PNB Pride Housing Loan: Special Benefits for Govt Employees, Defence Personnel & Pensioners - Concessional Rates, Zero Processing Fees & More
Punjab National Bank offers a dedicated housing loan facility for eligible government employees, defence personnel, paramilitary personnel and government pensioners under PNB Pride. The facility can be used for purchasing or constructing a house or flat, buying an eligible residential plot, and carrying out repairs, renovation or additions to an existing property. PNB also provides a concessional rate of interest irrespective of the borrower's CIC score and a full waiver of upfront/processing fees and documentation charges.
What is PNB Housing Loan for Pride Customers?
PNB Pride Housing Loan is a housing finance facility designed for eligible Central and State Government employees, defence personnel, paramilitary personnel and Central and State Government pensioners. PNB's official page states that the scheme provides a concessional rate of interest irrespective of CIC score and a full waiver of upfront/processing fees and documentation charges. For the quantum of finance, margin, security, repayment and moratorium, PNB Pride follows the applicable terms of the bank's Housing Finance Scheme for Public.
Key Features of PNB Pride Housing Loan
Eligibility: Available to Central and State Government employees, defence personnel, paramilitary forces and Central and State Government pensioners.
Interest rate benefit: Concessional rate of interest, irrespective of CIC score.
Current floating rate: Starting from 7.30% p.a., subject to the applicable LTV ratio, loan amount and other terms.
Processing fee: Fully waived.
Upfront fee: Fully waived.
Documentation charges: Fully waived .
Loan purpose: Construction, purchase, repair, renovation, additions and other eligible housing purposes.
Land/plot loan: Up to ₹100 lakh for purchasing land or a plot for house building.
Repayment tenure: Up to 30 years for most eligible housing-loan purposes.
Repayment for repairs/renovation: Up to 15 years.
Security: Equitable or registered mortgage of the property.
Moratorium: Available based on the purpose of the loan.
Co-borrowers: Spouse, earning children and joint owners can be included, subject to PNB's applicable conditions.
PNB Pride Housing Loan Interest Rate
The applicable interest rate may vary based on the loan amount, LTV ratio and other applicable terms. Borrowers should check PNB's official website for the latest interest rates and confirm the applicable rate with the bank before applying.
Purpose of PNB Pride Housing Loan
The loan can be used for:
Construction of a house or flat
Purchase of a built house or flat
Purchase of an under-construction house or flat from eligible Housing Boards, Development Authorities, Cooperative Societies, approved private builders or approved projects
Additions to an existing house or flat
Repairs, renovation or alterations
Cost of furnishing, subject to applicable limits
Cost escalation for eligible under-construction flats for existing housing-loan borrowers
Purchase of land or plot for house building
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PNB Pride Housing Loan Quantum of Finance
The eligible loan amount depends on the purpose of the loan, project cost and repayment capacity.
Construction, additions or purchase of house/flat: Need-based, depending on project cost and repayment capacity.
Purchase of land/plot for house building: Maximum ₹100 lakh.
Repairs, renovation or alterations: Maximum ₹100 lakh.
Cost of furnishing: Up to 25% of the home loan or ₹100 lakh, whichever is lower, within the prescribed LTV ratio.
For construction, additions and purchase of a house or flat, PNB's Housing Loan for Public scheme does not prescribe a single maximum loan amount. The amount is determined based on the project cost and the borrower's repayment capacity.
Repayment Tenure
Repairs, renovation or alterations: Up to 15 years, including the moratorium period, if any.
Other eligible housing purposes: Up to 30 years, including the moratorium period, if any.
Income of the spouse, earning children and joint owners can be considered for repayment capacity if they are included as co-borrowers.
Parents can also be made co-borrowers in specified cases, subject to PNB's applicable conditions.
Housing Loan Moratorium
Construction/additions: Until completion or 18 months from first disbursement, whichever is earlier.
Repairs/renovation/alterations: Until completion or 6 months from first disbursement, whichever is earlier.
Ready-built house/flat or land/plot: Until possession or 3 months from advance, whichever is earlier.
Conclusion: PNB Pride Housing Loan is designed to provide eligible government employees, defence and paramilitary personnel and government pensioners with housing finance at concessional rates. The scheme also provides flexibility across different housing purposes, along with a waiver of upfront, processing and documentation charges.