Choosing the Right Home Loan: A Detailed Analysis of PNB vs Axis Bank

Are you planning to take out a home loan? If yes! Then this article is definitely for you. In India, you can find multiple sources to take home loans, be it financial institutions or banking and non-banking firms. If you are exploring banking options for home loans, PNB and Axis bank are the most preferred choices among borrowers. But which one to select? Let’s look at the brief comparison between the home loans provided by these two banks.

PNB Home Loan

Punjab National Bank (PNB) offers a variety of home loan options to individuals to purchase, construct, or renovate a house. The bank offers different home loans such as PNB Housing Finance Limited, PNB Grih Home Loans, PNB Affordable Home Loans, PNB Home Improvement Loan and PNB Home Extension Loan. The loan amount, interest rate, and repayment tenure vary depending on the type of loan and the borrower’s profile. Individuals can apply for a PNB home loan online or by visiting a PNB branch.

Punjab National Bank provides home loans to individuals who have a regular income source, i.e., salaried, self-employed, professionals, farmers, entrepreneurs, etc. 

  •  The PNB Gen-Next Housing Finance Scheme’s maximum age for eligibility is 50 years, with a minimum net monthly income of Rs.35,000 and a minimum of 3 years of experience. 
  • Punjab National Bank’s home loan repayment tenure goes up to 30 years. The younger an individual is when they take the loan, the longer will be their repayment tenure and vice versa. The most eligible tenure in keeping with the age at which an individual starts the mortgage reimbursement is given under.
  • The Home Loan Eligibility Calculator provided by PNB Housing can be used to determine your eligibility for a home loan. It takes your info and compares them with the specific standards required for obtaining a Housing loan of a positive amount in its often up to date database. PNB Housing has introduced a unique programme to ensure that housing loans are readily available to those in the Economically Weaker Section (EWS) and Low Income Group (LIG) categories at low interest rates.
  • This scheme provides a lower interest rate for home loan seekers from the EWS & LIG category. Additionally, the loan amount for this scheme is increased to 8 Lakhs from the existing 5 Lakhs.
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Axis Bank Home Loan

Similarly, Axis Bank also offers home loans to individuals to purchase, construct, or renovate a house. The bank offers different home loans such as Axis Bank Home Loans, Axis Bank Affordable Housing Loans, and Axis Bank Home Improvement Loans. The loan amount, interest rate, and repayment tenure vary depending on the type of loan and the borrower’s profile. Some features of the Axis Bank home loan include flexible repayment options, minimal documentation, and quick disbursal. Individuals can apply for an Axis Bank home loan online or by visiting an Axis Bank branch.

  • The Axis Bank home loan eligibility criteria require that applicants be above 21 years of age and in permanent service in the government or a reputable company. 
  • Salaried individuals and professionals meeting the criteria can apply for up to Rs. 75 lakhs for a home loan. In comparison, self-employed individuals can borrow up to Rs. 75 lakhs or less with no credit check required. Home loan borrowing limits are based on the applicant’s monthly income and the amount of equity in the purchased property. The minimum home loan amount is Rs. 3 lakhs and the bank offers a range of margin options for loans above that amount. Loan approval is usually granted in 5 days, provided that all required documents are submitted. 
  • Axis Bank offers a home loan eligibility calculator that helps determine the approximate loan amount you will be eligible for. The eligibility based on the salary calculator determines the loan amount you will be eligible for, depending on your credit score and other factors. The maximum loan tenure an applicant will be eligible for is primarily based on the applicant’s age. The margin and pre-payment charges for Axis Bank home loans are not applicable. 
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The bank also offers a home loan balance transfer option on your existing home loans. The documents required for the Axis Bank home loan application are an Aadhaar card, driving licence, voter ID, and electricity bill.

Choose the Best Home Loan

Choosing the right home loan can be difficult, and comparing the offerings from Axis Bank home loan and PNB Home loan can help you make the best decision for your situation.

Interest Rate

Both banks offer attractive interest rates, and the choice between them will depend on the individual’s specific requirements. Axis Bank offers home loans with reasonable interest rates for up to 30 years, starting at 8.75% p.a. PNB also offers home loans with reasonable interest rates, starting at 8.80% p.a.

Processing Fees

Both banks have similar interest rates and processing fees, but the PNB home loan may have a slight edge in terms of the loan amount, as it offers up to 90% of the property value, while Axis Bank offers up to 80%. It is best to check with the banks for the most current and accurate information and compare the offers based on your requirement.

Additional Benefits

Axis bank offers several benefits such as longer-term, appealing interest rates, a simple application process and flexible terms. Similarly, PNB bank offers several benefits, including lower processing fees, flexible repayment options, and the ability to get 100% financing. 

Ultimately, the decision should be based on the individual’s specific needs and requirements, and comparing the two banks’ offerings can help determine which bank is the better fit.

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In conclusion, it can be said that both PNB home loan and Axis Bank home loan offer competitive home loan terms, with Axis Bank offering higher loan amounts and longer repayment tenures. However, PNB has a special scheme for Economically Weaker Section and Low Income Group customers with lower rates of interest and a Home Loan Eligibility Calculator, which helps customers determine their loan eligibility. Thus, it is advisable to research and compare the various available home loan options before deciding.

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  • Home Loan Interest Rates September 2023
    Axis Bank8.75% - 9.15%
    Bank of Baroda8.50% - 10.60%
    Citibank8.75% - 9.15%
    HDFC8.50% - 9.40%
    ICICI Bank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank8.85% - 9.40%
    LIC Housing8.50% - 10.50%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance8.50% - 10.95%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI9.10% - 9.65%
    Tata Capital8.95% - 12.00%
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