PNB Housing Finance NRI Home Loan

PNB Housing Finance offers a specialised home loan product for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). This loan is tailored to meet the unique needs of Indians residing abroad who wish to own a home in India. With competitive interest rates and a flexible repayment tenure, PNB NRI Home Loan is a viable option for those looking to invest in Indian real estate from afar.

Features & Benefits of PNB NRI Home Loan

Here are some of the salient features of PNB NRI Home Loan:

• Competitive Interest Rates: Starting at 9.25% p.a., making it affordable.
• Flexible Repayment: Tenure up to 15 years with EMI as low as Rs.1,029 per lakh.
• High Loan-to-Value Ratio: Up to 80% financing for properties valued up to Rs.75 lakh.
• Insurance Tie-Up: Collaboration with Bharti AXA for home insurance.
• Repayment Convenience: Through ECS or Post-Dated Cheques.

Types of PNB Home Loans for NRIs

PNB Housing Finance provides various home loan options for NRIs, including:

• Home Purchase Loan: For buying new or existing residential properties.
• Home Construction Loan: For constructing a new house.
• Home Extension Loan: This is for adding more space to your existing home.
• Land Purchase Loan: For buying a plot of land for construction purposes.

Purpose of PNB NRI Home Loan

The primary purpose of the PNB NRI Home Loan is to enable NRIs and PIOs to:

• Purchase a home or apartment in India.
• Construct a residential property on owned land.
• Extend or renovate an existing property.
• Buy a plot of land for residential construction.

PNB NRI Home Loan Interest Rates

Interest rates vary based on employment status:

PNB NRI Home Loan Documents Required

A comprehensive list of documents is required, including:

• Age Proof: PAN card, passport, etc.
• Address Proof: Driving license, telephone bill, etc.
• Income Proof: Salary slips, income statement, etc.
• Property Documents: Title deeds, approved plan, etc.
• Other Documents: Passport photocopy, work permit, etc.

PNB NRI Home Loan Eligibility Criteria

Eligibility criteria include:

• Age: Not more than 70 years at loan maturity.
• Resident Status: NRI or PIO.
• Employment Status: Minimum one year of employment abroad.

Fees and Charges for PNB NRI Home Loan

PNB Housing Finance charges certain fees and processing charges, which are subject to change and can be detailed upon inquiry with the bank.

Tax Benefits of PNB NRI Home Loans

NRIs are eligible for tax benefits on home loans under the Income Tax Act of India, similar to resident Indians. This includes deductions on interest paid and principal repayment under various act sections.