PNB NRI Home Loan

Understanding the unique needs of the Indian diaspora, Punjab National Bank's NRI Home Loan bridges the distance, making it easier for NRIs to invest in property back home. This loan caters to a range of purposes, from purchasing a new home to renovating an existing property, with the convenience and reliability that PNB is known for. It features competitive interest rates, flexible repayment options, and a hassle-free application process, ensuring that distance is no barrier to owning your dream home in India.

Feature & Benefits of PNB NRI Home Loan

Features and benefits of taking NRI Home Loan from PNB Housing are:

• PNB has a pan India branch network.
  
• PNB NRI home loan is available for buying, constructing, renovating, or extending a house or apartment in India.
  
• The loan tenure can extend up to 15-20 years, offering flexibility based on the borrower’s age and income.
  
• PNB provides convenient and quick loan approval and disbursal and post-disbursal through their doorstep services.
  
• PNB offers customers the option to increase their loan amount if there are any unexpected increases in expenses.
  
• PNB has a dedicated team of well-experienced employees.
  
• One of the unique features of PNB’s NRI home loan is that it can be availed by NRIs who are either salaried or self-employed. Moreover, the loan can be availed by NRIs who have a co-applicant who is a resident of India.
  
• PNB’s NRI home loan also offers flexible repayment options, enabling you to choose a repayment plan that suits your financial situation.

Types of PNB Home Loans for NRIs

PNB offers a specialised home loan for NRIs who are looking to invest in the Indian real estate market. This NRI home loan is specifically designed to cater to the unique requirements and needs of NRIs who wish to buy, construct, renovate, or extend a house or apartment in India. The interest rates offered by PNB are competitive and affordable, making it easier for NRIs to fulfil their dream of owning a home in India. You can opt for a fixed or floating interest rate, depending on your preference. Moreover, you can also choose to prepay your loan amount without any prepayment charges, thereby reducing your overall interest burden.

PNB NRI Home Loan Interest Rates

PNB offers NRI loans with an interest rate starting from 8.50% p.a. The interest is calculated using the reducing balance method, which means it is only charged on the remaining loan amount. The interest rate offered to borrowers varies depending on their credit scores. It is recommended that those seeking a loan aim to improve their credit score to secure the lowest interest rate available.

PNB NRI Home Loan Documents Required

Getting a home loan as an NRI requires proper documentation. Here is the list of documents required for a PNB Housing Home loan:

• Duly filled Application Form with Passport size Photograph
• Age Proof (PAN Card/ Passport/ Any other Certificate from Statutory Authority)
• Residence Proof (Passport/ Driving License/ Telephone Bill/ Ration Card/ Election Card)
• Copy of Passport/ PIO Card
• Photocopy of Title Documents of the Property, Approved Plan etc.
• Copy of Work Permit if applicable
• Latest three Salary-slips
• Appointment letter of current employer
• Last two year’s income statement from employers
• Last 6 months’ Bank Statements (evidencing salary credits)
• Detailed Cost Estimate from an Architect/ Valuer in case of Construction/ Renovation
• Processing Fee Cheque in favour of ‘PNB Housing Finance Ltd.

PNB NRI Home Loan Eligibility Criteria

The following candidates are eligible for a PNB Housing loan for NRI:

• To be eligible, you must either be an Indian citizen or a Person of Indian Origin (PIO) who holds an Indian passport and has the status of NRI due to deputation, employment, or assignment.
• To be eligible for a home loan, individuals must have lived at least one year in a foreign country. However, this requirement does not apply to those who are temporarily assigned to work overseas.
  
• At the time your loan reaches maturity, you must not be older than 70 years of age.

Fees and Charges for PNB NRI Home Loan

The table below highlights the additional fees and charges you should know before applying for a PNB NRI home loan:

• A processing fee is up to 1% of the loan amount, plus taxes.
• No prepayment charges. 
• Up to 2% is charged on delayed payment.
• Other charges, such as document verification and incidental charges, may also apply.

Tax Benefits of PNB NRI Home Loans

NRIs can avail tax benefits on home loans under Section 80C of the Income Tax Act, 1961, provided they file their income tax returns in India. These tax deductions apply to both the interest and principal portions of the home loan.