PNB Housing Finance Limited is a wholly owned subsidiary of Punjab National Bank, one of the leading nationalized banks of India. PNB provides a wide array of home loans to address varied customer needs. The bank provides loans to individuals against mortgage of their existing residential immovable property situated in urban/semi-urban/metro centers. By mortgaging their existing immovable property, borrowers can avail of loans for purposes such as education, marriage of children, family function, foreign travel, medical expenses etc. Go through the following lines to get information on PNB Home Loan.

Punjab National Bank Housing Loans

Products

* PNB Apna Ghar Yojana home loans are meant for construction or for acquisition/purchase of house/flats. The minimum loan amount would be Rs.50000 and maximum loan amount depends on the repayment capacity of the borrower. In case of joint application, income of borrowers /co-borrowers is clubbed together for calculation of loan eligibility. The loan repayment is in Equated Monthly Installments (EMI) over a maximum period of 20 years.
* PNB Ghar Sudhar Yojana home loans are offered for up gradation, renovation or repair of house/flat. It includes among others, internal and external repairs, water proofing, roofing, flooring, electrical, woodwork etc. The loan amount ranges from a minimum of Rs 50,000 to a maximum of Rs. 1000000. Borrower's minimum contribution will be 25% of the estimated cost of repairs/renovations.

Features

* PNB provides home loans for the construction or purchase of house/flat, purchase of house/flat on First Power of Attorney basis from the original allottee.
* The home loan can also be availed for carrying out repairs, renovations, additions, alterations to the existing house or flat of the applicant.
* A special feature of PNB Housing Loan is that it provides life insurance cover on payment of one time premium.
* The bank finances 75% money required for the construction of house or for the purchase of house/flat.
* If an individual avails home loan from the bank for the purpose of repairs/renovation/additions/alterations of his/her home, then 75% of the estimated cost is financed by the bank, subject to a maximum limit of Rs 20 lakhs.
* The bank provides loan up to Rs 20 lakhs for the purchase of land or plot.
* If the applicant wants to furnish his/her house, then he/she can opt for PNB Home Loan and avail of a maximum of Rs 2 Lakh loan amount.

Eligibility

* To qualify for PNB Apna Ghar Yojna, the applicants (residents of India or NRIs) should be in a permanent service or having their own business.
* In case of service class, the age of the applicant should not cross 60 years, while the maximum age limit for the applicant if he/she is business person or self-employed is 65 years, at the time of the sanction of the loan.
* The self-employed or business person, not exceeding 60 years of age can apply for PNB Ghar Sudhar Yojna.