PNB Home Loan

PNB Home Loan Interest Rate
PNB Home Loan Interest Rate

Punjab National Bank is one of the country’s main public-sector banks. PNB house loan is excellent for all sorts of home loan applicants, whether salaried or self-employed. PNB home loan customers may fulfill their housing goals with simple documentation and rapid processing.

Furthermore, the bank offers house loans with lower interest rates to female clients. Punjab National Bank’s home loan interest rates begin at 6.75 percent. The processing cost on a PNB house loan is cheap and accessible at a lesser processing fee of up to 0.35 percent, with a minimum of 2,500 and a maximum of 15,000.

Punjab National Bank provides customized home loan programs to meet the housing demands of all sorts of house loan customers. PNB’s main products include PNB Home Loan for House/Flat Construction, PNB Home Loan for House/Flat Purchase, PNB Flexible Housing Loan, Unnati Home Loans, and Repo Rate Linked Home Loan.

Home Loan Interest Rates

PNB Housing makes it simple to finance your new home acquisition, construction, or remodeling. As one of India’s most reputable house loan providers, we have a long history of giving the finest home loan rates to qualified consumers.

We think that the interest rate on your home loan should be as low and accessible as feasible. As a result, we provide reasonable home loan interest rates to all applicants – salaried or self-employed.

*Please keep in mind that PNB Housing offers all house loans at fluctuating interest rates, and the rates listed below are effective as of February 16th, 2022.

PNB Housing offers the lowest interest rates to help you realize your goal of owning a home. We offer multiple home loan interest rate slabs starting at 6.99 percent for salaried people and 7.35 percent for self-employed people.

How to Get Low-Interest Home Loans

Customers may be certain that they can enhance their eligibility for a reduced interest rate with so many aspects influencing the home loan interest rate in India, such as income, loan amount, employment type, CIBIL score, and so on.

Here are some helpful hints for obtaining the best possible house loan rates in India:

  • Consider your income and employment situation: To obtain competitive interest rates, ensure that the house loan applicant has a consistent, substantial salary and works for a PSU or a reputable firm.
  • Consider a female candidate: Did you know that many lenders provide a lower interest rate to female home loan applicants? Check with your lender to see whether having a female principal applicant will help you receive a cheaper interest rate on a home loan.
  • Choose a mortgage balance transfer: A house loan balance transfer program allows anyone with an existing home loan to transfer the remaining money to another lender with better conditions. This is an excellent approach to obtaining a cheaper home loan interest rate in the midst of your term.
  • Improve your credit score: It goes without saying that if you have a credit score of 750 or above, lenders will look more favorably on your home loan eligibility. As a result, before applying for low-interest house loans, strive to enhance your rating.
  • Increase your down payment and length of stay: In general, house loans of up to Rs. 35 lakh are provided at a lesser interest rate than larger loan amounts. As a result, strive to put down as much money as possible in order to reduce your loan amount. Additionally, choose a longer-term, often more than 15-20 years, to lower your EMI load.
  • Select the appropriate interest rate: A fixed interest rate provides you a fixed EMI expenditure for a given duration, but a variable interest rate will rise or reduce your tenure based on market interest rate volatility. The latter is often slightly higher than the former. However, fixed-rate mortgages are uncommon on the market. Check with your lender to find out what their interest rates are.
  • Keep an eye out for promotions and special offers: When shopping for a house loan, keep an eye out for any holiday season specials, lender tie-ups, or special promotions. These deals frequently give you a somewhat lower home loan interest rate than the market.

Factors Influencing Home Loan Interest Rates

  • Income: The quantity and kind of your monthly income, of course, tell the lender a lot about your loan repayment ability. The lesser the risk connected with giving you a house loan, the more consistent, stable, and higher it is. As a result, the lower your interest rate will be.
  • Type of Interest Rate: Another approach to impact the home loan interest rate is to choose between a fixed and variable interest rate. While the latter fluctuates, the former is frequently higher.
  • Credit Rating: Your credit report is one of the most crucial home loan papers necessary during loan processing. Having an excellent credit history and score, often a 750+ CIBIL score qualifies you for a cheaper home loan interest rate.
  • Job Description: Remember how we mentioned income as a consideration? Well, the kind of your income – namely, your work – is also an important consideration. As a general rule, each lender has different interest rate brackets for salaried and self-employed applicants. In general, loan rates for salaried candidates are lower.
  • Home Loan Type: Interest rates might also vary depending on the type of house loan you wish to take out. A specialized house loan, such as plot loans, land loans, or top-up loans, may have a higher interest rate than a generic home loan.
  • Loan Amount: Of course, all house loan calculations are based on the loan amount you choose. This is also shown in the home loan EMI calculator! In general, larger loan amounts may result in a higher interest rate.

Mortgage Interest Rates for Salaried People

Loan AmountRate
Up to ₹ 30 Lakh6.75%
₹ 30 Lakh – ₹ 50 Lakh6.90%
₹ 50 Lakh – 75 Lakh6.90%
Above ₹ 75 Lakh6.90%

Self-Employed Housing Loan Interest Rate

Loan AmountRate
Up to ₹ 30 Lakh7.10%
₹ 30 Lakh – ₹ 50 Lakh7.25%
₹ 50 Lakh – 75 Lakh7.25%
Above ₹ 75 Lakh7.25%

PNB Bank Home Loan Interest Rate For Women

Loan AmountPNB Home Loan Interest For Women
Up to ₹ 30 Lakh6.75%
₹ 30 Lakh – ₹ 50 Lakh6.90%
₹ 50 Lakh – 75 Lakh6.90%
Above ₹ 75 Lakh6.90%

PNB Bank Home Loan Interest Rate For Govt Employee

Loan AmountPNB Home Loan Interest For Govt Employee
Up to ₹ 30 Lakh6.75%
₹ 30 Lakh – ₹ 50 Lakh6.90%
₹ 50 Lakh – 75 Lakh6.90%
Above ₹ 75 Lakh6.90%

PNB home loan interest calculator to calculate EMI at the lowest rates

Interest Rate General6.75% – 8.75%
Interest Rates for Women6.75%
Processing FeesNIL
Benchmark rateRLLR
Part Payment/Foreclosure ChargesNil for floating rate home loans
Balance Transfer Rates6.50%

Fees & Charges for PNB Housing Loans

PNB charges its home loan clients up to 0.35 percent of the loan amount to cover the costs of completing credit appraisals and technical property evaluations. PNB has a minimum processing fee of 2,500. In addition to processing costs, the bank imposes technical and legal fees, which are communicated to the customer during the loan process and are due after the loan application is approved.

Fees for ProcessingUp to 0.35 percent of the loan amount; 2,500 minimum processing charge to 15,000 maximum fee
Charges for partial prepaymentAllowed
Charges for ForeclosureFor adjustable rate house loans, NIL

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