How To Get A PNB Home Loan
Have you been wondering how to get a PNB home loan? Punjab National Bank, or PNB, was established in India in 1896 and was nationalized in 1969. Today, they offer home loans for the purchase of an existing home or construction of a new one, as well as home renovations, repairs and additions, through their subsidiary PNB Housing Finance Limited. Life insurance is also available on Punjab National Bank home loans. Follow these steps to get a home loan from Punjab National Bank.
- Punjab National Bank home loans are available for individuals under the age of 65 who are employed or self-employed.
- Individuals can borrow up to 75 percent of the cost of the purchase of a newly built or existing residence, or of the cost of repairs, additions or renovations.
- The interest rate for the loan ranges from 8.75 to 11 percent, depending on the repayment period and other options that can be chosen by the borrower. Repayment terms range from five to 25 years, and repayment must be complete before the borrower reaches age 65. Repayment of a renovation loan can be no longer than ten years.
- Down payments required range from .5 to .9 percent of the loan amount, depending on the amount of the loan.
- To apply for a Punjab National Bank home loan, you can visit the PNB Housing Finance Limited website at www.pnbhfl.com. At the site, you can apply online, download the application form or find a local branch so that you can apply for the home loan in person.