PNB Bank Home Loan: 5 Features That Make it Best

by MyMoney Mantra FinTech (Financial Technology)

Buying a home is no longer a challenge today. Thanks to Home Loan offered by banks and NBFCs (Non-Banking Financial Companies). Numerous factors encompassing financial condition, age, credit score, liabilities and other eligibility criteria are taken into consideration by banks when approving a Lome Loan.

There are a plenty of lending institutions available in the financial market today. One of the best options to be considered is PNB Bank Home Loan. Why is it considered one of the best products in the financial services marketplace? The state-owned Indian multinational banking and financial services company founded in 1894 has over 80 million customers, 6,937 branches, and 10681 ATMs across 764 cities. Thousands of people in India have been able to buy their own homes with PNB Bank Home Loan. The bank offers one of the most competitive interest rates with a plethora of features and benefits.

Here are five features that make PNB Home Loan the best.

1. One Loan, Multiple Purposes

You can avail a PNB Housing Loan for multiple purposes – purchase or construction of house or flat, buying a plot or construction of the house, meeting cost escalation for under-construction flats or houses, extensions to the existing house, and home renovation.

2. Attractive Rates of Interest

PNB Home loan interest rates are one of the most competitive in the Indian loan market.

Floating rate of interest is 8.60% to 10.75% for salaried, 8.60%-10.75% for self-employed professionals, and 8.75%-11.00% for self-employed non professionals. The fixed rate of interest for 1 to 10 years for salaried individuals ranges from 8.35% – 10.75% cap to 9.00% – 10.75%. For self-employed non-professionals, it is 8.50% – 11.00% cap to 9.25% – 11.00% for 1 to 10 years. Post the fixed rate period, interest rates would automatically get converted into floating rate prevailing at that time for the residual loan amount. These interest rates are subjected to change as per the bank’s discretion.

3. Easy Documentation

PNB Home Loan comes with easy documentation. All documents need self-attestation. Common documents required for both salaried and self-employed are:

• Duly filled application form with photograph

• Age proof (PAN card, passport or any other age proof certificate from statutory authority)

• Residence proof (it can be any of passport, driving license, telephone bill, ration card, voter ID card, or any other certificate from statutory authority)

• Educational qualification certificate of latest degree.

• Processing fee cheque in favor of ‘PNB Housing Finance Ltd.’

• Xerox copies of title documents of the property with the approved plan.

Salaried individuals need to furnish additional documents encompassing salary slips of last 3 months, Form 16 of last 2 years, and salaried account bank statement of last 6 months. Self-employed professionals are required to submit certificate and proof of business existence along with the business profile. Other documents include bank account statements of self and business of last 12 months and IT returns (self and business) of last 3 years with profit and loss account and balance sheets duly certified/audited by a Chartered Accountant.

4. Minimum Down Payment

The applicant has to make a minimum contribution of 10% of the total cost of the property, subject to terms and conditions. This is inclusive of stamp duty and registration charges.

5. Fast Disbursal and Long Repayment Tenure

Once a PNB home loan is approved, the disbursal happens fast. The repayment tenure can be extended over a maximum period of 30 years. Long repayment tenure reduces the financial burden on EMIs every month.

For best Home Loan offers Visit a one-stop trusted online financial services marketplace – mymoneymantra, that hosts all leading banks and their products. With a few clicks, you can get all the necessary information about the Home Loan in seconds. Check your eligibility, calculate EMI and apply instantly now!

For more information call our Mortgage Specialists toll-free at 1800 103 4004.