PNB Home Loan: Interest Rates, Eligibility, How to Apply

This article discusses in detail the different types of home loans offered by Punjab National Bank, their eligibility criteria, home loan interest rates and comparison with other banks to help you make an assessment.

Punjab National Bank Home Loan

Building a house can be very difficult at times if you do not make a good plan before taking a home loan. You must be aware of your repayment capacity as well as manage your expenses during your repayment tenure.

Punjab National Bank is one of the most renowned public sector banks in India that offers multiple home loan schemes to the customers. In addition, the bank offers home loans at reasonable interest rates for a longer tenure. When it comes to PNB home loan, you have several options to choose from which plan is best for your demands.

Full Details of PNB Home Loan

Punjab National Bank is a multinational public sector bank that provides a range of financial and banking services to corporates and individuals. It was established in 1894, the bank has many branches which are present all over the country.

The key things you should consider before applying for a PNB home loan include:-

  • If you want to reduce your monthly installments, you can choose a tenure of up to 30 years depending on your affordability.
  • The interest rate for PNB housing loan starts from 6.50%.
  • The loan turnaround period is around 8 to 15 days.
  • Both salary earners and those having own business can apply for PNB Home Loan.
  • If you have a bad credit score, you can add up to 4 applicants while applying for the loan to increase the chances of your loan getting approved by the bank.
  • The minimum EMI at an average interest rate is around Rs 632 per lakh.

Types of Home Loans offered by Punjab National Bank

Punjab National Bank offers many schemes to the customers taking home loans. There are a variety of schemes that can be availed depending on the purpose and different demands people apply for a home loan from PNB depending on their needs.

Following are the types of home loans offered by Punjab National Bank:-

PNB Home Loan for General Public

  • This PNB housing loan is given to those people who want to build their own house or flat. These loans can also be used to buy a new home or for renovation and expansion purposes.
  • Under this scheme, customers can take a loan of up to one crore.
  • The interest rate ranges from 6.50% to 7.40%.

PNB Pride Housing Loan

  • This scheme is provided to permanent central and state government employees for the purpose of building and renewing their assets.
  • The minimum loan amount for this PNB home loan scheme is around 10 lakhs.
  • An interest rate of 6.50% is applicable for tenures up to 30 years.

PNB Max Saver

  • This is a scheme that comes in the form of an overdraft. This scheme helps you to make substantial savings on your home loan interest.
  • Customers can deposit their funds in their overdraft account if they wish. They can also withdraw money as per their demand.
  • The loan amount ranges between 10 lakh to 1 crore.
  • The interest rate remains around 6.50%.

PNB Gen – Housing Finance Scheme for Public

  • This PNB home loan is offered to Government, PSU and PSB employees as well as Gen-Next salaried class.
  • This loan can be used for both buying a house and building a house
  • Under this scheme, the customer can borrow a minimum loan amount of 20 lakhs.
  • An interest rate of 6.50% is applicable for tenures up to 30 years.
  • To apply for this loan, the salaried individuals need to submit proof of work experience of at least three years.

Benefits of PNB Home Loan

  • There are many benefits of a loan from Punjab National Bank Housing Finance. Some of the important benefits that you can get when you apply for a home loan in PNB include:
  • Provides loan at low interest rates as compared to other banks. PNB Housing Finance interest rates start from 6.50%. This is a relatively cheap interest rate as compared to the market rate in contemporary times.
  • You can choose a longer tenure ranging from 25 years to 30 years to reduce your monthly installment rates.
  • If your credit score is 650 or less, you can consider applying with up to 4 co-applicants who have a good credit score to increase your chances of getting the loan approved.
  • Both salaried and self-employed people with a good credit history and stable income can apply for a home loan.
  • You can use the Home Loan EMI Calculator to calculate your monthly installments before applying for a home loan. This will give you accurate results and help you plan your expenses and manage your finances well during your repayment period. You can try varying the loan tenure and combining them with different principal amounts to determine which loan plan best suits your affordability.
  • Those who have a good credit score of 750 and above often get multiple tax benefits on home loans as per the various policies of Punjab National Bank.
  • Make sure you read all the policies and discuss it with the bank officials before applying for a home loan for better opportunities.
  • Unlike many banks in India, Punjab National Bank approves your loan applications instantly, and the entire process goes through quickly. The loan process is also quicker, helping you save a lot of time in the long run.
  • PNB offers several repayment services to the customers. You can quickly switch to the repayment method without any hassle.

PNB Home Loan Interest Rates

PNB Housing Finance interest rates depend on various factors like your credit score, monthly income, job profile and many more. The interest rates also vary from one scheme to another based on several factors.

The interest rate also varies depending on your profession. For salaried people, when it comes to PNB housing loan, the rate usually varies from 4 to 5%.

Let us look at the chart below to understand the various interest rates offered by PNB. The first chart shows the amount to be paid to those applying for loans up to Rs 35 lakh.

credit score Self Employed/Salaried (SENP) Salaried/Self-Employed (SEP)
less than 550 8.75% 8.55%
550 to 650 8.75% 8.55%
650 to 700 8.55% 8.35%
700 to 750 7.60% 7.45%
750 to 800 7.50% 7.35%
above 800 7.25% 6.50%

The second chart shows the interest rates offered to those taking loans above Rs 35 lakh.

credit score Self Employed/Salaried (SENP) Salaried/Self-Employed (SEP)
less than 550 8.90% 8.70%
550 to 650 8.90% 8.70%
650 to 700 8.75% 8.55%
700 to 750 7.80% 7.70%
750 to 800 7.55% 7.40%
above 800 7.30% 7.15%

PNB Home Loan Eligibility Criteria

Punjab National Bank home loan eligibility criteria is similar to most of the banks in India in terms of documents required and age factors. If you are looking to apply for a home loan soon, make sure you go through the eligibility criteria before applying.

  • Both salaried and self-employed people are eligible to apply for PNB home loan schemes.
  • You must be at least 18 years of age to apply for a home loan.
  • The maximum age to apply for a home loan is 70 years.
  • Your CIBIL score should be 750 or above for better chances of loan approval. Check CIBIL Score for Home Loan and if your
  • If you have a poor credit score, make sure to focus on improving your CIBIL score before applying for a home loan.
  • Your income should be at least 25,000 per month to apply for a home loan.

Documents Required for Punjab National Bank Home Loan

Several documents are required for applying for a loan. The important documents you need to apply for home loan are mentioned below:-

  • Well filled application form with your latest photograph
  • It is mandatory for you to have a PAN card to apply for a PNB housing loan.
  • For Your Age Proof of Birth Certificate / Aadhar Ward is Required.
  • Address proof is required for utility bills like electricity bill, telephone and water bill.
  • Voter Card, Aadhar Card, Driving License, Ration Card is required for Identity Proof.
  • Income proof requires your bank statements for the last six months.
  • You need to submit Form 16 to apply for PNB Home Loan.
  • Educational qualifications such as your degree may also be required.
  • For self-employed people, proof of their occupation is required. Balance sheet along with proof of loss or profit should be submitted during the application process.
  • If you are applying with a co-applicant, the review process will also require income proof of your co-applicants.

Let’s compare PNB Home Loan with other Banks :-

Before applying for a home loan, make sure you are familiar with all the home loan interest rates offered by major banks at the moment. This will help you understand the difference between the rates and choose the best plan for the future.

Use the online EMI calculator to calculate your monthly installments before applying for a home loan. One can use various online EMI calculators to compare and analyze the difference between the interest rates offered on home loans.

A chart is shown below to explain the interest rates offered by some of the major banks in India.

bank name annual interest rate
Punjab National Bank 6.50%
UCO Bank 6.90%
Kotak Mahindra Bank 6.50%
ICICI Bank 6.90%
HDFC bank 6.70%
Canara Bank 6.90%
state Bank of India 6.80%
IDFC First Bank 6.50%
Union Bank of India 6.40%
axis Bank 6.90%
DBS Bank 7.30%
LIC Housing Finance 6.90%
Bank Of Baroda 6.50%

Shown in the table are the interest rates offered by major banks. Explore for yourself and see which bank might be the best home loan for you.

For example, on a 20 lakh home loan, for a tenure of 20 years, your monthly installment would be Rs 15,494. If the interest increases, so will your EMI.

How to Apply for PNB Home Loan

To take a PNB home loan, you need to follow the steps given below:-

  • Firstly one has to register himself as an applicant.
  • Log in to PNB Internet Banking for the registration process.
  • Click on the ‘Other Services’ option and further select ‘Service Request’.
  • Go to ‘New Request’ and register yourself as an applicant.
  • After that, you can visit the Home Loan section from the official website of Punjab National Bank.
  • Select the plan you wish to choose. Fill your name, mobile number, address and other details.
  • Then you have to agree to the terms and conditions to proceed with the application.
  • After verification through OTP, you can apply for the scheme.

Punjab National Bank Customer Care Number

For PNB home loan related queries, one can call on their toll-free number – 1800 180 2222 or 1800 103 2222.

You can also send an email to .

Frequently Asked Questions (FAQs) related to Punjab National Bank Home Loan

Question: Why Punjab National Bank is better than other banks for home loan?

Answer: Firstly the interest rate of Punjab National Bank Home Loan is low and secondly the loan is available for long tenure ranging from 25 years to 30 years.

Question: How long does it take to disburse PNB Home Loan?

Answer: It does not take much time. The loan disbursement process starts immediately after you have successfully selected your property type, submitted all the required documents and applied for the home loan.

Question: What is the CIBIL score required for PNB home loan?

Answer: An average credit score of 750 is considered good when it comes to home loans. Before applying for a home loan for better loan-approval opportunities, if you have a poor credit score, make sure you focus on improving your CIBIL score, or choose someone with a good CIBIL score as a co-applicant. Add to.

Question: What is the maximum tenure of PNB home loan?

Answer: The maximum tenure of PNB home loan is 30 years as per the policies of the bank.

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