85 Lakh Punjab National Bank Home Loan

Punjab National Bank (PNB), one of India's premier public sector banks, offers a comprehensive range of home loan products designed to meet the diverse needs of its customers. Understanding the intricacies of securing a home loan is crucial, especially for substantial amounts like 85 lakh, which can facilitate the purchase, construction, or renovation of your dream home. PNB home loans of 85 lakh  stand out for their competitive interest rates, flexible repayment options, and the inclusion of various borrower-friendly features.

Whether you are a salaried employee or a self-employed individual, PNB's 85 lakh home loan will explore key features such as the Loan to Value (LTV) ratio, interest rates, and the documentation required, providing potential borrowers with the necessary insights to manage their home loan process effectively.

Key Features of 85 Lakh PNB Home Loan

The following are the key features if you want to avail an 85 Lakh PNB Home Loan:

1. Loan Amount and Loan to Value Ratio

• PNB offers home loans up to 85 lakh, ensuring substantial funding for a variety of housing projects.
• The Loan to Value (LTV) ratio varies based on the property value:
  • Up to 90% for properties under 30 lakh.
  • 80% for properties valued between 30 lakh and 75 lakh.
  • 75% for properties over 75 lakh.
    

2. Interest Rates

• Competitive interest rates are offered, starting as low as 9.40% per annum, making it an attractive option for borrowers.
  

3. Repayment Tenure

• The loan tenure is flexible, extending up to 30 years, which allows borrowers to manage their monthly outgo effectively.
  

4. Eligibility

• Broad eligibility criteria include a minimum age of 21 years and a maximum age of 70 years at loan maturity.
• Both salaried and self-employed individuals can apply.
  

5. Processing Fees

• A nominal processing fee of 0.35% of the loan amount is charged, making the loan processing transparent and cost-effective.
  

6. Documentation

• Standard documentation is required, including identity proof, residence proof, income proof, and property-related documents.
  

7. Special Schemes

• PNB also offers specialised home loan schemes, such as PNB Unnati, for individuals earning a fixed income with specific professional or educational qualifications.
  

8. Additional Benefits

• Borrowers can avail tax benefits on home loan repayments under the Income Tax Act of India.

85 Lakh PNB Home Loan EMI For 5 Years

Loan Amount	Rs. 85 Lakhs
Rate of Interest	8.50%
Loan Tenure	5 Years
EMI	Rs. 1,74,391
Interest Payable	Rs. 19,63,460
Total Amount Payable	Rs. 1,04,63,460

85 Lakh PNB Home Loan EMI for 10 years

Loan Amount	Rs. 85 Lakhs
Rate of Interest	8.50%
Loan Tenure	10 Years
EMI	Rs. 1,05,388
Interest Payable	Rs. 41,46,560
Total Amount Payable	Rs. 1,26,46,560

85 Lakh PNB Home Loan EMI For 15 Years

Loan Amount	Rs. 85 Lakhs
Rate of Interest	8.50%
Loan Tenure	15 Years
EMI	Rs. 83,703
Interest Payable	Rs. 65,66,540
Total Amount Payable	Rs. 1,50,66,540

85 Lakh PNB Home Loan EMI for 20 years

Loan Amount	Rs. 85 Lakhs
Rate of Interest	8.50%
Loan Tenure	20 Years
EMI	Rs. 73,765
Interest Payable	Rs. 92,03,600
Total Amount Payable	Rs. 1,77,03,600

85 Lakh PNB Home Loan EMI For 25 Years

Loan Amount	Rs. 85 Lakhs
Rate of Interest	8.50%
Loan Tenure	25 Years
EMI	Rs. 68,444
Interest Payable	Rs. 1,20,33,200
Total Amount Payable	Rs. 2,05,33,200

85 Lakh PNB Home Loan EMI For 30 Years

Loan Amount	Rs. 85 Lakhs
Rate of Interest	8.50%
Loan Tenure	30 Years
EMI	Rs. 65,358
Interest Payable	Rs. 1,50,28,880
Total Amount Payable	Rs. 2,35,28,880

Pro Tip : Start building your future with PNB Home Loan EMI calculator.

Summary Table of 85 Lakh PNB Home Loan Features

Feature	Details
Maximum Loan Amount	85 lakh
LTV Ratio	Up to 90%, depending on property value
Interest Rate	Starting from 9.40% p.a.
Tenure	Up to 30 years
Eligibility	Ages 21 to 70; Salaried and Self-employed
Processing Fee	0.35% of the loan amount
Documentation	Standard set, including ID and income proof
Special Schemes	PNB Unnati, etc.
Tax Benefits	Available under Income Tax Act

 

Cost Implications: Fees and Charges for 85 Lakh Home Loan

Apart from the principal and interest, other costs associated with the home loan include:

• Processing Fee: 0.35% of the loan amount, which amounts to approximately 29,750 plus GST.
• Additional Charges: These may include legal fees, documentation charges, and other administrative fees, which should be clarified directly with the bank.

Documents Required for 85 Lakh Home Loan

The application process requires thorough documentation to validate the borrower’s identity, income, and creditworthiness:

• Proof of Identity and Residence: Aadhaar Card, PAN Card, Passport, Driving Licence, and Voter’s ID Card.
• Proof of Income: Recent salary slips, income tax returns, and bank statements. For self-employed individuals, documents such as income tax returns, profit and loss statements, and business continuity proofs are necessary.
• Property Documents: Sale deed, agreement of sale, and other related documents, depending on the type of loan.

Eligibility Criteria for 85 Lakh Home Loan

For Salaried Individuals

1. 1. Application Form: Completed home loan application with a recent photograph.
   2. Proof of Identity: Any of the following – Aadhaar Card, PAN Card, Passport, Driving License, Voter’s ID Card.
   3. Proof of Residence: Options include Aadhaar Card, Passport, Driving License, or Voter’s ID Card.
   4. Proof of Age: Valid documents are Aadhaar Card, PAN Card, Passport, Birth Certificate, or Driving License.
   5. Educational Qualifications: Document proving educational achievements.

• Proof of Income:

1. • Salary certificate from employer detailing gross and net salary.
   • Recent Income Tax Return.
2. Bank Statements: Last six months’ statements of the salary account.
3. Property Documents: Relevant documents as required for the loan application.

For Self-Employed Individuals

1. 1. Application Form: Completed application with a recent photograph.
   2. Proof of Identity: Acceptable documents include Aadhaar card, PAN card, Passport, Driving Licence, or Voter’s ID Card.
   3. Proof of Residence: Aadhaar Card, Passport, Driving License, or Voter’s ID Card can be used.
   4. Proof of Age: Options include Aadhaar Card, PAN Card, Passport, Birth Certificate, or Driving Licence.
   5. Educational Qualifications: Necessary proof of educational qualifications.

• Proof of Income:

1. 1. • For Agriculturists – Records of landholding and cropping patterns or other relevant income proofs.
      • For Other Self-Employed –  Last three years’ Income Tax Returns, Assessment Orders, and Computation of Income Statements.
   2. Bank Statements: Bank account statements for the last six months.

• Additional Documents:

1. • Income proofs of spouse, earning children, or joint borrowers, if applicable.
   • Necessary property-related documents for the loan.