Apply For Punjab National Bank Home Loans Now
Max Funding AvailablePNB offers max funding upto 5 Crores
Attractive Interest RatesInterest Rates starting @8.50%
Flexible Loan TenureTenure upto 30 years
+15 more
Punjab National Bank- Overview
- Loan Calculations
- Highlights
- Home Loan Interest Rates
- Compare With Other Banks
- Processing Fees
- Fees and Charges
- Home Loan Types
- EMI Calculator
- Eligibility Criteria
- Documents
- Tenure
- How to Apply
- Loan Amount
- Customer Care
- Nearest Branches
- Disbursement Process
- Home Loan Insurance
- Tax Benefits
- Bank Features
- Why Choose Credit Dharma
Punjab National Bank (PNB) Housing Finance Home Loan
Punjab National Bank (PNB) offers competitive home loan solutions with interest rates starting at 8.50% p.a. and a flexible tenure of up to 30 years. With PNB, borrowers can finance a variety of property needs, including purchasing a home, construction, or renovations. The bank provides loan options tailored for diverse customer segments, ensuring affordability and convenience.
Rate of Interest
8.50% - 11.05%
Loan to Value
80% - 90%
Loan Tenure
Max 30 Years
Max Loan Amount
Upto 5cr
| Rate of Interest | 8.50% - 11.05% |
| Loan Tenure | Max 30 Years |
| Age | Salaried/ Self Employed : 21-70 years |
| Profession | Salaried/Self Employed |
| Income | 15,000/Month & Above |
| Nationality | Resident Indian/ NRI |
| Max Loan Amount | Upto 5cr |
| Plot Purchase | |
| Independent Building | |
| Apartment | |
| Resale Property | |
| New Construction | |
| LTV | 80% - 90% |
| Home Loan | |
| Plot Cum Construction Loan | |
| Balance Transfer | |
| Overdraft Facility | |
| Top Up Facility | |
| Other Offerings | Home Extension Loan, Home Improvement Loan |
| Processing Fees | up to 1% for Home Loan |
| Other Charges | |
| Overdraft Facilities | - |
| Highlights | • Flexibility in Documentation • High Tenure Loan • Fund upto 90% of Property Value • Great Offerings for Loan Against Property • Quick Sanction and Disbursement • Customised Eligibility as per Income |
*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.
| Loan Amount | ₹ 50,00,000 |
| Loan Tenure | 20 years |
| Rate of Interest | 8.50% - 11.05% |
| Monthly EMI | ₹ 43,391 - ₹ 51,779 |
Punjab National Bank Home Loan Highlights
The Punjab National Bank home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Category | Highlights |
|---|---|
| Interest Rate | 8.50% p.a. onwards |
| Loan Amount | Up to 90% of the property value |
| Loan Tenure | 30 Years |
| Processing Charges | 0.35% of the loan amount Min: Rs. 2,500/ Max: Rs. 15,000/ |
Punjab National Bank Home Loan Interest Rates
Punjab National Bank provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.
PNB Interest Rate For Home Loans upto 35 Lakh Based on CIBIL Score
Explore PNB’s competitive home loan interest rates for amounts up to ₹35 lakh, determined by your CIBIL score and creditworthiness.
| Credit Score | Salaried | Non-Salaried |
|---|---|---|
| >=825 | 8.5% to 9% | 8.8% to 9.3% |
| >800 to 825 | 8.8% to 9.3% | 8.95% to 9.45% |
| >775 to 799 | 9.1% to 9.6% | 9.65% to 10.15% |
| >750 to <=775 | 9.25% to 9.75% | 9.8% to 10.3% |
| >725 to <=750 | 9.55% to 10.05% | 10.25% to 10.75% |
| >700 to <=725 | 9.85% to 10.35% | 10.55% to 11.05% |
| >650 to <=700 | 10.25% to 10.75% | 10.75% to 11.25% |
| upto 650 | 10.25% to 10.75% | 10.75% to 11.25% |
| NTC Cibil >=170 | 10.25% to 10.75% | 10.65% to 11.15% |
| NTC Cibil <170 | 10.15% to 10.65% | 10.55% to 11.05% |
PNB Interest Rate For Home Loans above 35 Lakh Based on CIBIL Score
Discover the latest PNB home loan interest rates for amounts exceeding ₹35 lakh, tailored to your CIBIL score and financial profile.
| Credit Score | Salaried | Non-Salaried |
|---|---|---|
| >=825 | 8.5% to 9% | 8.8% to 9.3% |
| >800 to 825 | 8.8% to 9.3% | 8.95% to 9.45% |
| >775 to 799 | 9.2% to 9.7% | 9.8% to 10.3% |
| >750 to =775 | 9.35% to 9.85% | 10.15% to 10.65% |
| >725 to =750 | 9.7% to 10.2% | 10.3% to 10.8% |
| >700 to =725 | 10.05% to 10.55% | 10.75% to 11.25% |
| >650 to =700 | 10.45% to 10.95% | 10.95% to 11.45% |
| upto 650 | 10.45% to 10.95% | 10.95% to 11.45% |
| NTC Cibil >=170 | 10.45% to 10.95% | 10.85% to 11.35% |
| NTC Cibil <170 | 10.35% to 10.85% | 10.75% to 11.25% |
Compare Home Loan Interest Rate Offered by Top Banks
Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Check Out : PNB vs SBI vs HDFC
Punjab National Bank Home Loan Processing Fees
Punjab National Bank takes processing fees to cover the cost of reviewing your documents and assessing your loan application.
| Category | Processing Fees |
|---|---|
| For Individuals | 0.35% of the loan amount Min: Rs. 2,500/ Max: Rs. 15,000/ |
Punjab National Bank: Top Home Loan Schemes
Punjab National Bank provides a variety of home loan schemes tailored to meet different needs. These include Home Loans for property purchases, Top-Up Loans for additional financial needs, loans for NRIs and HNIs, Overdraft (OD) Loans for flexible funding, and loans for Home Renovation or Extensions.
PNB Housing Home Loan
PNB Housing offers attractive home loan interest rates starting as low as 8.50%* for salaried individuals and 8.80%* for self-employed borrowers. With a comprehensive range of products, you can seamlessly secure loans for home purchase, renovation, construction, or extension. Benefit from flexible tenures of up to 30 years, with financing available for up to 90% of the property value.
Highlights
| Tenure | 30 years |
| Rate of Interest | 8.50% p.a. onwards |
Eligibility Criteria
| Age | 21 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Work experience | Salaried: Minimum work experience – 3 years Self-employed: at least 3 years of business continuity |
| Credit Score | Salaried/Self-employed: 611+ |
Must Read: Find Out How Much You Can Save with a Home Loan Overdraft
PNB Plot Loan
PNB Housing offers specialized plot loans to help you finance the purchase of a residential plot. With financing available for 70-75% of the plot’s market value, starting interest rates as low as 9.50%*, and tax benefits on constructing your home, this loan provides a seamless path to your dream property. The floating interest rates ensure flexibility, making it an ideal choice for future homeowners.
Highlights
| Tenure | Lengthy tenor period |
| Rate of Interest | 9.50% p.a. onwards |
Eligibility Criteria
| Age | 21 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Credit Score | Salaried/Self-employed: 650+ |
PNB Home Construction Loan
PNB Housing’s Home Construction Loan empowers you to finance the construction of your dream home with ease and flexibility. Enjoy customized loan options with tenures up to 30 years, quick disbursals, top-up loan facilities, and multiple repayment options.
Highlights
| Tenure | 30 years |
| Rate of Interest | 8.50% p.a. onwards |
Eligibility Criteria
| Age | 21 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Work Experience | Minimum 3 years work experience for salaried applicants and 5 years business continuity for self-employed |
| Credit Score | Salaried/Self-employed: 650+ |
PNB Pradhan Mantri Awas Yojana
PNB Housing Finance offers the Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) for Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle Income Groups (MIG). This initiative, introduced by MoHUPA and envisioned by the Prime Minister, aims to provide “Housing for All” with interest subsidies on loans for purchasing, constructing, or enhancing a home.
Highlights
| Tenure | 30 years |
| Rate of Interest | 8.50% p.a. onwards |
Eligibility Criteria
| Age | 21 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Work experience | Salaried: Minimum work experience – 3 years Self-employed: at least 3 years of business continuity |
| Credit Score | Salaried/Self-employed: 611+ |
PNB Roshni Home Loan
PNB Housing Finance introduces Roshni Home Loans, an affordable housing scheme designed to support individuals from low and middle-income groups in achieving their dream of homeownership. Catering to borrowers with informal income as low as ₹10,000 per month, Roshni Home Loans offers flexible solutions for new-to-credit and self-employed individuals.
Highlights
| Tenure | 30 years |
| Rate of Interest | 10.50% p.a. onwards |
Eligibility Criteria
| Age | 21 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Work experience | Salaried: a stable job Self-employed: informal income from a low/middle income group, with a households earning as low as INR 10,000. |
PNB Loan Against Property
PNB Loan Against Property provides quick access to funds by leveraging your property’s value at competitive interest rates. Enjoy flexible repayment options and hassle-free processing to meet personal or business financial needs.
Highlights
| Tenure | 15 years |
| Rate of Interest | 8.99% p.a. onwards |
Eligibility Criteria
| Age | 21 years – 70 years |
| Criteria | Anyone with immovable property to be mortgaged and sufficient income to repay the loan. |
| Nationality | Indian/ NRI/ PIO |
| Work experience | For salaried : Minimum net monthly salary of Rs.25,000/- For other than salaried: Minimum net annual income of Rs.3,00,000/- |
Punjab National Bank Home Loan EMI Calculator
EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid.
Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.
How to Calculate Punjab National Bank Home Loan EMI?
Home loan EMI is calculated using a mathematical equation:
EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]
Where:
P = Principal (loan amount borrowed)
r = Interest rate
n = Total number of monthly installments (loan tenure in years*12)
Example: Case Study | Home Loan EMI 20 vs 30 Years
Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the Punjab National Bank to finance the purchase.
Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.
Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.
But, he is considering two options:
- A 20-Year Loan (240 months)
- A 30-Year Loan (360 months)
Longer Tenure = Lower EMI = Higher Interest Payments
Let’s apply the EMI formula to both scenarios:
| Home Loan Amount | Interest Rate | Tenure | EMI | Interest Payment | Total Payment | |
|---|---|---|---|---|---|---|
| Scenario 1 | ₹50,00,000 | 8.35% p.a. | 20 years | ₹42,918 | ₹53,00,236 | ₹ 1,03,00,236 |
| Scenario 2 | ₹50,00,000 | 8.35% p.a. | 30 years | ₹37,915 | ₹86,49,548 | ₹ 1,36,49,548 |
Which Option Is Better and Why?
If Your Goal Is Long-Term Savings: Opt for the 20-year loan.
- Although the monthly EMI is higher, your total interest outflow is much lower.
- Over time, you save more than ₹33 lakh in interest compared to the 30-year option.
If Your Goal Is Immediate Affordability: Choose the 30-year loan.
- However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.
- You’ll pay a lower EMI each month, easing short-term financial burden.
Get the best Home Loan interest rates tailored for you
If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.
Punjab National Bank Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Punjab National Bank:
| Criteria | Requirements |
|---|---|
| Age | 21 years – 70 years |
| Nationality | Indian/ NRI/ PIO |
| Profession | Individuals: Salaried/ Self Employed Non Individuals: Association of Individuals/ HUF/ Corporates |
Documents Required For Punjab National Bank Home Loans
When applying for a home loan with the Punjab National Bank, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Document
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Proof of Income
| Salaried | Self Employed |
|---|---|
| salary slips of last 3 months | Income Proof for business and ITR |
| 1 Year ITR/Form 16 | Profit & Loss Account |
| 6 months bank account statement (salary account or individual account). | Bank account statement for the last 12 months (for individual or business). |
Punjab National Bank Home Loan Tenure
Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. Punjab National Bank offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:
- Minimum Tenure: 5 years
- Maximum Tenure: 30 years
Read More: How to Reduce Your Home Loan Tenure?
Impact of Home Loan Tenure on EMIs
- EMI: Longer tenure results in lower monthly EMIs; shorter tenure leads to higher EMIs.
- Interest Payments: Extended tenure increases the total interest, while a reduced tenure decreases it.
- Budget: Longer tenure eases monthly budget strain, whereas shorter tenure requires higher income stability
- Cash Flow: Longer tenure frees up cash for other investments, while shorter tenure ties up more funds in EMIs.
How to Choose the Best Punjab National Bank Home Loan Tenure?
- Assess income, expenses, and job security for consistent repayments.
- Opt for shorter tenures to reduce overall interest costs.
- Choose EMIs that fit comfortably within your budget.
- Calculate total interest to minimize long-term costs.
- Check for prepayment options without heavy penalties.
- Align tenure with long-term financial goals.
- Plan to settle the loan before retirement.
- Factor in potential salary growth for shorter tenures.
- Balance EMI affordability with loan tenure.
Check Out: PNB Home Loan Prepayment Calculator – Save Interest & Reduce Tenure
How To Apply For a Home Loan From Punjab National Bank?
- Check Eligibility Criteria: Verify age, income, credit score, and employment status.
- Calculate Loan Amount and EMI: Use Punjab National Bank’s online calculator to determine affordable loan amounts and monthly installments.
- Gather Required Documents: Collect identity proof, address proof, income statements, and property-related documents.
- Choose Application Method: Apply online through Punjab National Bank’s website or visit a nearby branch in person.
- Submit the Application: Complete the application form accurately and attach all necessary documents.
- Loan Processing and Verification: The bank reviews your application, verifies documents, and conducts a credit appraisal.
- Property Valuation and Legal Checks: Punjab National Bank assesses the property’s market value and performs legal due diligence.
- Receive Approval and Sanction Letter: Upon successful verification, you receive a loan approval and sanction letter detailing terms.
- Sign the Agreement: Review and sign the loan agreement, agreeing to the specified terms and conditions.
- Disbursement of Funds: The approved loan amount is transferred to your account or directly to the property seller.
- Complete Post-Disbursement Formalities: Finalize any remaining documentation and set up repayment methods for EMIs.
Read More: Home Loans in Bangalore
Punjab National Bank Home Loan: Minimum and Maximum Loan Amount
Punjab National Bank offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search.
| Home Loan Types | Maximum and Minimum Loan Amount |
|---|---|
| PNB Housing Loan | 90% of the property Value |
| PNB Plot Loan | 70-75% of the property Value |
| PNB Home Construction Loan | 90% of the property Value |
| Roshni Home Loan | INR 5 lakhs to INR 50 lakhs |
| PNB Loan Against Property | Upto 5 Crores |
Punjab National Bank Customer Care Contact Details
To facilitate effective communication with customers, Punjab National Bank offers various channels for support.
| Service | Details |
|---|---|
| Toll Free Number | 1800 120 8800 Monday to Saturday, 10 A.M. to 5 P.M. (excluding 1st & 2nd Saturdays and holidays). |
| Email ID | customercare@pnbhousing.com nricare@pnbhousing.com |
| 918448198457 | |
| Locate Your Branch | PNB Branch Locator |
| Write to PNB | Service request/ Inquiry |
Punjab National Bank Home Loan Centers Near You
Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. Punjab National Bank has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services.
Check out the nearest Punjab National Bank branch using our branch locator tool.
Punjab National Bank Home Loan Approval and Disbursal
Punjab National Bank is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission.
However, this timeline may vary based on several key factors:
- Completeness of documents
- Property type and location
- Applicant’s financial profile and credit score
Punjab National Bank Home Loan Disbursement Process
PNB ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.
1. Application for Home Loan
Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.
2. Home Loan Sanction
Upon submission, PNB reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.
3. Home Loan Disbursement
After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.
Types of Disbursement
- Full Disbursement: Entire loan amount released if the property is fully constructed
- Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties
How to Maximize the Chances of Punjab National Bank Home Loan Approval?
- Maintain a high credit score
- Showcase strong financial stability
- Reduce existing debt obligations
- Provide complete and accurate documentation
- Pay sufficient down payment
- Choose property in approved locations
- Maintain consistent employment history
- Avoid multiple loan applications simultaneously
- Submit clear and legal property documents
- Ensure proper property valuation
- Keep income tax returns up to date
- Maintain low credit utilization ratio
Punjab National Bank Home Loan Insurance
Punjab National Bank (PNB) offers home loan insurance to protect you and your family from unexpected events. This insurance is included in your home loan package and is considered as a home loan component.
PNB Housing recommends customers secure their property and loan repayments with insurance to ensure safety and peace of mind during the repayment term. To enhance convenience, PNB Housing has partnered with leading insurance providers to deliver top-notch products and services directly to customers’ doorsteps.
Is Home Loan Insurance Mandatory?
Although not legally mandated, Punjab National Bank makes it mandatory for its customers to obtain a home loan insurance.
Benefits of Opting a Home Loan Insurance Premium
- Financial Security: Ensures loan repayment during unforeseen events.
- Comprehensive Protection: Covers critical illness, accidents, and death.
- Joint Borrower Coverage: Protects both borrowers under one policy.
- Reduced Financial Stress: Lessens financial burden on dependents.
- Tax Benefits: Possible tax deductions on premium payments.
- Peace of Mind: Guarantees loan liability coverage in emergencies.
Punjab National Bank Home Loan Tax Benefits
Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.
| Section | Deduction Type | Maximum Deduction Amount | Conditions |
|---|---|---|---|
| 80C | Principal Repayment of Home Loan | ₹1.5 Lakh per annum | The house property must not be sold within five years of possession. |
| 80C | Payment of Stamp Duty | ₹1.5 Lakh per annum | These expenses can only be claimed in the year they are incurred. |
| 24b | Interest Payment on Home Loan | ₹2 Lakh per annum | The loan must be taken for purchasing or constructing a house. If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken. If the property is let out (rented), there is no cap on the interest deduction under Section 24(b). This allows property owners renting out their property to claim full interest payments as a deduction. |
1. Section 24B – Deduction on Home Loan Interest
What It Is:
- Allows you to claim a deduction on the interest paid on your home loan.
Benefits:
- Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
- Rented Property: No upper limit on the interest amount you can claim.
Example
| Category | Amount |
|---|---|
| Loan Amount | Rs. 70,00,000 |
| Interest Payable Per Year | Rs. 4 Lakhs |
| Tax Deduction | Rs. 2 Lakhs/ Year |
| Tax Bracket | 30% |
| Tax Benefits per Year | Rs. 66,000 |
2. Section 80C – Deduction on Principal Repayment
What It Is:
- Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.
Benefits:
- Reduces your taxable income by the principal amount repaid.
- Also includes stamp duty and registration charges (one-time claim in the year incurred).
Example
| Category | Amount |
|---|---|
| Loan Amount | Rs. 75,00,000 |
| Principal Payable Per Year | Rs. 3.5 Lakhs |
| Tax Deduction | Rs. 1.5 Lakhs per Year |
| Tax Bracket | 30% |
| Tax Benefits per Year | 50,000 |
Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year
3. Joint Home Loans – Double the Benefits
What It Is:
- When two or more people take a joint home loan and are co-owners of the property.
Benefits:
- Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
- Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
- Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).
Who is Eligible to be a Co-Applicant?
- Father/ Mother
- Unmarried Daughter
- Siblings
- Husband/ Wife
(Minors cannot be considered as co-applicants for a Home Loan)
Example
| Category | Co Applicant 1 | Co Applicant 2 |
|---|---|---|
| Tax Deduction under 24B | Rs. 2 Lakhs/ Year | Rs. 2 Lakhs/ Year |
| Tax Deduction under 80C | Rs. 1.5 Lakhs/ Year | Rs. 1.5 Lakhs/ Year |
| Tax Deductions/ Year | Rs. 3.5 Lakhs/ Year | Rs. 3.5 Lakhs/ Year |
| Tax Bracket | 30% | 30% |
| Tax Benefits | Rs. 1.16 Lakhs/ Year | Rs. 1.16 Lakhs/ Year |
When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:
- EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
- Money Saved through Tax Deductions: ₹2,32,000
- Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs
By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs.
Read More: Stamp Duty and Registration Charges in Bihar
Why Should You Choose Punjab National Bank For Your Home Loan?
- Attractive Interest Rate: Home loan interest rates start at 8.50%* for salaried and 8.80%* for self-employed individuals.
- Comprehensive Loan Options: Quick and seamless loans for home purchase, renovation, construction, and extension.
- Flexible Tenure: Loan tenure of up to 30 years, available up to the age of 70.
- Easy Financing: Financing up to 90% of the house value, depending on the loan amount.
- Low Processing Fee: Competitive and affordable processing charges.
- Customer-Friendly Services: Personalized doorstep assistance and online post-disbursement services for convenience.
How Credit Dharma Simplifies The Home Loan Journey?
Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.
But that is not it. We offer:
- Guaranteed up to 100% funding
- Receive lifetime assistance and expert guidance long after your loan is approved.
- Enjoy a fully digital process with minimal paperwork
- Get your loan approved within just 1-2 weeks.
PNB Housing offers home loan interest rates starting from 8.50%* per annum for salaried individuals and 8.80%* for self-employed borrowers.
The latest interest rates vary by loan type and profile, starting from 8.50% for home loans. Check with PNB for specific updates.
The maximum tenure for the home loan is 20-30 years. However, the tenure can change based on the scheme.
Offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure. With a floating rate, it fluctuates with market conditions.
Punjab National Bank bases the interest rate on loan amount, tenure, CIBIL score, and type of interest rate (fixed/floating).
You can calculate the EMI for using any online EMI Calculator
The EMI for a ₹20 lakh home loan depends on the interest rate and tenure. For example, at 8.50% interest over 20 years, the EMI would be approximately ₹17,356.
As of 2024, PNB’s home loan interest rates start at 8.50% for salaried individuals and 8.80% for self-employed borrowers, subject to change.
Yes, PNB Bank is a reliable option for home loans, offering competitive rates, flexible tenures, and excellent customer service.
Both SBI and PNB are reputable banks with competitive home loan offerings. The choice depends on individual preferences, loan eligibility, and specific rate differences.
Yes, Punjab National Bank (PNB) is a government-owned bank in India.
To lower your interest rate, maintain a high credit score, opt for a balance transfer to a lower rate, or negotiate with PNB for rate reductions if market rates decline.