Building or buying a home is one of the achievements in our life. In a world where a common man, who has to take care of the family, finds it difficult to buy a dream home. But, with the provision of home loans, it gets so much easier. PNB home loans are offered by both the bank and its extended housing finance company – PNB Housing Finance Limited.
With the approach to help people live under their own shelter, PNB has won the hearts of its customers. The housing finance company provides funds for various purposes which you will read in this article. Just like any other financial institution, PNB home loans are also given on the basis of the eligibility criteria which is subject to change with profession. Read more to know all the details of the housing loan offered.
For what purposes can you get this loan?
As mentioned above, you can get fund for various purposes as mentioned below:
- For construction of house/ flat
- For purchase of built house/flat
- For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects.
- For carrying out Additions to the house/flat
- For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat
- For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers
- For purchase of land/plot for house building
PNB HFL Home Loan Schemes
PNB Housing Finance Limited facility home loans under the following schemes:
- Home Purchase Loan-Your age should not be more than 70 years at the time of loan maturity.
- Home Construction Loan
- Home Extension Loan
- Home Improvement Loan
- Residential Plot Loan
- Loan for NRIs
- Unnati Home Loans
- Pradhan Mantri Awas Yojana
The documents required to apply for a home loan at PNBHFL are as follows:
- Duly filled Application Form with Photograph
- KYC Documents including Aadhar or PAN card of applicants
- Education qualifications – Latest
- Latest Salary-slips for 3 months for Salaried Employees or Certificate & Proof of business existence along with Business Profile for Self Employed professional
- Form 16 for last 2 years for Salaried employees or Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant for self-employed professional
- Last 6 months Bank Statements (salary account) for salaried employees or Last 12 months Bank Account Statements (self & business) for self employed professional
- Processing Fee Cheque in favour of ‘PNB Housing Finance Ltd.’
- Self-declaration from the customer for family income
- Affidavit on requisite stamp paper on Ownership of property in case of construction or extension loan.
- Photocopy of Title Documents of the Property, Approved Plan
PNB Home Loan Interest Rates
At present, the interest rate available for housing loans ranges from 8.40-8.99% per annum. Eligible candidates are given preference for a lower rate of interest. If your CIBIL score is 650 or above and your property is in good location.
Once you go through the details, you can also check EMIs that you will pay for the loan. It will help you manage your other finances accordingly and make it easier for you to repay your loan.