto 5 years |
9.25 |
10.00 |
8.75 |
9.50 |
| Above 5 & upto 10 years |
10.00 |
10.25 |
9.00 |
9.50 |
| Above 10 & upto 20 years |
10.50 |
10.75 |
9.25 |
9.75 |
| Above 20 yrs & upto 25 yrs |
10.75 |
11.00 |
9.50 |
10.00 |
It is mandatory to repay the equated monthly installments of the loan within a maximum period of 25 years or before the home buyer attain the age of 65 yrs. However, the repayment of home loan for renovation and repairs is restricted to only 10 years. The home loan application form is available online on the website of the bank. You can further check the home loan eligibility condition and application status by contacting with the home loan customer care team of the bank.
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