PNB Home Renovation Loan

Do you want to give your home a makeover? Do you have some ideas for transforming your living space into your dream house? Whether you want to add a new room, renovate your kitchen, or install a solar panel, the Punjab National Bank Home Renovation Loan can help you turn your vision into reality.

The Punjab National Bank Home Renovation Loan is a flexible and affordable loan option for homeowners who want to upgrade their homes. You can borrow up to Rs. 25-50 lakhs at attractive interest rates, with a repayment period of up to 15 years. You can also enjoy benefits such as low processing fees, no prepayment charges, and tax deductions.

You can let your imagination run wild and add significant value to your property with a Punjab National Bank Home Renovation Loan. Apply online now and prepare to enjoy your new and renovated house.

Punjab National Bank Home Renovation Loan – Highlights 

Here are some of the salient highlights of the PNB Home Renovation Loan:

Punjab National Bank Home Renovation Loan Features & Benefits

Some of the features and benefits of the Punjab National Bank Home Renovation Loan are:

• You can borrow up to Rs. 25 lakhs at attractive interest rates, with a repayment period of up to 15 years.
• You can use the loan for various purposes, such as complete renovation, upgradation, repairs, false ceiling, waterproofing, tiling, flooring, plumbing, electrical work, etc.
• You can enjoy benefits such as low processing fees, no prepayment charges, and tax deductions.
• You can apply online and get quick approval and disbursal.
• You can also avail of a top-up loan option for additional expenses.
• Women applicants get a concession on interest rate, subject to certain conditions.

*For more details, you can visit the official website of Punjab National Bank or PNB Housing Finance.

Punjab National Bank Home Renovation Loan Interest Rates

The interest rates may vary depending on the loan amount, tenure, and credit rating of the borrower. As of now, the interest rates on the official website are as follows:

• PNB Housing Finance offers home renovation loans at low interest rates, starting at 8.50%* per annum for salaried individuals and 8.80%* for self-employed individuals.
• Punjab National Bank also provides home loans for public, government employees, and salaried individuals at competitive rates starting from 8.40% p.a. onwards.
• PNB Bank also has special schemes such as PNB Max-Saver, PNB Pride, Pradhan Mantri Awas Yojna, and PNB Gen-Next for different categories of borrowers.

*You can visit the official websites of PNB Housing Finance and Punjab National Bank for more details and apply online for your home renovation loan.

Punjab National Bank Home Renovation Loan Eligibility Criteria

The eligibility criteria for the PNB Home Renovation Loan are as follows:

• The applicant should be 21 years of age or older at the time of applying for the loan and not more than 70 years of age at the time of loan maturity.
• The applicant should have a minimum CIBIL score of 611.
• The applicant should be a salaried or self-employed individual with a stable income.
• The applicant should have work experience of at least 3 years for salaried individuals and business continuity of at least 3 years for self-employed individuals.

Punjab National Bank Home Renovation Loan Documents Required

The documents required for the Punjab National Bank Home Renovation Loan are as follows:

• A duly filled loan application form with 2 passport sized photos.
• Identity proof, residence proof, age proof, and educational qualification proof.
• Income proof such as latest salary certificate, income tax return, or Form 16 for salaried individuals, and business continuity proof for self-employed individuals.
• Property documents such as the sale deed, sale agreement, approved plan, estimate of cost, allotment letter, NOC from society, builder, or housing board, and property tax receipt.

Punjab National Bank Home Renovation Loan Processing Fees And Other Charges

Punjab National Bank (PNB) offers home renovation loans with competitive interest rates and flexible repayment options. The processing fees and other charges for PNB home renovation loans are as follows:

• Processing Fee: Nil for loans up to Rs. 5.00 lac and 0.35% of the loan amount for loans above Rs. 5.00 lac to Rs. 10.00 lac.
• Documentation Charges: Rs. 1,350.
• Penalty for delayed repayments: 2% above the normal rate of interest.

Punjab National Bank Home Renovation Loan For Self-Employed And For Salaried Person

PNB Housing offers home renovation loans for both self-employed and salaried individuals. The eligibility criteria for these loans are based on age, credit score, income, and profession. Here are some of the key points for each category:

• For self-employed individuals:
• Age: Should not be more than 70 years old at the time of loan maturity.
• Credit Score: Minimum 611.
• Income: Must have a stable and reliable source of income.
• Business Continuity: Minimum 3 years.
  
• For salaried individuals:
• Age: Should not be more than 70 years at the time of loan maturity.
• Credit Score: Minimum 611.
• Income: Minimum Rs. 15,000 per month.
• Work Experience: Minimum 3 years.

*You can always check the documents required for a home loan application on their website.

Punjab National Bank Home Renovation Loan – Terms And Conditions

The terms and conditions for a Punjab National Bank (PNB) home renovation loan are as follows:

• The maximum loan amount is Rs. 25-50 lakh for the repair/renovation/alteration of existing residential property. The cost of furnishing can be included in the project cost with a maximum limit of 15% of the loan amount or Rs. 50 lakh, whichever is lower.
  
• The loan tenure is up to 15 years for repair/renovation/alteration and up to 30 years for other purposes. The loan repayment should be completed within the time taken to complete the work or 6 months from the disbursement of the first loan EMI, whichever is earlier.
  
• The interest rate is floating and varies according to the loan amount, credit score, and profession of the borrower. The current interest rate starts at 8.50%.
  
• The loan-to-value (LTV) ratio is the percentage of the property value that can be financed by the loan. The LTV ratio for PNB home renovation loan is as follows:
  • For loan up to Rs. 30 lakh: 90%
  • For loan above Rs. 30 lakh and up to Rs. 75 lakh: 80%
  • For loan above Rs. 75 lakh: 75%
    
• There is no processing fee for loans up to Rs. 5 lakh and 0.35% of the loan amount for loans above Rs. 5 lakh to Rs. 10 lakh. The minimum processing fee is Rs. 2,000 and the maximum is Rs. 15,000.
  
• The documentation charges are Rs. 1,350.
• Penalty for Delayed Repayments: The penalty for delayed repayments is 2% above the normal rate of interest.