PNB Home Loan for Government Employees

PNB Home Loan is exclusively made to meet the housing needs of government employees, creating an opportunity to own a home with competitive interest rates.The purpose of the loan includes construction, the purchase of built or under-construction houses or flats, additions, repairs, renovations, alterations, furnishing costs, and land or plot purchases for house building.

The loan also addresses cost escalation for under-construction flats for existing Housing Loan borrowers.

PNB Home Loan for Government Employees: Highlights 

PNB Home Loan for Government Employees: Fees and Charges 

Punjab National Bank (PNB) Home Loan for Government Employees features a processing fee of 0.35% to a maximum of Rs. 15,000, with documentation charges limited to Rs. 1,350.

The charged interest rate under the scheme for housing loans is 8.50% for a limit of 75 lakhs and 8.55% for a limit of more than 75 lakhs. 

PNB Home Loan for Government Employees: Documents Required 

To apply for a PNB Home Loan for Government Employees, you must submit the following documents:

• Completed Loan Application Form with a photograph
• Address Proof
• Age Proof
• Educational Qualification Proof
• Income Proof: Salary certificate, income tax returns/form16 for the last 2 years
• Salary Account Bank Statements for the last 6/12 months.

PNB Home Loan for Government Employees: Eligibility Criteria 

Government employees, including those from Central Government, State Government, Para Military personnel, and pensioners, are eligible for PNB Home Loans. 

PNB Home Loan Schemes for Government Employees 

The Quantum of Finance under these PNB home loan schemes for government employees is designed to cater to diverse housing requirements.

• For the Construction, Additions, or Purchase of a House/Flat, PNB offers a need-based loan, considering the project cost and the borrower’s repaying capacity. 
• In the case of purchasing land or plots for a House Building, the Home Loan extends support with a maximum limit of Rs. 50 lakh.
• For those seeking funds for repairs, renovations, or alterations, PNB Home Loan Schemes for Government Employees offer a maximum loan amount of Rs. 50 lakh. 
• The scheme enables borrowers to include the cost of furnishing within the project, allowing them to allocate up to 15% of the Home Loan amount or Rs. 50 lakh, whichever is lower based on the prescribed loan-to-value (LTV) ratio.

Overall, PNB’s Home Loan for Government Employees stands out as a comprehensive and affordable solution, addressing the specific housing needs of those in government service.