Planning to upgrade your home interiors or carry out essential repairs? The PNB Home Improvement Loan offers a convenient way to finance renovations, refurbishments, and upgrades. With competitive interest rates and flexible repayment options, it’s designed to make your dream home a reality.
PNB Home Improvement Loan Highlights
| Feature | Details |
|---|---|
| Interest Rate | From 8.50% p.a. |
| Loan Amount | Up to ₹50 lakhs for improvements;furnishing cost up to 15% or ₹50 lakhs, whichever is lower. |
| Loan Tenure | Up to 30 years |
| Processing fee | Up to 1.00% of loan amount (min ₹10,000) + GST |
For more details, visit the PNB Housing Finance website.
Check Out: PNB Home Loan
PNB Home Improvement Loan Interest Rates 2025
PNB Housing Finance offers Home Improvement Loans with interest rates based on the applicant’s credit score and employment status. As of 2025, the rates are as follows:
| Credit Score | Salaried Individuals | Self-Employed Professionals |
|---|---|---|
| ≥825 | 8.50% – 9.00% | 8.80% – 9.30% |
| 800 – 824 | 8.50% – 9.00% | 8.90% – 9.40% |
| 775 – 799 | 9.10% – 9.60% | 9.65% – 10.15% |
| 750 – 774 | 9.25% – 9.75% | 9.80% – 10.30% |
| 725 – 749 | 9.55% – 10.05% | 10.25% – 10.75% |
| 700 – 724 | 9.85% – 10.35% | 10.55% – 11.05% |
| 650 – 699 | 10.25% – 10.75% | 10.75% – 11.25% |
| <650 | 10.25% – 10.75% | 10.75% – 11.25% |
Note: Interest rates may vary based on loan amount, tenure, and eligibility. For the latest rates, visit PNB Housing Finance’s official Home Improvement Loan page.
PNB Home Improvement Loan Eligibility Criteria
Before applying for a home improvement loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Punjab National Bank.
| Criteria | Details |
|---|---|
| Age | Minimum: 21 years Maximum: 70 years at loan maturity |
| Income | 15,000/Month & Above |
| Employment Type | Salaried employees, self-employed professionals, and businessmen |
| Credit Score | Minimum CIBIL score of 611 is typically required |
| Property Ownership | Applicant must own the property to be renovated |
Read More: PNB Home Loan Eligibility Criteria
PNB Home Improvement Loan Processing Fees
| Fee Type | Amount |
|---|---|
| Processing Fee | Up to 1% of loan amount (Min ₹10,000 + GST) |
Source: PNB Housing Schedule of Charges
PNB Home Improvement Loan Other Fees and Charges
PNB Home Improvement Loan includes additional fees such as processing, prepayment, and document charges, which vary based on the service and loan type.
| Charge Type | Details |
|---|---|
| Processing Fee | 1% of loan amount (min ₹10,000) + GST |
| Prepayment Charges (Floating Rate) | Nil for individuals (own source); 3% if for business purposes |
| Prepayment Charges (Fixed Rate) | Nil from own source; 3% if from third party |
| Bounce Charges | ₹750 (1st bounce), ₹1,000 (2nd bounce) + GST |
| Overdue Charges | 24% p.a. on unpaid EMI for delayed period |
| Statements & Certificates | ₹500–₹750 per request (free via online portal) |
| Document Copy Charges | ₹500–₹1,500 depending on request type |
| Repayment Mode Swap | ₹750 + GST (Free if shifting to digital mode) |
| Rate Conversion Fee | 0.5%–3% of principal outstanding + GST |
| Custody Charges (Post Loan Closure) | ₹1,000/month after 1 month |
| CERSAI & MODT Charges | As per government/state regulations |
| Other Admin Charges | ₹500–₹1,000 for non-submission, title search, DD, etc. |
Source: PNB Housing – Schedule of Charges
PNB Home Improvement Loan USPs
PNB Housing Finance’s Home Improvement Loan offers several key benefits:
- Comprehensive Coverage: Covers renovations, repairs, tiling, waterproofing, plumbing, electrical work, and more.
- Flexible Loan Amount: Get up to ₹50 lakhs, including up to 15% for furnishing costs within the allowed LTV ratio.
- Competitive Interest Rates: Attractive rates starting from 8.50% per annum for salaried individuals, ensuring affordable repayments.
- Flexible Repayment Tenure: Repayment options extending up to 30 years, allowing for manageable monthly installments.
- Minimal Processing Fees: Low processing fees, making the loan more accessible and cost-effective for borrowers.
- Comprehensive Loan Products: Availability of various loan products, including Home Purchase, Construction, Extension, Improvement, and Plot Loans, catering to diverse housing needs.
- Pan-India Presence: Extensive branch network across India, providing easy access to loan services and customer support.
- Customer-Centric Services: Personalized doorstep services and robust post-disbursement support, ensuring a seamless loan experience.
Also Read: PNB Home Loan Eligibility Calculator
PNB Home Improvement Loan Documents Required
To apply for a home Improvement loan, you’ll need to submit essential documents to verify your identity, income, and property ownership. Below is a table summarizing the typical documents required:
| Document Type | Required Documents |
|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID |
| Address Proof | Utility Bill, Aadhaar Card, Passport, Voter ID |
| Income Proof | Salaried: Latest salary slips, Form 16, bank statementsSelf-employed: ITRs, bank statements, financial documents |
| Property Documents | Title deed, approved improvement/renovation plan |
| Employment Proof | Employment certificate (for salaried), business proof (for self-employed) |
| Photographs | Recent passport-sized photographs |
| Loan Application | Duly filled application form |
Once you meet the eligibility criteria, the next step is to prepare and submit the necessary documents to validate your application and ensure a smooth approval process.
Read More: Documents for Home Loan Application
How to Apply to PNB Home Improvement Loan?
Apply for a PNB home improvement loan by following the below steps to ensure a smooth and hassle-free process.
Time needed: 3 minutes
- Visit the Official Website
Navigate to the PNB Housing Home Improvement Loan page.
- Initiate Application
Click on the “Apply Now” button to start your application.
- Enter Personal Details
Provide your basic information, including name, contact details, and loan requirements.
- Verify Contact Information
An OTP will be sent to your registered mobile number for verification. Enter the OTP to proceed.
- Submit Application
After verification, submit your application. A PNB Housing representative will contact you to guide you through the next steps.
For a detailed guide on online home loan applications, refer to The Ultimate Guide to Online Home Loan Applications.
Note: Ensure you have all necessary documents ready for a smooth application process.
Also Read: How to Apply for a PNB Home Loan?
PNB Home Loan: Other Products
PNB Housing Finance offers multiple home loan schemes, each with its own interest rate structure and features. Here’s an overview of the current rates for various PNB Housing Finance schemes.
| Home Loan Type | Home Loan Interest Rates |
|---|---|
| Home Loan | 8.50% p.a. onwards |
| Plot Loan | 9.50% p.a. onwards |
| Home Construction Loan | 8.50% p.a. onwards |
| Pradhan Mantri Awas Yojan | Contact the bank |
| Home Improvement Loan | 8.50% p.a. onwards |
| NRI Home Loan | 8.50% p.a. onwards |
| Loan Against Property | 9.24% p.a. onwards |
Check Out: PNB Housing Finance Home Loan Interest Rates 2025
Compare Top Banks Home Improvement Loan Interest Rates
Compare top banks’ improvement home loan interest rates to find the most affordable and suitable option for your home improvement needs.
| Bank | Interest Rate |
|---|---|
| HDFC Bank | 8.70% p.a onwards |
| ICICI Bank | 8.75% p.a onwards |
| Bank of Baroda | 8.15% p.a onwards |
| Kotak Mahindra Bank | 8.65% p.a onwards |
| Bajaj finserv | 8.25% p.a onwards |
Also Read: A Complete Guide on Home Improvement Loan
Conclusion
PNB home improvement loan offer a convenient and affordable way to upgrade your existing home with flexible repayment options and competitive interest rates. With minimal documentation and quick processing, it’s a smart choice for homeowners planning to expand.
For personalized assistance with your home loan, consider scheduling a free consultation call with Credit Dharma today.
Frequently Asked Questions
The PNB Home Improvement Loan is designed to finance renovations, repairs, and upgrades to existing residential properties, covering expenses such as flooring, painting, plumbing, and electrical work.
Both salaried and self-employed individuals with a stable income and good credit history are eligible to apply. Applicants must own the property to be renovated.
The loan amount can go up to ₹50 lakh, depending on the renovation cost and the applicant’s eligibility. Furnishing costs up to 15% of the loan amount or ₹50 lakh, whichever is lower, can also be included.
The interest rate starts from 8.50% per annum, with floating rates applicable.
The repayment tenure can extend up to 30 years, offering flexibility based on the borrower’s repayment capacity.
Yes, PNB charges a processing fee of 1% of loan amount (min ₹10,000) + GST.
Applicants need to submit identity proof, address proof, income proof, property documents, and recent photographs. Specific requirements may vary based on employment type.
You can apply online through the PNB Housing website or visit a nearby PNB Housing branch to initiate the application process.
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