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PNB Housing Finance Home Construction Loan
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PNB Housing Finance offers a helping hand to those aspiring to construct their dream home through their PNB Housing Finance Construction Loan, also known as the PNB Housing Finance Home Construction Loan. This loan is specifically designed to finance the construction costs of building a new residential property. Whether you have drafted your ideal house plans or are seeking financing for an upcoming project, understanding the aspects of the PNB Housing Finance Construction Loan can help you make informed decisions.
- Personalized Home Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Home Loan Interest rate comparison
Table of Content
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Reviewed ByPNB Housing Finance Home Construction Loan – Highlights
Charted below are the highlights of the PNB Housing Finance Home Construction Loan.
| Interest Rate | 8.5% to 11.45% p.a. |
|---|---|
| Maximum Loan Amount | Up to 90% of the house value |
| Maximum Loan Tenure | 30-years |
| Processing Fees | Up to 1% for Home Loan |
PNB Housing Finance Construction Loan Interest Rates
The interest rate for a PNB Housing Finance Construction Loan will depend on various factors, including your credit score, loan amount, and chosen repayment term. While exact rates can vary, PNB Housing Finance typically offers competitive interest rates within the market range for construction loans.
Here is a table outlining a general structure for PNB Housing Finance Construction Loan interest rates:
| Credit Score Range | Salaried Interest Rate Range (Below 35 Lakh) | Non Salaried Interest Rate Range (Below 35 Lakh) | Salaried Interest Rate Range (Above 35 Lakh) | Non Salaried Interest Rate Range (Above 35 Lakh) |
| >=825 | 8.5% to 9% | 8.8% to 9.3% | 8.5% to 9% | 8.8% to 9.3% |
| >800 to 825 | 8.8% to 9.3% | 8.95% to 9.45% | 8.8% to 9.3% | 8.95% to 9.45% |
| >775 to 799 | 9.1% to 9.6% | 9.65% to 10.15% | 9.2% to 9.7% | 9.8% to 10.3% |
| >750 to <=775 | 9.25% to 9.75% | 9.8% to 10.3% | 9.35% to 9.85% | 10.15% to 10.65% |
| >725 to <=750 | 9.55% to 10.05% | 10.25% to 10.75% | 9.7% to 10.2% | 10.3% to 10.8% |
| >700 to <=725 | 9.85% to 10.35% | 10.55% to 11.05% | 10.05% to 10.55% | 10.75% to 11.25% |
| >650 to <=700 | 10.25% to 10.75% | 10.75% to 11.25% | 10.45% to 10.95% | 10.95% to 11.45% |
| <=650 | 10.25% to 10.75% | 10.75% to 11.25% | 10.45% to 10.95% | 10.95% to 11.45% |
| NTC Cibil >=170 | 10.25% to 10.75% | 10.65% to 11.15% | 10.45% to 10.95% | 10.85% to 11.35% |
| NTC Cibil <170 | 10.15% to 10.65% | 10.55% to 11.05% | 10.35% to 10.85% | 10.75% to 11.25% |
PNB Housing Finance Construction Loan Fees and Charges
Certain fees and charges are associated with obtaining a PNB Housing Finance Construction Loan. These might include:
| Fee/Charge | Amount |
| Processing Fee | Up to 1% for Home Loan |
PNB Housing Finance Construction Loan Eligibility Criteria for Salaried and Self-Employed
To qualify for a PNB Housing Finance Construction Loan, here are the key eligibility requirements for salaried individuals:
- Age: Minimum age: 21 years at the loan commencement; Maximum age: 70 years by the loan maturity date.
- Residency: You must be a permanent resident of India.
- Employment: Minimum work experience of 3 years with your current employer (or 5 years for fresh graduates).
- Income: Minimum monthly salary of ₹15,000 or more.
- Credit Score: A healthy credit score of 611 or above is preferred. Maintaining a good credit history demonstrates your financial responsibility and increases your chances of loan approval.
PNB Housing Finance Construction Loan Documents Required for Salaried and Self-Employed
The loan application process for a PNB Housing Finance Construction Loan requires you to submit specific documents. Below is the list of documents a salaried individual must submit.
- PNB Housing Finance Construction Loan application form.
- KYC documents (identity proof, address proof).
- Salary slips for the past few months.
- Income Tax Returns (ITR) for the past 3 years.
- Bank account statements for the past 6 months.
- Property ownership documents for the land.
- Approved building plans.
- Employment proof (experience certificate, etc.).
Features of PNB Housing Finance Construction Loans
PNB Housing Finance Construction Loans go beyond simply financing your construction costs. Here are some key features designed to support aspiring homeowners throughout the building process:
- Financing for Construction Costs: The loan covers expenses associated with building your new home, including materials, labour, and construction fees.
- Flexible Repayment Options: PNB Housing Finance understands that construction projects can have unforeseen circumstances. They offer flexible repayment options that can provide peace of mind.
- Simplified Loan Process: PNB Housing Finance strives to streamline the loan application process. Their online application portal and minimal documentation requirements can save you time and hassle.
- Expert Assistance: PNB offers guidance and support throughout the loan process. You may have access to dedicated relationship managers and technical expertise.
- Competitive Interest Rates: PNB Housing Finance strives to offer competitive interest rates within the market range for construction loans.
