To avail facility of PNB Home Loan for Salaried Employee, is made up to help salaried professionals such as IT employees, MNCs, government staff, and people working in public sector banks or companies. They all are able to avail such facility for buying their own home with ease and comfort from PNB bank.
The loan can be used for
- Buying a ready-to-move house or flat
- Building a new house or flat
- Purchasing an under-construction flat from an approved project from private builder
Overall, it helps salaried individuals with very low interest rates and easy to less decumentations.
PNB Home Loan Salaried Employee Eligibility Criteria
This scheme is available for salaried individuals who have at least 3 years of work experience. They may apply with co-borrower or co-applicant. If co-applicant is salaried person then income can be clubbed for increasing loan amount.
Here applicant’s age should be up to 40 years for applying home loan.
If there are multiple borrowers and their income is considered for deciding the loan amount and repayment ability, then at least one borrower must be within 40 years of age, while the others can be up to 45 years.
In case a person is an owner or co-owner of the property but their income is not included for loan eligibility, they still need to be added as a co-borrower under this scheme, and their age will not come under restriction criteria.
PNB Home Loan for Salaried Employee Important key Features
- The minimum required net monthly salary for this scheme is minimum 35,000/-
Note – Net monthly salary means your gross salary minus deductions like income tax, provident fund (PF), etc then after you receive in hand called net monthly salary.
- The loan amount can go up to 1.25 times the amount calculated under the regular home loan method, while maintaining the required Loan-to-Value (LTV) ratio. However, the borrower can choose to take a lower loan amount if needed.
- Minimum loan amount is 20 lakh
- Maximum loan amount will be based on your eligibility, repayment capacity, and LTV norms.
Note – LTV means loan to value according to that applicant income and valuation of property will be count to decide the exact loan amount.
- Overall, the loan amount is flexible and depends on your income and ability to repay.
PNB Home Loan for Salaried Employee Interest Rates
For Loan Above 30 Lakh (LTV ≤ 80%)
| CIBIL Score / Category | Floating ROI | Fixed ROI (≤10 yrs) | Fixed ROI (>10 yrs) |
| 800 & above | RLLR + BSP – 0.90% (7.20%) | 8.20% | 8.70% |
| PNB Pride* | RLLR + BSP – 0.85% (7.25%) | 8.25% | 8.75% |
| 750 & above | RLLR + BSP – 0.85% (7.25%) | 8.25% | 8.75% |
| 700 – 749 | RLLR + BSP – 0.30% (7.80%) | 8.80% | 9.30% |
| 600 – 699 | RLLR + BSP + 0.90% (9.00%) | 10.00% | 10.50% |
For Loan Up to 30 Lakh (LTV > 80% to 90%)
| CIBIL Score / Category | Floating ROI | Fixed ROI (≤10 yrs) | Fixed ROI (>10 yrs) |
| PNB Pride* | RLLR + BSP – 0.75% (7.35%) | 8.35% | 8.85% |
| 750 & above | RLLR + BSP – 0.75% (7.35%) | 8.35% | 8.85% |
| 700 – 749 | RLLR + BSP – 0.20% (7.90%) | 8.90% | 9.40% |
| 600 – 699 | RLLR + BSP + 1.00% (9.10%) | 10.10% | 10.60% |
PNB Home Loan for Salaried Employee Most Important Terms
Work Details
- Nature of Organization
- Govt./PSU
- Public Ltd. Company
- Private Ltd. Company
- Period in Current Job
- Need to mention years and months of current position
- Total Work Experience
- Mention total years and months of all work experience
- Date of Retirement (If needed by Bank)
- Name of Organization
- Designation (Job Title)
- Office Address & Phone Number
Income Details (Important)
- Net Salary
- Annual Income (In Rs.)
- Gross Salary
Spouse Financial Status (If Available)
- Income tax status
- Tax pay details
- Earns but not formally
- Does not earn
Loan Repayment Assessment for Calculation
- Gross Monthly Income
- Existing Deductions
- EMI Amount (any ongoing)
- Net in hand salary after deduction of EMI
PNB Home Loan for Salaried Employee List of Document Required
KYC Document
- Latest Passport size photograph of applicant and co-applicant
- ID Proof – Copy of PAN card, Adhar card or employee id (any one)
- Address Proof – Copy of Bank passbook front page, latest electricity bill or postpaid mobile bill, driving license, or voter id card ‘9any one)
Note – However bank will do video KYC of applicant and co-applicant while processing the loan.
Bank Account Details
- Salary account details
- Name of Bank where salary credited every month
- Branch Name of the Bank
- Account Number along with IFSC code
Income Related Document
- Latest 3 months salary slips
- Income Tax Returns along with computation or Form 16
- 6 months bank statement (salary account)
Property Related Document
- Copy of sale agreement if new purchase or flat
- Copy of sale deed along with approved map, building plan and diversion. (if needed)
- Other document related to municipal corporation (as per bank requirement)
PNB Home Loan for Salaried Employee Other Important Terms & Conditions
Calculation of Loan Amount
- Loan eligibility depends on – salary, job stability and re-payment capacity of employee usually paid through:
- ECS (Electronic Clearing System) – EMI will be taken in form of Standing Instructions and through Cheques.
Note – However, customer can directly pay his/her EMI through banks app or link. Such facility can avail by own.
Re-payment Method
- In the beginning (Moratorium period) – You will have to pay only interest, not the full EMI. So, your payment would kept very low.
- For the next 10 years – You start paying EMI, but it is kept low because it is calculated for a long period (like 30 years).
- After that (remaining time) – Your EMI will increase, so that the remaining loan gets fully paid within the remaining time.
Note – The best way to pay the loan is to first you pay less, then moderate EMI, and later higher EMI to finish the loan.
Margin Money for Home Loan
- Loan up to 30 lakh – You need to pay 10%–20% from your own pocket.
(In some cases, a higher interest rate may apply.) - Loan above 30 lakh and up to 75 lakh – You need to contribute 20% yourself.
- Loan above 75 lakh – You need to pay 25% on your own.
- If you are buying land/plot for building a house – You must pay 25% from your side.
Note – If you choose the lower contribution option (like 10%), the bank may charge a higher interest rate, although the bank will inform you about this before approving the loan.
Loan Re-payment Tenure
- For home repairs, renovation or alteration – You can repay the loan in up to 15 years (this includes any moratorium period).
- For other home loans (like buying or building a house) – You can repay the loan in up to 30 years (including moratorium, if given).
Who Can Help to Increase Loan Eligibility
- You can add income of
- Spouse (husband/wife)
- Earning children (married or unmarried)
- Joint property owners
- These people must become co-borrowers or co-applicant in the loan.
Parents as Co-borrowers or co-applicant
- Their income can be added to increase loan eligibility and repayment capacity
- Parents can also be added as co-borrowers:
- Even if the property is only in son’s or daughter’s name
- Or in joint name of son and daughter
Moratorium Period (Break Before EMI Starts)
This is a short break where you don’t have to pay full EMI.
- For building or extending a house – You will get enough time until construction finishes or up to 18 months (whichever is earlier)
- For repair or renovation – You will get time until work finishes or up to 6 months
- For buying a ready house or plot – You will get time until you get possession or up to 3 months
Conclusion
This home loan scheme is designed for salaried individual to give benefits especially is moratorium (repayment holiday) period. With very attractive interest rates.
The loan also offers long repayment periods, so that you can increase your loan eligibility by adding income of family members like spouse, children, or parents as co-borrowers. This makes it easier to get a higher loan amount based on combined income.
Another advantage is that the scheme is structured to reduce financial burden in the initial stage and gradually move towards regular repayment.
Overall, I must say that this home loan is a practical and supportive option for individuals and families, for making the dream of owning or improving a home more achievable.
