PNB Home Loan for Senior Citizens & Pensioners

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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.

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Table of Content

1. PNB Home Loan for Senior Citizens and Pensioners : Highlights

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

3. PNB Home Loan for Senior Citizens and Pensioners: Documents Required

4. PNB Home Loan for Senior Citizens and Pensioners: Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

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

Loan Maximum Amount

Rs. 100 lakhs

Tenure

10-18 years

Rate of Interest

Loan Amount up to 30 lakhs: 9.55%–11.10% (Tenure till 10 years)

Tenure greater than 10 years: 10.05%-11.60%

Loan Amount greater than 30 lakhs: 9.40% (Tenure till 10 years)

Tenure greater than 10 years: 9.90%

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.

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Bank Wise Home Loan Eligibility Calculator

Frequently Asked Question (FAQs)

What is the new PNB home loan scheme for senior citizens and pensioners?

The new home loan scheme from Punjab National Bank aimed at senior citizens is titled “PNB Baghban.” This PNB home loan for senior citizens scheme allows senior citizens and pensioners to financially secure their golden years by providing a loan against their existing residential property.

What is the maximum age limit for Senior Citizen Home Loan in PNB?

The maximum age limit for the PNB home loan for senior citizens is up to 70 years at the time of loan maturity. This ensures that a wide range of retirees and older customers can access the senior citizen home loan PNB.