PNB Home Loan for Senior Citizens & Pensioners

Securing a lifestyle of comfort during the golden years of life is a priority for every person. Recognizing this, PNB home loan for senior citizens offers a host of features catered specifically to the financial needs of our ageing population. Offering competitive interest rates with flexible repayment options, this product is specifically designed to suit the needs of pensioners and retirees.

Leveraging the bank’s expertise in home finance, the PNB home loan for senior citizens and pensioners ensures a hassle-free, quick, and smooth loan process. Let’s look at the product’s key highlights, charges, document requirements, and eligibility criteria.

PNB Home Loan for Senior Citizens and Pensioners : Highlights

PNB Home Loan for Senior Citizens and Pensioners: Fees and Charges

Applying for a PNB housing loan for senior citizens also includes processing and documentation charges. There’s a 0.35% charge on the loan amount, which could range from as low as Rs. 2,500 to as high as Rs. 15,000. Additionally, for the takeover of an existing loan, the charges amount to Rs. 2,500.

Under the Pradhan Mantri Awas Yojna scheme, targeting the economically weaker sections and low-income groups, the loan charge for up to Rs. 6 lakh is nil.

Pro Tip : Start your home ownership journey today with PNB Home Loan EMI calculator.

PNB Home Loan for Senior Citizens and Pensioners: Documents Required

When applying for a PNB Home Loan for Senior Citizens, ensure you have: 

• Fully filled and signed loan application form(s)
• Two passport-sized photos, each of both applicant and co-applicant
• Valid personal ID proof such as an Aadhaar, PAN card, passport or driver’s license
• Signature proof, such as a PAN card or PAN issuing letter
• Residential address proof like an Aadhaar card, electricity bill, post-paid phone bill or valid rent agreement
• Proof of income, such as tax assessment or IT return document
• Property-related documents for PNB home loan senior citizen applications

PNB Home Loan for Senior Citizens and Pensioners: Eligibility Criteria

To avail of the PNB home loan for senior citizens and pensioners, you must fulfil a few key criteria:

• You must be an Indian citizen, aged above 60.
• The property obtained with this PNB housing loan for senior citizens must be self-acquired and self-occupied.
• It must be free from encumbrance and used as your primary residence.
• The residential property’s residual life expectancy should be at least 20 years.