A home loan is financial aid sought by applicants who need to purchase, renovate or expand their homes. With this secured loan, the borrowers only have to pay a down payment while the remaining amount (upto 90%* on a loan amount lesser than Rs. 30 lakh) is covered by the lender. The total borrowed amount with interest is then repaid to the lender as monthly EMIs.
With over 30 years of industry expertise and customer trust behind us, we offer home loans tailored to your budget and at low interest rates. Whether you are looking to buy a home, build one, or renovate one, PNB Housing’s efficient and easy housing loan can help you get there.
Features & Benefits of Home Loan
- Attractive Interest Rate
With PNB Housing, taking a home loan and repaying it as easy as it sounds, thanks to home loan interest rates starting at as low as 8.75%* per annum for salaried & 8.99%* self-employed individuals. - Home Loan Product Bouquet
A home loan shouldn’t only be restricted to the purchase of a new home. As such, PNB Housing provides seamless and quick loans for everything from home purchase to renovation to construction and home extension. - Home Loan up to a 30-Year Tenure
Longer-term loans allow customers to pay lower EMIs each month and pursue other goals. PNB Housing offers customers 30-year housing loans (up to the age of 70).
- Easy Finance
PNB Housing promises to alleviate the initial financial burden of downpayment. PNB Housing can sanction and finance up to 90% of the house value (percentage funding depends upon the loan amount), implying you only have to arrange money for the remaining 10% to have a dream home finally. - Low Processing Fee
Where most financial institutions and entities are charging 1-2% of the home loan amount as a processing fee, PNB housing charges 0.5% of home loan. - Customer-Friendly Features & Convenience
PNB Housing home loan offers personalized doorstep services and post-disbursement services via an online customer portal and customized eligibility programs to ensure that our customers have a hassle-free loan experience.
Home Loan Eligibility Criteria
PNB Housing is the answer to your search for a rapid, customized, hassle-free, and easy-to-get home loan. It offers a range of incentives for all those wishing to fulfill their goals of owning or building a dream house, with the attractive interest rates available in market.
Whether you are a Salaried individual (Private or Government employee) or a Self-employed Individual, PNB Housing has a clear home loan eligibility criteria and requirements for all types of applicants.
| Age Limit | Applicants should be 21 years or above at the time of applying for a home loan. Age should not exceed 70 years at the time of home loan maturity. |
| Monthly salary/income | INR 15,000 and above |
| Required CIBIL Score | Minimum 611 |
| Work experience for salaried individuals | 3+ years |
| Business continuity for self-employed | 3+ years |
PNB Housing also gives the freedom to use our instant home loan eligibility calculator and home loan EMI calculator to approximate how much home loan you are eligible for, your tenure and pertaining home loan EMI.
Documents Required for Home Loan
The above-listed criteria alone does not make you eligible to apply for a home loan. Based on your occupation and home finance requirements, you will also need to submit the following documents for PNB Housing home loan processing while sharing your Home Loan application:
| For Salaried Employees | For Self-Employed/Professionals |
|---|---|
| Compulsory Documents such as loan application form | Compulsory Documents like loan application form |
| Age Proof | Age Proof |
| Residence Proof | Residence Proof |
| Education Qualifications | Education Qualifications |
| Income Proof which includes salary slips of last 3 months, Form 16 for last 2 years and latest 6 months bank statement | Income Proof pertaining to business and ITR, such as proof of business existence, last 3 years income tax returns, accountant-certified balance sheets, and last 12 months bank account statement |
| Other Documents related to the property such as title, approved plan, etc. | Other Documents such as property title, approved plan, etc. |
How to Apply for Home Loan Online?
Now that you have complete information on PNB Housing home loans, it is time to start applying for them. The below-listed process will help you smoothly fill out the application form and get a call back from the PNB Housing’s customer care representatives:
- Step 1: You have to visit PNB Housing’s “Apply for Loan” page.
- Step 2: Enter your full name in the first option (Please use Name mentioned in any government ID proof i.e. PAN or Adhaar card)
- Step 3: Share your working mobile number for PNB Housing representative to contact you
- Step 4: Click on the options and select your loan amount range needed
- Step 5: Submit your email address, where you want to get detailed information of the home loan application
- Step 6: Select your current location from the options for better reachability from PNB Housing’s end
- Step 7: Click on the box that affirms you have submitted legit details and want to receive notifications about the same before pressing the “Submit” button. You are one step closer to get a Home Loan for your dream home with PNB Housing.
Other options to connect with PNB Housing for Home Loan requirements
PNB housing has other quick touch points as well.
- You can call 1800-120-8800 (Toll Free) to connect with a customer care representative and share your home loan requirements.
- You can also type an SMS stating PNBHFL and send it to 56161
FAQs:
Can a home loan be transferred from one person to another?
Yes, but only if the property owner wishes to sell it to a new buyer. Transferring a house loan from a seller to a buyer requires a formal process. The seller must provide the buyer with a foreclosure letter. If the buyer home loan transfers inside the bank, they must reapply for a house loan and pay the fees.
Can home loan be taken jointly?
You can get a shared house loan with your immediate family member if you want a bigger loan. Home loan are more likely to get approved than individual loan. The income tax exemptions are a big benefit of applying for a joint loan, and the savings are far greater than for a single-name loan.
Can home loan tenure be reduced?
The loan duration can be modified voluntarily on customer’s request. One can always prepay the loan principal amount to reduce the loan tenure. PNB Housing would review your loan statement and recent income statements to rework on the requested loan tenure.
How much tax can I save through a home loan?
Everyone’s dream is to buy a home. The Indian government has long favoured encouraging residents to own homes. It is why a house loan qualifies for an 80C deduction and buying a property with a mortgage has several tax advantages that dramatically cut your tax bill.
What is the best way to apply for a home loan?
You can now call our toll-free number or send an SMS showing your interest in the home loan. Nonetheless, the easy and best way to apply for a home loan is online.
Can I extend my home loan tenure?
The maximum tenure limit of any home loan, including a PNB housing home loan, is 30 years. In this way, if you apply for a home loan for 15 years, you have the chance to extend your loan tenure by discussing the same with your financial institution.
How to take quick approval for a home loan?
Follow these simple steps to ensure that your home loan is approved quickly and painlessly:
- Understand your financial situation.
- Keep your credit score as high as possible, pay off your debts on time.
- Make use of the co-applicant functionality.
- Pay close attention to the supporting application documentation and application form.
- Maintain a timely response time to your lender.
How much time will home loan approval take?
To obtain a home loan sanction, you can opt for a home finance institution’s pre-approval loan process. The loan is usually approved in 5-7 days. However, borrowers’ failure to present property or income papers typically causes delays in the sanction process.
Can I take two home loans at the same time?
Yes, you can have more than one property or residence. But it relies on your earning and the likelihood of paying off debt. You can get financing from the same lender or seek other options. Of course, the possibility of refinancing the loan is always available.
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FAQs
What is the EMI for lakhs home loan? ›
The calculator estimates the principal amount and interest amount, which is to be paid during the tenure. Lowest home loan EMI as of 02 Dec, 2022 is ₹ 734 per lakh. Enter details like loan amount, tenure and interest to calculate the home loan EMI.
Which bank is best in home loan? ›- 1) SBI Home Loan.
- 2) HDFC Home Loan.
- 3) Axis Bank Home Loan.
- 4) ICICI Home Loan.
- 5) Bank of Baroda Home Loan.
- 6) PNB Home Loan.
- 7) LIC Housing Finance Home Loan.
- 8) Aditya Birla Home Loan.
| Instalment details | Tenor of 10 years | Tenor of 15 years |
|---|---|---|
| EMI for Rs. 55 lakh home loan | Rs. 67,605 | Rs. 53,518 |
| EMI for Rs. 60 lakh home loan | Rs. 73,751 | Rs. 58,383 |
| EMI for Rs. 70 lakh home loan | Rs. 86,043 | Rs. 68,114 |
| EMI for Rs. 75 lakh home loan | Rs. 92,189 | Rs. 72,979 |
Fulfil your dream of a home with the lowest interest rates offered by PNB Housing. We have different slabs for home loan interest rate starting at 8.50%for salaried & 8.60%* for self-employed individuals.
What will be the EMI for 7 lakhs? ›7 lakh on an annual interest of 14% for a tenor of two years, the EMI amount will be Rs. 33,609.
What is the minimum salary for home loan? ›Home Loan Eligibility Criteria
Age Limit for Salaried Individuals: 21 to 65 years . Age Limit for Self-Employed Individuals: 21 to 65 years. Minimum Salary: ₹10,000 p.m. Minimum business income: ₹2 lac p.a.
As per the guidelines of RBI, you cannot get 100% home loan from a bank. So, to answer the question: which bank provide 100 percent home loan? ' the answer would be no bank can offer a 100% loan as per the protocol.
Can I get 90 percent home loan? ›Getting a Home Loan
Banks and other lending companies offer loans of up to a whopping 90% of the total value of the house property. The Loan-to-Value ratio is guided by RBI regulations which state that individual housing loans can be funded up to 90% of the value if the total loan is up to Rs. 30 lakh.
For security purposes, lenders do not sanction a mortgage loan with an LTV of 100%. You can avail a maximum of 50% to 60% of the property's present market value as a loan from a lender.
How is 12 month EMI calculated? ›The formula to calculate EMI: E = P x r x ( 1 + r )n / ( ( 1 + r )n - 1 ) where E is EMI, P is Principal Loan Amount, r is monthly rate of interest (For eg. If rate of interest is 14% per annum, then r = 14/12/100=0.011667), n is loan duration in number of months.
How is 3 months EMI calculated? ›
- Formula for EMI Calculation is -
- P x R x (1+R)^N / [(1+R)^N-1] where-
- P = Principal loan amount.
- N = Loan tenure in months.
- R = Monthly interest rate.
- R = Annual Rate of interest/12/100.
75,000 you can increase your eligibility up to a loan amount of Rs. 55.93 Lakh.
Which is better PNB or SBI for home loan? ›As per the current rates, SBI offers a lower interest rate of 8.45% on Home Loan when compared to PNB Housing Finance which offers a Home Loan at 8.50%.
What is flat rate EMI? ›A fixed or flat rate EMI is one where the lending rate, or interest, remains unchanged throughout the tenure of your loan. The interest for the entire loan tenure will be calculated at the start of the tenure itself.
What is the interest rate for houses in 2022? ›On Tuesday, December 06, 2022, the current average rate for the benchmark 30-year fixed mortgage is 7.32%, up 15 basis points over the last week. If you're looking to refinance your current mortgage, today's national average rate for a 30-year fixed refinance is 7.30%, rising 15 basis points from a week ago.
What is the interest on 7 lakhs? ›| Loan amount | Interest Rate | EMI per month |
|---|---|---|
| 2 Lakh | 12.50% | Rs. 5,316 |
| 4 Lakh | 14.00% | Rs. 9,307 |
| 5 Lakh | 12.00% | Rs. 9,775 |
| 7 Lakh | 13.00% | Rs. 14,052 |
| Loan Amount (Rs) | Tenure (years) | EMI (Rs) |
|---|---|---|
| 5 lakh | 1 | 44,191 |
| 5 lakh | 2 | 23,304 |
| 5 lakh | 3 | 16,369 |
| 5 lakh | 4 | 12,923 |
EMIs you can afford
Banks and financial institutions ensure that loan EMIs don't exceed 40-45 per cent of your net salary.
Realistically, it is possible to obtain a home loan without providing proof of income.
Can I get home loan without salary? ›A home loan can be yours even without monthly salary slip.
What is list of documents in home loan? ›
Home Loan applicants need to furnish personal documents, such as Pan Card and Aadhar Card, among others; income-related documents, such as bank account statements; employment/ business-related documents, such as salary slips or profit and loss statements; and property-related documents.
Can I get 85% home loan? ›Home loans in India are given for up to 85 percent of the house value. This means if your dream home is going to cost you Rs. 1 crore, your home loan provider will give you up to Rs 85 lakh. Depending on your home loan eligibility, the bank gives you the ideal money that best suits your situation.
How can I get home loan easily? ›- Know your financial condition. ...
- Pay a higher down payment. ...
- Maintain your credit score. ...
- Utilise the co-applicant feature. ...
- Pay attention to the application form and documents. ...
- Pay attention to errors on your credit report.
A home loan which is financed at 100% means that the borrower does not need to have a down payment in order to purchase a home. This is a great option for borrowers who have a credit score of 720 or higher, but may not have enough saved for a down payment, which can be up to 10% for other types of mortgages.
What does a 90% loan mean? ›Your “loan to value ratio” (LTV) compares the size of your mortgage loan to the value of the home. For example: If your home is worth $200,000, and you have a mortgage for $180,000, your LTV ratio is 90% — because the loan makes up 90% of the total price. You can also think about LTV in terms of your down payment.
Can I take 2 home loans? ›How many home loans can you have? You can have as many home loans in India as you need, as there is no law barring you from servicing only one home loan at a time. If you want to purchase, say, 5 properties at once, you can take 5 different home loans from 5 different lenders.
What is an 80% loan? ›An 80/20 loan was a type of piggyback loan, which is a home loan that's split into two parts. It's called an 80/20 loan because the first part is a mortgage that covers 80% of the home purchase price. The second part is either a home equity loan or a home equity line of credit that covers the remaining 20%.
How can I get home loan from Bank? ›...
Some of the common supporting documents required to get a Home Loan are:
- Residence proof.
- Identity proof.
- Income Tax returns for the past 3 years.
- 6 months bank statements.
- Any other collateral security.
- Property registration papers.
Your monthly income gives lenders a brief idea of your repayment potential. The greater you earn, the higher will be the repayment potential and vice versa. Assuming you don't have any existing debt obligation, the lender can allow the proposed loan EMI to account for upto 50-60% of your net monthly income.
Can I get loan to buy house? ›All the major banks and NBFCs like HDFC Bank, Axis Bank, Punjab National Bank, and DHFL among many other offer land purchase loans, albeit under a different names. These type of loan is available for individuals who are planning to build a house of their own land.
What is the time period of home loan? ›
Usually, the minimum tenure for home loan is 2 years, while the maximum tenure can go up to as much as 30 years.
What is 12 months no cost EMI? ›What does no-cost EMI mean? A no-cost EMI is an offer where you can pay for a product or service in affordable monthly installments with zero interest on your chosen tenure. This means that you are only paying for the total price of the product, with no interest charges.
What is the EMI of 50000? ›| Loan Amount | Rate of Interest | Per Month EMI |
|---|---|---|
| 50000 | 14.00% | Rs. 1,709 |
| 50000 | 15.00% | Rs. 1,733 |
| 50000 | 16.00% | Rs. 1,758 |
| 50000 | 18.00% | Rs. 1,808 |
Credit score: Any instance of missing out on EMI payments will lend a bad impression on your repayment history. The bank will report a default to the credit bureaus and this will reflect negatively on your credit score too.
How is EMIs calculated? ›How is EMI calculated? The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
How is 6 months EMI calculated? ›The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.
How much home loan can I get if my salary is 70000? ›| Net monthly income | Home loan amount |
|---|---|
| Rs. 45,000 | Rs. 37,53,591 |
| Rs.50,000 | Rs. 41,70,657 |
| Rs. 60,000 | Rs. 50,04,788 |
| Rs. 70,000 | Rs. 58,38,919 |
You are eligible for a home loan up to 60 times of your net salary or monthly income. For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs. The lending bank will exclude medical and leave travel allowances, for they are meant for specific purposes.
What percentage of salary should go to home loan EMI? ›The ideal percentage
As a rule of thumb, your home loan EMI should not exceed more than 35% to 40% of your income.
As per the current rates, PNB offers a lower interest rate of 8.80% on loans compared to SBI, which offers a Personal Loan at 10.55%.
Which bank is better axis or PNB? ›
Which is a better bank for Home Loan – PNB or Axis Bank? PNB offers lower Home Loan EMI at ₹ 716 on a Home Loan for 30 Years as compared to Axis Bank with a minimum EMI of ₹ 755 for 30 Years. Average customer ratings for PNB is currently at 3.9/5.0 which makes it a good choice for taking a Home Loan.
Which bank is good PNB or SBI? ›SBI vs PNB: Profitability
The net profit margin shows the profitability of banks. A higher margin is considered ideal. Both the companies have shown a higher trend. However, SBI has maintained a higher margin than PNB.
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
Which loan is best flat or reducing? ›Flat Interest Rate
The financial organization decides on the repayment schedule and decides the EMIs payable by the borrower. It also keeps the total repayment liability fixed for a borrower and helps plan finance beforehand. Flat interest rates effectively remain higher than reducing rates.
The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 10% per annum, then R= 10/12/100 = 0.0083.
Will home rates go down in 2022? ›Mortgage rates could decrease next week (Dec. 5-9, 2022) if the mortgage market takes a cautious approach to a possible recession. However, rates could rise if lenders account for the Federal Reserve continuing to take aggressive measures to counteract the high inflation of 2022.
Will home loan rates decrease in 2022? ›Mortgage rates are likely to continue to rise in 2022. Many factors influence mortgage rates, including inflation, world events, economic crises, personal factors, the Federal Reserve and even bond prices. Even though mortgage interest rates increase, they will still be lower than historical mortgage rates.
What will rates be in 2022? ›Realtor.com Chief Economist Danielle Hale: “For mortgage rates, we're likely to see upward pressure with much less intensity. Mortgage rates are currently near 5.5%, and I expect them to hover between 5.5% and 6% between now and the end of 2022.”
What is the EMI of 12 lakhs? ›| Loan Amount | Rs. 12 lakh |
|---|---|
| Interest Rate | 8.30%* |
| Tenor | 20 Years |
| EMI | Rs. 10,262 |
| Monthly Payment (EMI) | Total Interest Payable in 20 years | Total Payment (Principal + Interest) after 20 years for 20 Lakh of loan amount |
|---|---|---|
| Rs.16,853 | Rs.20,44,837 | Rs.40,44,837 |
What is the EMI for 30 lakhs home loan for 15 years? ›
| Loan amount | Tenure | EMI |
|---|---|---|
| Rs. 30 lakhs | 15 years | Rs. 26, 133 |
| Loan Amount | ₹30,00,000 |
|---|---|
| Rate of Interest | 8.39% p.a. |
| EMI | ₹22,834 |
| Total Interest | ₹52,20,218 |
| Total Repayment | ₹82,20,218 |
For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. Calculating the EMI manually using the formula can be tedious.
Can I buy house in 25000 salary? ›You can get up to Rs. 15 lac home loan if your salary is Rs. 25,000 per month and you fulfill all the criteria mentioned above. Get the maximum home loan amount with NoBroker at the lowest interest rate.
What is the EMI for 5 lakhs? ›For Rs 5 lakh personal loan, the EMI for 1-year loan tenure at an 11.99% rate of interest per annum is ₹ 44,442, 2-year tenure is ₹ 23,534, 3-year tenure is ₹ 16,605, 4-year tenure is ₹ 13,164 and 5-year tenure is ₹11,120.
How can I reduce my EMI on home loan? ›- Opt for a Higher Down Payment. ...
- Choose a Loan With a Longer Repayment Tenure. ...
- Go for a Step-Down EMI Plan. ...
- Consider Taking Loans With Your Existing Bank. ...
- Negotiate With Bank For Lower Rate. ...
- Compare Before You Switch Your Lender. ...
- Full or Part Prepayment Helps Reduce Loan Burden.
If you are a salaried individual, then you can be eligible to get a housing loan up to 60x your net monthly income as a rule of thumb. So, if your net monthly salary is Rs. 15,000, you can get a home loan up to approximately Rs. 9,00,000.
How much home loan can I get on 2 lakh salary? ›You can usually get a home loan that is 60 times your salary. However, lenders do not generally consider your in-hand salary when determining the loan amount. Your in-hand salary may include the list below. Other allowances, etc.
Can I take home loan for 5 years? ›While taking a home loan from a bank or any other lender, amongst other important things, one has to decide the tenure of the loan i.e. the repayment period. Most lenders provide different loan tenure ranging from 5 years to as long as 20 years.
Can I get home loan for 5 years? ›SBI Flexipay Home loan provides an eligibility for a greater loan. It offers customer the flexibility to pay only interest during initial 3-5 years and thereafter in flexible EMIs. This variant of SBI home loan is very useful for young salaried between 21-45 years.