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The most heartwarming and significant moment in the life of an individual, be it a salaried person or self-employed professional or a business person or even a self-employed non-professional person, is having an own home. Across our whole country, the most aspiring homeowners do take home loans for financing to buy or construct their dream homes. Financial Institutions like Punjab National Bank or PNB provide quick and hassle-free home loans to eligible applicants. So, if you are looking for some financial assistance to buy a home without hassle then the process of instant approval of a housing loan from PNB will be the ideal solution to get your home loan approved in no time.
How to apply for instant approval of a housing loan from PNB?
The procedure of instant approval of a housing loan from PNB or Punjab National Bank is a process with minimum documentation and maximum benefits such as variety of housing loan products, lowest interest rate presently prevailing in the market, maximum possible loan tenure, flexible repayment process and so on.
The application process for instant approval of a housing loan from PNB has come up with a very defined and simple process with minimum initial documentation. To begin a PNB home loan application, the borrower must first submit the required set of documents. These papers help the bank gather all essential details needed to process the loan request, as outlined in the checklist provided below.
- Loan application form duly completed with Photograph.
- Identity proof.
- Address or Residence proof.
- Age proof.
- Educational qualification proof.
- Income proof.
- For a Salaried Person: Latest Salary certificate issued by the employer (indicating gross and net salary). Income tax Return or Form16 for last 2 years whichever is applicable. Bank Statement of salary accounts for last 6 or 12 months, whichever is applicable.
- For All Other individuals: ITR acknowledgement copies with Trading and Profit & Loss account, Audited Balance Sheets and Computations (Wherever applicable) for the last 2 years of business activity. Bank Statement of account for last 6 or 12 months, whichever is applicable.
- For an agriculturist: Record of land holding & cropping pattern or any other proof of income.
- Income proof of spouse or earning children or parents, whichever is applicable, where the same is to be considered for determining loan amount.
- Property documents as per Property Check-List.
Instant approval of a housing loan from PNB offers home loan interest rates starting @ 8.15% p.a. for tenures of up to 30 years. Punjab National Bank offers housing loan overdraft facility and various special housing loan products for defence personnel, government employees and Gen-Next salaried individuals working with IT concerns or Government or PSUs up to the age of 40 years.
Who is eligible for an instant approval of a housing loan from PNB?
Individuals in the age group 18-70 years having regular income wishing to own residential properties in India are eligible to avail the process of instant approval of a housing loan from PNB from the commencement and completion of the loan tenure respectively. But the maximum age limit for applying is 60 years and for that reason the housing loan tenure will only be for a maximum period of 10 years.
What is the maximum loan amount which one can get while looking for an instant approval of a housing loan from PNB?
- An applicant who is looking for an instant approval for a housing loan from PNB apply for the construction, addition and alteration of the existing property or purchase of new or old house or flat or can also purchase a plot and then go for construction which are completely need based and have no upper cap.
- For purchase of land or plot for construction of house building the maximum loan amount can be Rs.50 lakhs.
- Only For Repair or Renovation or alterations – Max Rs.25 lac
- Cost of furnishing may be included in the project cost with maximum up to 10% of Home Loan or Rs.25 lakh whichever is lower, within the prescribed Loan to Value (LTV) ratio.
How much do the applicant(s) have to contribute from their own fund sources to get an instant approval of a housing loan from PNB?
Below is the least sum that an individual is required to invest from their own funds:
- For loans up to Rs.75.00 lac 10% to 20% of the sales consideration or LTV whichever is lower.
- For loans above Rs.75.00 lac from 10% to 25% of the sales consideration or LTV whichever is lower.
- Purchase of Land or Plot for House Building a minimum of 25% of the sales consideration or valuation of the property, whichever is lower.
How is a housing loan from PNB different compared with those offered by other scheduled banks and financial institutions?
- There is total transparency with regard to the rate of interest and the fees charged.
- The applicant pays substantially less in repayments as compared to others.
- The eligible loan size is calculated based on the borrower’s repayment ability and the market value of the property intended for financing.
- The offers under instant approval of a housing loan from PNB are for the longest tenors (up to 30 years) with the flexibility to prepay the loan without any charges or penalty.
- Punjab National Bank provides finance for both new and old houses or flats and for construction of houses.
- Cost of furnishing the house can also be included in the project cost while applying for an instant approval of a housing loan from PNB
- With PNB Housing Loan, an applicant can choose between fixed rates of interest and floating interest rates.
- Under instant approval of a housing loan from PNB the levy of interest rate is based on daily reducing balance, unlike the annual or monthly reducing balance method used by several other NBFCs or banks and accordingly actual effective rate of interest is much less when compared to other financial institutions.
- The borrower has the option to access an overdraft of up to ₹25 lakh for personal requirements in addition to the home loan, starting from the very first day.
- Top up loan is available after three years under the Flexible Housing Loan Scheme of the Punjab National Bank. Under this variant Flexibility to avail Housing loan in shape of Term Loan & Overdraft under Flexible Housing Loan variant (80%-Term Loan & 20%-Overdraft), where OD component is proportionately increased which is equivalent to reduction in term loan component after three years. Additionally, after five years, borrowers become eligible for a 20% enhancement of the initially approved total limit.
- Online application facility also available.
- There are no hidden charges.
Are NRIs also eligible for instant approval of a housing loan from PNB?
Instant approval of a housing loan from PNB to NRI or PIOs Persons of Indian Origin) is also available for acquisition or construction or repairs or renovation or improvement of flat or house to be owned in their names. NRIs or PIOs in India as also for the purpose of purchase of plot. This flat or house, acquired by utilization of the loan, can be used for self-occupation or letting out. Loan can also be considered where NRI or PIO is a principal borrower with resident close relative(s).
