PNB Housing Finance Limited, a subsidiary of the leading public lender Punjab National Bank, is busy housing many who are looking to buy a home. It also aims to provide funds to those wanting to construct or extend the housing unit owned by them. The loan becomes sweeter when you get to service it at an affordable rate of interest. So, what is PNB HFL Home Loan Interest rate and is it affordable? You can get the answers right here in this article.
How Much is PNB HFL Home Loan Interest Rate?
The floating rate home loans offered by PNB Housing are linked to PNBHFR. If you talk about the actual lending rate, it basically ranges from 8.85%-12% per annum. The rates vary according to the profession of an individual and the amount of loan applied by him/her. Professionally, if we speak of, the rates are segregated among salaried, self-employed professionals and self-employed non-professionals. While salaried and self-employed professionals are offered the loan at an interest rate of 8.99%-11.50% each, self-employed non-professionals would have to service the debt at 9.20%-12% per annum.
PNB Home Loan at Fixed & Floating Interest Together
The interest rate is also offered on a combo of both fixed and floating basis. Loans here are offered at a fixed rate for a pre-determined period. Afterward, the floating rate would automatically apply to the remaining loan balance. There are 1-year, 2-year, 3-year and 5-year fixed rate mechanisms available on PNB HFL Home Loan. The rates under 1-year, 2-year, 3-year and 5-year fixed rate mechanisms are 9.25%-11.50%, 9.25%-11.50%, 9.25%-11.50% and 9.50%-12%, respectively, for salaried and self-employed professionals. The same for self-employed non-professionals are 9.50%-11.50%, 9.50%-11.50%, 9.50%-11.50% and 9.75%-12%, respectively, for self-employed non-professionals.
How Many loans Can You Get from PNB HFL?
PNB HFL home loans are offered based on a certain percentage of the market value of the property. Loans of up to ₹30 lakhs are financed to a maximum of 90% of the market value. On the other hand, loans between ₹30-75 lakhs and above ₹75 lakhs are funded to a maximum of 80% and 75% of the market value of the property, respectively. You can get a maximum of 30 years to service a home loan at PNB HFL.
PNB HFL Home Loan EMI Calculator
You should first calculate the EMI as soon as you get a hang of the loan amount, interest rate and tenure. These three elements actually dictate the amount of monthly installment likely to your loan. All you need to do is to find the EMI calculator online and enter these to find the indicative installment and overall interest outgo over the course of a loan tenure.
How Should You Apply for PNB HFL Home Loan?
You can either download the PNB HFL Home Loan Application Form online or get the same at its nearest branch to your residence. Just fill the relevant details and submit it with KYC and property documents. The form details and documents would go through a scrutiny and only after they get authenticated does the further process would begin. The officials will visit your office and residence to check your authenticity. Plus, the surveyor would visit the property and prepare a technical report, which would further become a basis for the calculation of the market value of the property. You can thus receive a finance at about 75%-90% of the market value.