A house of your choice is the dream of every Bengali. But for this, a lot of money is needed. It is not always possible to take out a large amount at once. In that case, a home loan is needed. The loan has to be paid back in monthly EMIs.
Now, suppose someone takes a home loan of ₹13 lakh from Punjab National Bank (PNB) for 13 years. How much EMI will he have to pay every month? The EMI amount will depend on the interest rate. The interest rate is decided based on the CIBIL score of the person.
PNB Home Loan Features
PNB Home Loan is for building, buying, or renovating a house. The bank can give loans up to 90% of the house price. The processing fee is lower than other banks. If your salary is Rs 1 lakh, you can get a home loan up to Rs 1 crore. You get 30 years to repay the loan.
If you are a salaried person and your CIBIL score is above 825, the interest rate is 8.25%. For non-salaried people with the same CIBIL score, the rate is 8.55%. If your CIBIL score is between 775 and 799, salaried people get 9.05% and non-salaried people get 9.55%. If your CIBIL score is between 650 and 700, salaried people get 10.15% and non-salaried people get 10.65%. As an Example, if you take a home loan of Rs 13 lakh for 13 years at 8.25% interest, your EMI will be Rs 13,612.
Eligibility
Individuals or a group of individuals (co-borrowers) with a regular source of income can apply. This includes salaried employees, professionals, self-employed persons, businessmen, farmers, etc. Staff members are also eligible under the public scheme.
Quantum of Finance
The loan is need-based and depends on the project cost and the borrower’s repayment capacity. For purchasing a residential plot, the loan cannot exceed 60% of the eligible loan amount (whichever is lower: repayment capacity or margin). At least 40% of the total eligible home loan amount should be used for constructing a house.