PNB Housing Finance Ltd Home Loan

Highlights

  • Check eligibility and interest rates July 2020 ranging from 8.60% - 9.45%

  • Know how can you apply online for PNB HFL home loan and get instant approval

In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

About PNB HFL Home Loan

PNB Housing Finance Ltd offers low-interest rate and a flexible tenure option on home loans. The housing finance company uses a customer-friendly approach and makes it easy for the borrowers to repay the loan. To check housing loan interest rates July 2020 and more about the product, read the details on this page.

  • Competitive PNB HFL rates
  • Maximum loan amount option
  • Minimum income criteria
  • PMAY scheme
  • Faster processing of loans for Self Employed and Self Employed Professionals
  • Various Surrogate Programmes available to meet the requirement of customers

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    PNB HFL Home Loan Interest Rate July 2020

    ParticularsDetails
    Home Loan Interest Rate8.60% - 9.45%
    Loan Amount 75%-90% of the market value
    TenureUp to 30 years
    Processing FeesINR 10,000 plus GST

    PNB HFL Retail Home Loan Interest Rates

    Credit Score (Irrespective of Loan Amounts)Normal Home Loans“UNNATI” Home Loans
    Salaried/Self-employed ProfessionalsSelf-employedSalaried/Self-employed ProfessionalsSelf-employed
    Home Loans/NRPL under Unnati Program
    Less Than Zero9.25%9.45%10.75%12.00%
    Upto 6509.25%9.45%
    >650 to <7008.95%9.15%
    >700 to <7508.85%9.05%
    >750 to <8008.75%8.95%
    >=8008.60%8.85%
    • Cases approved under Banking, LIP and Rental Income Program will be charged 0.50% higher rates above the existing grid (except Unnati cases).
    • Plot Purchase (not classified as Plot Purchase + Construction) will be charged 1% higher rates above the existing “Home Loan” grid.
    • Home Improvement Loan up to 25% of the IHL sanction amount will be priced at “Home Loan” card rates.
    • Stand-alone Home improvement loans up to INR 25 Lakh will be at “Home Loan” card rates.
    • Home Extension (HEL) will be at Home Loan Rates of interest.
    • Top-up Loans will be priced as per the card rates of “Non-Home Loan”.

    How to apply for PNB HFL Home Loan Online?

    You can apply for the loan at Wishfin, an online portal where you can compare different home loan offers and choose the best one for you. Wishfin experts help you in getting the lowest possible rate. So, apply online at Wishfin to get hassle-free home loans.

    PNB HFL Home Loan Repayment Options

    Step Up EMI – This type of repayment takes into account an assumption regarding the expected growth in your income. So, you can get a higher loan amount and pay lower EMIs in the initial years. Afterward, the EMI increases in proportion with the assumed rise in your income.

    Tranche EMI – In the case of buying an under-construction property, one normally has to service the interest on the loan amount drawn till the final loan disbursement and pay EMIs afterward. However, if you want to pay the principal immediately, you can use the tranche-based EMI system wherein you need to pay EMIs on the cumulative loan amount.

    Good News! PNB HFL Starts Sanctioning Home Loans Online

    The ongoing lockdown, which has continued for more than 2 months, has lowered business volumes for banks and financial institutions offering home loans and other lending products because of the weak demand. But as the lockdown restrictions are getting eased, lenders like PNB Housing Finance have started providing a helping hand to customers seeking a home loan. Yes, the housing finance firm has started sanctioning home loans of eligible applicants online. You need to provide personal and income details so that the lender can present you with an offer. The lender will check the eligibility and give you the loan offer once you are found eligible for the same. Once you give your acceptance to the deal, PNB HFL will sanction the loan amount. The disbursal will happen after the legal and technical teams send their respective report to the lender.

    PNB Housing Finance EMI Calculator

    With the help of EMI calculator, you can calculate your monthly installments on your home loan instantly. The calculator takes into account the loan amount, tenure and interest rate to compute the EMI. Since it’s monthly EMI calculation, the calculator converts the annual interest rate into the monthly interest rate before giving the results. You get the payment details of EMI, the total interest outgo, and the total repayment amount (interest+principal). Below is an example for your reference.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 20,00,0008.25%1₹ 1,74,208₹ 90,498₹ 20,90,498
    ₹ 20,00,0008.25%2₹ 90,683₹ 1,76,387₹ 21,76,387
    ₹ 20,00,0008.25%3₹ 62,904₹ 2,64,531₹ 22,64,531
    ₹ 20,00,0008.25%4₹ 49,061₹ 3,54,923₹ 23,54,923
    ₹ 20,00,0008.25%5₹ 40,793₹ 4,47,550₹ 24,47,550
    ₹ 20,00,0008.25%6₹ 35,311₹ 5,42,401₹ 25,42,401
    ₹ 20,00,0008.25%7₹ 31,422₹ 6,39,458₹ 26,39,458
    ₹ 20,00,0008.25%8₹ 28,528₹ 7,38,702₹ 27,38,702
    ₹ 20,00,0008.25%9₹ 26,297₹ 8,40,112₹ 28,40,112
    ₹ 20,00,0008.25%10₹ 24,531₹ 9,43,663₹ 29,43,663
    ₹ 20,00,0008.25%11₹ 23,101₹ 10,49,328₹ 30,49,328
    ₹ 20,00,0008.25%12₹ 21,924₹ 11,57,077₹ 31,57,077
    ₹ 20,00,0008.25%13₹ 20,942₹ 12,66,879₹ 32,66,879
    ₹ 20,00,0008.25%14₹ 20,111₹ 13,78,700₹ 33,78,700
    ₹ 20,00,0008.25%15₹ 19,403₹ 14,92,505₹ 34,92,505
    ₹ 20,00,0008.25%16₹ 18,793₹ 16,08,256₹ 36,08,256
    ₹ 20,00,0008.25%17₹ 18,264₹ 17,25,914₹ 37,25,914
    ₹ 20,00,0008.25%18₹ 17,803₹ 18,45,438₹ 38,45,438
    ₹ 20,00,0008.25%19₹ 17,398₹ 19,66,786₹ 39,66,786
    ₹ 20,00,0008.25%20₹ 17,041₹ 20,89,915₹ 40,89,915
    ₹ 20,00,0008.25%21₹ 16,725₹ 22,14,781₹ 42,14,781
    ₹ 20,00,0008.25%22₹ 16,444₹ 23,41,339₹ 43,41,339
    ₹ 20,00,0008.25%23₹ 16,194₹ 24,69,542₹ 44,69,542
    ₹ 20,00,0008.25%24₹ 15,970₹ 25,99,345₹ 45,99,345
    ₹ 20,00,0008.25%25₹ 15,769₹ 27,30,701₹ 47,30,701
    ₹ 20,00,0008.25%26₹ 15,588₹ 28,63,562₹ 48,63,562
    ₹ 20,00,0008.25%27₹ 15,426₹ 29,97,882₹ 49,97,882
    ₹ 20,00,0008.25%28₹ 15,279₹ 31,33,613₹ 51,33,613
    ₹ 20,00,0008.25%29₹ 15,146₹ 32,70,708₹ 52,70,708
    ₹ 20,00,0008.25%30₹ 15,025₹ 34,09,120₹ 54,09,120

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 15,896₹ 1,64,408₹ 19,84,103
    2₹ 17,258₹ 1,63,046₹ 19,66,845
    3₹ 18,737₹ 1,61,567₹ 19,48,108
    4₹ 20,342₹ 1,59,961₹ 19,27,765
    5₹ 22,086₹ 1,58,218₹ 19,05,679
    6₹ 23,978₹ 1,56,325₹ 18,81,700
    7₹ 26,033₹ 1,54,271₹ 18,55,667
    8₹ 28,264₹ 1,52,040₹ 18,27,402
    9₹ 30,686₹ 1,49,618₹ 17,96,716
    10₹ 33,315₹ 1,46,988₹ 17,63,400
    11₹ 36,170₹ 1,44,133₹ 17,27,229
    12₹ 39,270₹ 1,41,034₹ 16,87,959
    13₹ 42,635₹ 1,37,668₹ 16,45,323
    14₹ 46,289₹ 1,34,015₹ 15,99,034
    15₹ 50,255₹ 1,30,048₹ 15,48,779
    16₹ 54,562₹ 1,25,742₹ 14,94,216
    17₹ 59,237₹ 1,21,066₹ 14,34,979
    18₹ 64,314₹ 1,15,990₹ 13,70,665
    19₹ 69,825₹ 1,10,479₹ 13,00,839
    20₹ 75,808₹ 1,04,495₹ 12,25,031
    21₹ 82,304₹ 97,999₹ 11,42,726
    22₹ 89,357₹ 90,946₹ 10,53,368
    23₹ 97,014₹ 83,289₹ 9,56,353
    24₹ 1,05,328₹ 74,976₹ 8,51,025
    25₹ 1,14,354₹ 65,950₹ 7,36,671
    26₹ 1,24,153₹ 56,150₹ 6,12,517
    27₹ 1,34,792₹ 45,512₹ 4,77,725
    28₹ 1,46,343₹ 33,961₹ 3,31,382
    29₹ 1,58,883₹ 21,420₹ 1,72,498
    30₹ 1,72,601₹ 7805₹ 0

    PNB Home Loan Documents Required

    You need to submit the following documents by the time you apply for housing loans at PNB HFL

    • Duly filled Application Form with Photographs
    • KYC Documents including Aadhar or PAN card of applicants
    • Latest Education Qualification certificates
    • Last 3 Months Salary-slips for Salaried Employees or Certificate & Proof of business existence along with Business Profile for Self Employed professionals
    • Form 16 for last 2 years (Salaried) 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 professionals
    • 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 favor of ‘PNB Housing Finance Ltd.’
    • Self-declaration from the customer regarding the family income
    • Affidavit on requisite stamp paper showing your ownership of the property in case you’re going for a construction or extension loan.
    • Photocopy of Title Documents of the Property, Approved Plan

    PNB Housing Loan Processing Fee

    The processing fee applicable on home loans is a one-time payment. This fee attracts GST as well which is presently 18%. The processing fee on a home loan at PNB HFL is presently ₹10,000/- plus GST.

    PNB HFL Home Loan Schemes

    PNB Housing Finance Limited offers 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

    Home Improvement Loan

    You can take the home improvement loan from PNB HFL for the following purposes:

    • Complete renovation of already owned residential property
    • Upgradation
    • Repairs of your house/flat
    • External & internal repairs/paint
    • Waterproofing & roofing
    • Tiling and flooring
    • Plumbing & electrical work
    • False ceiling & woodwork (fixed to the building)

    Features of Unnati Home Loans

    • Maximum loan amount of up to ₹25 lakh, subject to 90% of the market value of the property
    • Attractive rates of interest
    • Option of fixed rate for 3, 5 and 10 years to protect you from the market fluctuations
    • Robust service delivery model – door step services ensure fast approval & disbursal of loans
    • PAN India branch network

    Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS)

    PMAY-CLSS scheme comes with the following features –

    • Interest subsidy benefit is calculated for 20 years
    • Benefits available for the first property purchase
    • Applicants should be of immediate family including self, spouse, and unmarried children only
    • Women Ownership is mandatory under EWS & LIG category for purchase of a new house

    PNB Home Loan Eligibility

    Below is the eligibility required to apply for different types of PNB HFL housing loans.

    NRI Home Loans Eligibility Criteria

    • You should be an Indian citizen or a Person of Indian Origin (PIO) holding an Indian passport with the status of NRI on deputation/ employment/ assignment.
    • You should be working for at least one year in a foreign country before seeking a house loan.
    • The condition of minimum service over one year shall not apply to people going abroad on deputation.
    • Your age should not be more than 70 years at the time of loan maturity.

    Eligibility Criteria for Unnati Home Loans

    Only the below-listed people can apply for Unnati Home Loans:

    • An individual with any Professional Degree/Diploma/Post-Graduate Degree/ITI etc.
    • An employee of local and stable business entities like Petrol Pumps, Restaurants, Jewellery shops, Garment shops, etc. The employer’s business can be a proprietorship/partnership/private limited/limited company/trust etc.
    • An individual who is earning a fixed minimum income of ₹10,000 per month. This is valid for combined income also in case there is a co-applicant.

    Your age at the time of loan maturity should not be more than 70 years if you are salaried and not more than 65 years if you are a self-employed professional/non-professional

    Eligibility Criteria for PMAY scheme

    To apply for a home loan under the PMAY scheme, applicants must meet the following-

    • Individuals only
    • Applicants should be of immediate family including self, spouse, and unmarried children only
    • Age of all applicants should be above 18 years
    • Annual combined income of all applicants: maximum of declared/assessed income should be up to ₹6 lakhs for EWS & LIG category, ₹6.01 Lakh to ₹12 Lakh for MIG1 and ₹12.01 Lakh to 18 Lakh for MIG2.
    • The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
    • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
    • Renovation/extension should be used to convert Kuccha house to a Pucca house.

    PNB Housing Loan Login

    Customers can login and check the status of their loan application. For this, you will require an application ID that you’ll get after the successful completion of the application process.

    PNB HFL Home Loan Application Status

    When you apply for a home loan at Wishfin, you get personalized assistance which helps you in every step related to your loan. So, if you want to know the application status of your home loan, you can contact the respective executive.

    PNB HFL Customer Care Number

    Customers can reach the housing finance company for any product related query. You can contact PNB HFL at their official address or contact them on 1800 120 8800.

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