PNB Housing Finance Home Renovation Loan

With PNB Housing Finance home improvement loan you can transform your space into a contemporary haven. PNB Housing provides Home Improvement Loans with competitive interest rates for salaried and self-employed individuals looking to revamp their homes. These loans are a flexible solution for homeowners aiming to transform their existing properties into modern, comfortable havens that reflect their personal tastes and meet their functional needs. The renovation plan covers a comprehensive range of improvements including complete property renovations, upgrades to modernise fixtures and enhance overall value, as well as essential repairs for houses and flats. Through the PNB Home Renovation Plan, borrowers can easily fund these vital improvements, facilitating the creation of a beautiful and highly functional space.

Highlights of PNB Housing Finance Home Renovation Loan 

Following are the highlights of PNB home loan renovation:

PNB Housing Finance Home Renovation Loan Features & Benefits

Following are the features and benefits of PNB home renovation plan:

• Competitive Interest Rates: Offers favorable interest rates for various housing needs.
• Diverse Loan Options: Tailored loan variants are available for new home purchases, plot acquisitions, construction, and renovations.
• Extensive Loan Amounts: Loan amounts range from Rs. 1 lakh to Rs. 5 crores, accommodating a broad spectrum of financing needs.
• Flexible Tenure: Repayment periods are flexible, ranging from 1 to 30 years, to suit different financial situations.
• Digital Application Process: Streamlined and digitalised process for a quick and efficient loan application experience.
• Special Transfer Programs: Features programs for transferring existing home loans with benefits such as waived legal fees.
• Insurance Offerings: Provides insurance products to enhance security for both the borrower

PNB Housing Finance Home Renovation Loan Interest Rates

Take a look at the PNB home renovation loan interest rate:

PNB Housing Finance Home Renovation Loan Eligibility Criteria

Here’s the PNB Home improvement loan eligibility criteria:

• Age Limit: Applicant’s age must not exceed 70 years at the time of Home Improvement Loan maturity.
• Credit Score Requirement: Must have a CIBIL score of 611 or higher.
• Employment Type: Open to both salaried and self-employed individuals.
• Income Stability: Applicant must possess a stable job and a reliable source of income.

PNB Housing Finance Home Renovation Loan Documents Required

Following are the documents required for PNB Housing Finance home loan renovation loan:

• Application Requirements: Complete and signed application form with attached photograph.
• Age Verification: Provide proof of age using PAN card, passport, or a certificate from a statutory authority.
• Residence Verification: Submit proof of residence such as a passport, driving license, telephone bill, ration card, election card, or a certificate from a statutory authority.
• Educational Credentials: Include the most recent educational degree.
• Income Evidence: Attach the latest three months’ salary slips.
• Tax Documentation: Provide Form 16 for the past two years.
• Bank Statements: Submit the bank statements from the last six months from the salary account.
• Processing Fee: Include a cheque for the processing fee made out to ‘PNB Housing Finance Ltd.’
• Property Documentation: Provide a photocopy of the property title documents and approved plans.

PNB Housing Finance Home Renovation Loan for Salaried Person

PNB Bank’s Home Renovation Loan is tailored specifically for salaried individuals and features competitive interest rates beginning at 8.50%. It provides flexible repayment plans with tenures extending up to 30 years. Designed for those with steady incomes, this loan offers a streamlined application process and hassle-free processing, making it an ideal choice for home improvements.

PNB Housing Finance Home Renovation Loan for Self-Employed

PNB Housing offers a specialised Home Renovation Loan for self-employed individuals, providing competitive interest rates and flexible loan amounts suitable for various renovation needs. With repayment terms of up to 30 years, the loan accommodates the variable income of self-employed borrowers. The application process is streamlined, requiring financial statements and proof of business to expedite approval and disbursement. 

PNB Housing Finance Home Renovation Loan – Terms and Conditions

Following are the terms and conditions of the PNB Home Renovation Loan.

• Interest Rate Notification: Before sanctioning the loan, borrowers will be informed of higher interest rates on the card.
• Borrower’s Responsibilities for Charges: Charges such as stamp duty, registration fees, and other documentation costs must be paid by the borrower and are not included in the margin money.
• Exception for Low-Cost Units: For housing units costing up to Rs. 10 lakh, the aforementioned charges may be added to the house’s cost when calculating the Loan-to-Value (LTV) ratio.
• Plot Acquisition Cost: The cost of acquiring a plot can be considered as part of the margin money.

For comprehensive details on terms and conditions, please visit Punjab National Bank’s official website or contact the expert team at Urban Money.