For home loans, many lenders have the limitation of only providing it to select customers. Punjab National Bank and PNB Housing Finance Limited both have different functioning department for home loans.
The rates, eligibility and documentation vary at both of them. In this article, we will discuss each of these criterias at both the lenders. In short, we are going to compare the home loan offered by both bank and housing finance company to see which is more
PNB Home Loan Schemes
- PNB Pride Housing Loan For Government Employees
- Housing Loan for Public
- Housing Loan for Public – Pradhan Mantri Awas Yojana – Housing for All
- PNB Gen-Next Housing Finance Scheme For Public
- Private Builder`s Approved Project on PAN India Basis.
PNB HFL Home Loan Schemes
PNB Housing Finance Limited facility home loans under the following schemes:
- Home Purchase Loan-Your age should not be more than 70 years at the time of loan maturity.
- Home Construction Loan
- Home Extension Loan
- Home Improvement Loan
- Residential Plot Loan
- Loan for NRIs
- Unnati Home Loans
- Pradhan Mantri Awas Yojana
Punjab National Bank Home Loan Rates 2018
The interest rates offered by the bank at present starts from 8.60%-8.70% per annum. There is an additional processing fee which is to be paid at the time of loan disbursal. This amount is deducted from the disbursal amount.
PNB HFL Home Loan Interest Rates 2018
The housing finance company is presently offering 8.85%-11.75% for personal loans with the processing fee of Rs. 10,000 plus GST.
Home Loan Eligibility at PNB
Different schemes have different eligibility criteria at both the housing financiers. In general, applicants above the above of 21 and below 65 years are considered to be suitable for housing loans. Also, CIBIL score of 650 is also important to get approval for the loan.
Comparison Between EMIs at Different Banks
Be it any bank or NBFC, rates generally vary. To those having the choices between Punjab National Bank and PNB HFL loan can compare EMIs for the rates, loan amount tenure expected to be approved by these lenders.
This calculator takes into account the loan amount, interest rate and the tenure and on the basis of which it tells the details of EMI, Total Interest Outgo and Total Amount (Interest+Principal). For example, if you are taking a home loan of ₹40 lakhs for the tenure of 20 years at different rates.
Suppose PNB HFL is offering you 8.85% per annum rate, your payment details will be as follows:
- EMI- ₹35,604
- Total Interest Outgo- ₹45,44,975
- Total Amount (Interest+Principal)- ₹85,44,975
- Now, you are getting the offer for 8.60% per annum, your EMIs will be as follows:
- EMI- ₹34,967
- Total Interest Outgo- ₹43,91,962
- Total Amount (Interest+Principal)- ₹83,91,962
As you can see, you totally save around ₹2.5 lakhs if you choose PNB as you home loan lender. But, you should know that different lenders have different criteria based on which they approved the required loan amount. So, make sure you choose the lender which can both give you both required amount and rate. You can also create your profile online and find online profile creations sites.