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Punjab National Bank Home Loan Review

  • Company Profile

    PNB is the second largest government-owned commercial bank in India. The bank's assets for financial year 2007 were about US$ 60 billion. PNB Housing Finance Ltd. is a subsidiary Company of Punjab National Bank which has been registered under Companies Act, 1956. It has 30 branches all over the country. Its function is to carry on the business of providing long term finance for construction/purchase/repairs/renovation etc. of any house/flat/commercial properties /loans against properties apart from providing project financing.

    Analysis

    Loan To Value Ratio – PNB Home Loan can be applied for a maximum of 80% of the property value subject to credit discretion and are accompanied by a specially-designed insurance cover. This feature is very much comparable to other products in the market; banks like ICICI and SBI offer loans up to 80% of the property value. Few banks are more lenient when it comes to loan to value ratio.

    Tenure –

    Home Loan Plan Max. Tenure
    Apna Ghar Yojana 20 years
    Ghar Sudhar Yojana 15 years

    Interest Rate –

    Under the Apna Ghar Yojana (long term finance for construction/purchase of any house/flat), for loan upto Rs. 20 lacs

    Period Floating Rate of Interest (%) 3 yrs Fixed Rate of Interest (%)
    1-15 yrs 9.25 13.00
    16-20 yrs 9.50 13.00

    For loan above Rs. 20 lacs

    Period Floating Rate of Interest 3 yrs Fixed Rate of Interest (%)
    1-15 yrs 10.00 13.00
    16-20 yrs 10.00 13.00

    Under the Ghar Sudhar Yojana (long term finance for repairs/renovation of any house/flat), for loan upto Rs. 20 lacs, extended out for a period of upto 15 years, floating rate of interest is charged @ 9.25% and for loans above Rs. 20 lacs, extended out for the same period, floating rate of interest is charged @ 10%.

    Prepayment Charges – On prepayment of the loan, in part or full, a loan seeker is charged an early redemption charge of 2% of the amount being prepaid. This feature is very much comparable to IDBI and HDFC Bank’s offering.

    Processing Fees – A loan seeker will have to bear a processing and administrative fee of 1.5% of the Line of Credit facility applied for and such is payable at the time of submission of the application. This is higher when compared to IDBI Bank’s processing fees charged @ 0.5% or Rs. 11, 000 whichever is lower.

    Also a commitment charge of 1% per annum on the undrawn amount of the Line of Credit facility sanctioned is payable commencing six months from the date of acceptance of offer.

    Published on August 6, 2010 · Filed under: PUNJAB NATIONAL BANK HOME LOAN;
    7 Comments

7 Responses to “Punjab National Bank Home Loan Review”

  1. ravi pundir said on

    i wanp to knw abut the formulaty of pnb house loan,what is the interest rate upto 1200000.
    flat rate ?
    floating rate?
    fix rate?

  2. sanjay upadhyay said on

    i want no about home plon
    my salary- 12000/- in hand
    i purchses flats amt 140000/- lac
    how amt loan i have take in the banks

  3. kuwar giri said on

    Loan requer

  4. kuwar giri said on

    For home loan requiters

  5. hemant gerg said on

    do not go with pnb , go with sbi or lic only

  6. KUWAR GIRI said on

    for home loan

  7. KUWAR GIRI said on

    For home loan Requrement 

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