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PNB Housing Finance Ltd Home Loan Balance Transfer

Apply PNB Housing Finance LTd Home Loan Balance Transfer

Processing Fee

10,000₹*

Max Tenure

30 yrs

Best Rate

9.40%

View Details

Features

  • No pre-closure and part payment fee
  • Flexible documentation & Quick processing.
  • Fixed Rate of Interest Schemes with Competitive home loan interest rate, terms & conditions.
  • End-to-end doorstep service through the nearest office.
  • No guarantor required

Pricing

  • Interest Rate – 9.40%-9.75%
  • Processing Fees – 0.25%-1% or Rs. 10,000/-

Documents Required

  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Bank Statements for the last 6 months
  • Income proof – Pay slip
  • Documents related to Property title & Valuation
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About PNB Housing Finance Limited Home Loan Balance Transfer

PNB Housing Finance Limited is a Non Banking Financial Company that is registered with the National Housing Bank (NHB). The company offers financial assistance in the form of loans along with fixed deposits to its customers. The loan products of the company are majorly classified into home loans and non-home loans.

Customers can choose a home loan product from the various available options depending upon their requirement as well as the rate of interest and tenure offered on such loan. The various types of home loans offered by PNB Housing are mentioned below.

  • Home Construction Loan
  • Home Extension Loan
  • Home Improvement Loan
  • Residential Plot Loan
  • Loan For NRIs
  • Unnati Home Loans 
  • Pradhan Mantri Awas Yojana

PNB Housing provides customers the option to get their home loans from other lenders transferred or converted to a home loan at PNB Housing. Customers can transfer their home loan balances from other lenders upon application through the specified format and if the applicant is eligible according to the criteria set by PNB Housing Finance Limited. Details of home loan transfer at PNB can be found below.

Eligibility for PNB Home Loan Balance Transfer

Customers have to meet the eligibility criteria set by the company to qualify for home loan balance transfer. The eligibility criteria set by the company is quite basic to ensure maximum persons can get the benefit of the home loans of PNB Housing Finance Limited.

The details of the eligibility for PNB Home Loans are mentioned below.

Age

PNB requires the applicants to be of maximum 70 years of age. This age restriction is applicable to both categories of applicants i.e. Salaried Persons and Self-Employed Persons. Such age restriction is considered with respect to the age at the time of maturity of the loan.

Employment

The employment status of the applicant is also considered by the company. The employment status of the applicant is in reference to the applicant being a salaried employee or a self-employed person.

Income

The income criterion is another factor that is to be considered by the company to determine the eligibility of the applicants. The income requirement of the applicant can be validated by the latest ITR or salary slips as the case may be. The income of all the applicants (in case of co-applicants or multiple) will be clubbed to determine the eligibility for the home loan.

Credit score

The credit score of the applicant is a very crucial factor for determining the eligibility for the loan. The applicant having a poor credit score will not be eligible for the home loan of PNB. The applicant having a better credit score (generally considered above 600) from a recognized rating authority will be eligible for the home loan of PNB.

Documents for PNB Home Loan Balance Transfer

The documents needed for the PNB Home Loans are mentioned hereunder.

Application Form

The application form for Home Loan has to be duly filled and submitted by the applicant. The application form can be downloaded from the website of PNB Housing Finance. The application form is different for salaried applicants and self-employed applicants and the relevant form has to be downloaded and submitted by the applicants.

Age and Identity Proof

The applicants have to submit identity proof that also displays or certifies the age of the applicant. Any of the following documents can be submitted as identity proof or age proof of the applicant.

  • PAN Card
  • Passport
  • Aadhaar Card
  • Any other Certificate from Statutory Authority

Address Proof

Address proof is another important document to be submitted by the applicants. Any of the following documents can be submitted as address proof of the applicant.

  • PAN Card
  • Driving License
  • Passport
  • Latest Utility Bills
  • Voter ID
  • Aadhaar Card
  • Any other Certificate from Statutory Authority

Educational Qualification

The applicant also has to submit their latest educational degree especially in case of professionals

Income Proof

The income proof of the applicant will be used to determine as well as validate the income eligibility of the applicant. The documents relating to the income proof of the applicant that have to be submitted are,

  • Salaried Employees

Latest Salary Slips for the past 3 months

Form 16 for the past 2 years

  • Self-Employed Persons

ITR for the past 3 years

Financial Statements of the Business (Profit & Loss Statement, Balance Sheet that has been duly certified and audited by the Chartered Accountant)

Certificate & Proof of Business Existence along with Business Profile

Bank Statements

The documents for the Bank Statements of the applicant are

  • Salaried Employees

Bank Statements for the past 6 months of the Salary Account

  • Self-Employed Persons

Bank Statements for the past 12 months of the applicant and the business

Copy of Title Documents of Property

The applicant has to submit a photocopy of the title deed of the property and the approved plan as part of the documentation required for the Home Loan.

Features of PNB Home Loan

The various features of the Home Loan of PNB Housing Finance are mentioned below

Quantum of Loan

The quantum of loan that can be availed by the applicants under PNB Housing Finance Limited is tabled below

Loan Range

Quantum of Loan

Up to Rs. 30,00,000

90% of market value

Rs. 30,00,000 – Rs. 75,00,000

80% of market value

Above Rs. 75,00,000

75% of market value

Rate of Interest

The rate of interest that is charged on PNB Housing Home Loans is charged based on various factors like credit score, employment status, tenure of the loan, quantum of loan. The rate of interest is charged ranging from 7.70% per annum to 9.70% per annum on such home loans.

Tenure

The tenure of PNB Housing Finance Limited is among the longest tenures offered by any lender to the applicants. The tenure offered by PNB Housing Finance Limited is for a maximum period of 30 years.

Margin

The customers are required to provide certain margin money for the home loan. This margin money is a minimum of 10% of the total cost of the property which is inclusive of stamp duty and registration charges that are levied at the time of purchasing a property.

Collateral/ Security

The property purchased or financed by the lender is considered to be security against the loan provided by the lender. The customer may need to provide additional security or collateral if required by PNB upon reviewing the application.

Balance Transfer of Home Loan to PNB Housing Finance

PNB offers the customers the option to transfer their home loan from any other lender to PNB. This transfer option is fairly attractive as PNB offers quick processing and minimum documentation as well as attractive interest rates.

The steps for transferring the balance of home loans to PNB Housing are mentioned below.

  • First step is to get the foreclosure letter from the existing lender after clearing the dues for foreclosure charges.
  • Customers will also have to provide the payment history and all the relevant documents needed as per PNB Housing Finance.
  • After getting all the above documents, the customer can apply for the PNB Housing Finance Home loan
  • Post verification of all the documents and the relevant parameters, the customer will be granted the home loan at the prevailing rates.

Benefits of Transferring the Home Loan Balance to PNB Housing

The benefits that the customers get by transferring their balance home loan to PNB Housing are discussed below.

  • Flexible repayment schedule
  • Affordable rate of interest
  • Longer Repayment Tenure
  • Higher Loan Amount
  • No requirement for Guarantor
  • Many available options for Home Loans
  • Quick Loan processing and Loan Disbursal

FAQs - PNB Housing Finance Limited Home Loan Balance Transfer

1. What is the maximum rate of interest charged on PNB Housing Finance Home Loans?

The maximum rate of interest charged on PNB Housing Finance Home Loan is 9.70% per annum.

2. What are the contact details for PNB Housing Finance Limited?

The toll free number of PNB Housing Finance Limited is 1800 120 8800 and the email is customercare[at]pnbhousing[dot]com.

3. How many home loan options are available under PNB Housing Finance?

The home loan options available under PNB Housing Finance are,

  • Home Construction Loan
  • Home Extension Loan
  • Home Improvement Loan
  • Residential Plot Loan
  • Loan For NRIs
  • Unnati Home Loans
  • Pradhan Mantri Awas Yojana

4. What is the maximum loan amount under PNB Housing Finance?

The maximum loan amount that can be availed under PNB Housing Finance is as per the requirements of the borrower. The exact amount of maximum loan that can be availed by customers can be obtained by directly contacting the lender at their nearest office or their customer care service.

5. What is the maximum age limit to be eligible for PNB Housing Finance Home Loans?

The maximum age limit to qualify for PNB Housing Finance Home Loans is 70 years at the time of maturity of the loan.

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