Table of Contents
Every individual dreams of buying a house of his or her own and Punjab National Bank has made the whole process as easy as possible home loan application process is very easy and convenient for every individual be it a salaried person or a self-employed professional or a business person doing business of manufacturing or trading or providing service.
Apart from them a salaried NRI individual can also apply for a housing loan by following the simple steps of PNB home loan application process to own his or her dream house in India.
How to start the PNB Home Loan Application Process?
Punjab National Bank has come up with a very defined and simple process for the application of home loan along with minimum initial documentation. PNB home loan application process starts with the submission of some documents which the applicant needs to furnish to provide the information required to apply home loan as per the below mentioned checklist:
- 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 given as under:
1. For purchase of built house or flat or dwelling unit from individuals in the name(s) of the borrower(s):
1. 1 Proof of Title of the Vendor.
1. 2 Approved Plan of the House/Flat to be purchased.
1. 3 Attested copy of completion certificate, if obtained.
1. 4 Agreement to sell along-with original receipts of payment of earnest money etc. made by the borrower(s) to the vendor.
1. 5 In case of leasehold property, letter of authority from appropriate authority permitting transfer and mortgage of the property.
1. 6 Non-encumbrance certificate.
2. For purchase of plot or land:
2. 1 Proof of Title of the Vendor.
2. 2 Agreement to sell along-with original receipts of payment of earnest money etc. made by the borrower (s) to the vendor.
2. 3 In case of leasehold plot/land, letter of authority from appropriate authority permitting transfer and mortgage.
2. 4 Non-encumbrance certificate.
3. For construction or repair or renovation or addition or alteration or cost of furnishing:
3. 1 Attested copy of Sale Deed or Lease Deed.
3. 2 In case of construction or addition or alteration, plan approved by the competent authority.
3. 3 Estimate of construction or repair or renovation or addition or alteration by a qualified Civil Engineer or Architect.
3. 4 In case of leasehold property, letter of authority from appropriate authority permitting mortgage.
3. 5 Non-encumbrance certificate.
4. For purchase of house or flat from development authority or housing board or private builders or group housing society:
4. 1 Agreement to Sell or Letter of Allotment or Brochure of Scheme and other relevant correspondence between the borrower(s) and vendor (Builder) regarding sale and purchase of the property.
4. 2 Original receipts of payments made by the borrower (s) to Builder.
4. 3 In case of leasehold property, letter of authority from appropriate authority permitting mortgage.
4. 4 In case of proposal of members of Group Housing Societies, a letter(NOC) from the Society duly signed on its letter head.
4. 5 Share certificate issued by the concerned Society in respect of borrower’s own holding.
In its capital together with a transfer deed signed in blank for the said share.
5. For purchase of leasehold property on power of Attorney or Agreement to sell basis:
5.1 Proof of title of vendor.
5.2 Proof of possession of Vendor.
5.3 Agreement to sell and original receipts of payments made by the borrower (s) to the vendor;
5.4 Non-encumbrance Certificate.
5.5 Power of Attorney executed by the Vendor.
5.6 “Will” of the vendor.
5.7 Letter of Awareness-cum-Possession from Vendor.
Note that the above list is suggestive and documents to be obtained as per local requirements.
Statement of Assets and Liabilities with supportive documents.
Any other document or paper which may be necessary as per requirement of the case.
Does PNB home loan application process consider the income of the co-applicants or guarantors while applying for home loans?
Yes, PNB home loan application process considers the income of the co-applicants for determining the repayment capacity while applying for a home loan.
Who can be the co-applicants to applicants for PNB Home Loan application?
Punjab National Bank allows spouses and earning children (both married and unmarried) of the applicant to become co-applicants for PNB home loan application process. Parents can also be co-applicants in cases where the property is owned singly or jointly by a son and daughter. Also, clubbing of their incomes may be allowed for eligibility or loan repayment purposes.
In case of Co-Applicant or Guarantor:
If the PNB home loan application requires a co-applicant or guarantor to satisfy the needs required to complete the financial eligibility criteria to fulfil the total loan amount then the following documents need to be furnished:
A. Loan application form duly signed and filled up with detailed information.
B. Passport size photograph.
C. Proof of Identity and Address as per Bank’s KYC Guidelines.
D. Proof of Age.
E. Copy of PAN. If PAN is not available at the time of sanction, the same must be obtained before disbursement of loan.
F. Previous / existing loan, if any, from other Banks/Lenders, Statement of account for last 6 months, Sanction letter to be obtained.
G. Income documents such as Income certificate issued by designated authority of the respective State Govt. or UT administration or ITR and Audited accounts or Form 16 as per PNB home loan application guidelines is mandatory.
F. In case loan is to be collaterally secured by mortgage of IP, copy of Title Deed and other documents required for proof of Title.
I. Any other document or information, depending upon the case and end use of the loan.
Flexibility of PNB home loan application process as per the profession:
The profession of an applicant also plays a pivotal role while opting for PNB home loan application process. Different professions have unique financial profiles. Punjab National Bank recognises this by offering tailored home loans.
These options are designed to meet the specific needs of various salaried or professionals or business persons or self-employed non-professionals.
This is done by providing better flexibility, special rates, and favourable terms to help make home ownership achievable and affordable. Let’s look at different types of home loans based on the profession of the applicant:
PNB Home Loan application for Government Employees:
It is customised for employees in official services, offering benefits like lower interest rates and special terms. It’s designed for those with stable incomes and job security, making it suitable for affordable and flexible financing.
A Home Loan application for a Salaried Person:
PNB Home Loan application process for salaried persons other than government employees is specifically designed for individuals with a stable monthly income from employment. This type of loan typically offers competitive rates and flexible terms, considering the reliable repayment capacity associated with salaried employees.
A home loan application process for self-employed individuals:
PNB home loan application process is crafted considering the unique financial dynamics of business income by the banks and similar institutions. This loan type is flexible with documentation requirements and caters to various business profiles.
An NRI Home Loan application process:
PNB loan application process is designed specifically for Non-Resident Indians (NRIs) who wish to purchase property in India. Among different kinds of home loans, this loan allows NRIs to invest in residential property. It offers tailored eligibility criteria and flexible options to accommodate their unique circumstances.
A Home Loan for Senior Citizens:
PNB home loan application process is designed very flexibly to meet the needs of individuals above a certain age, typically 60 or older. It provides financial assistance for purchasing or renovating a home. This loan offers favourable terms and shorter tenures, allowing senior citizens to access home financing while considering retirement income and stability.
How to check PNB Home Loan application status?
You can check your PNB Home Loan application status through the official website of Punjab National Bank or through PNB ONE, the mobile app of the bank. You can also visit the Punjab National Bank branch to check the status of your home loan.
What is the maximum age limit for PNB Housing Loan?
Punjab National Bank has not specified the maximum age limit for PNB Housing Loan. However, the maximum age limit for most lenders is 60 years or the retirement age, whichever is earlier.
What is the processing fee for PNB Home Loan application?
PNB has waived its home loan processing charges until 31st March 2025.
