PNB Housing Finance has been catering to the financial needs of home buyers in India for over two decades. PNB Housing loan for NRIs is offered to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) for the purchase, construction and renovation of residential property in India. NRI customers who want to buy a house in India can easily get a home loan with attractive interest rates and instant approval from PNB Housing Finance Limited.
Also Read: Investment in India by NRI: Real Estate 2021
PNB Housing Loan for NRIs Interest Rates 2021
The following table shows PNBHF home loan interest rates for salaried and self-employed borrowers:
| Particulars | Salaried/self-employed professionals | Self-employed |
|---|---|---|
| Interest rate | 9.25% – 11% | 9.50% – 11.50% |
| Loan amount | – Up to 75 lakh: 80% of market value – Above 75 lakh: 75% of market value | – Up to 75 lakh: 80% of market value – Above 75 lakh: 75% of market value |
| Loan tenure | – 15 years for home construction or purchase – 10 years for home improvement | – 15 years for home construction or purchase – 10 years for home improvement |
Note: Floating rates are subject to change on time to time at the sole discretion of PNB Housing
Eligibility Criteria for NRI Home Loan
Loan eligibility will be determined by the PNB Housing based on factors like income, age, qualification, occupation, etc. of a borrower. Here are the common eligibility requirements for a PNB Housing loan for NRIs:
- Indian citizens living abroad or Persons of Indian Origin (PIOs) having an Indian passport with the status of NRI on deputation/ employment/ assignment.
- Age of the applicant should not cross 70 years at the time of maturity of the loan.
- The applicant must have at least 1-year prior work experience in a foreign country before applying for a home loan.
- Income of borrowers and co-borrowers can be clubbed together for the calculation of loan eligibility.
Documents Required for PNBHF NRI Home Loan
Applicants will need to submit the following self-attested documents to apply for a home loan:
- Duly filled home loan application form with photographs
- Age proof: Any of – passport, PAN card, birth certificate or any other certificate issued by statutory authority.
- Address proof: Any of – driving license, passport, telephone bill, ration card, voter’s ID card, any other certificate issued by statutory authority.
- Education qualification: Latest degree
- Copy of a valid passport/ PIO card
- Copy of visa/ work permit if applicable
- Latest salary slips
- Appointment letter of current employer
- Last 2 years’ income statement
- Last 6 months’ bank statements showing salary credits
- Processing fee cheque in favor of ‘PNB Housing Finance Limited’
- Photocopy of title documents of the property, approved plan, etc.
- Breakup of estimated cost from an architect/ valuer in case of construction
Loan disbursement
- The loan amount will be disbursed after the verification of legal documents of the proposed property and the personal and financial documents of a borrower.
- For the purchase of houses/flats under construction, the loan amount will be disbursed in phases based on the progress of construction.
- For the purchase of ready-to-move-in property, the loan amount will be disbursed in lump-sum after the borrower has paid his/her own contribution.
Benefits of Getting NRI Home Loan from PNB Housing
- Countrywide branch network
- Customer-friendly services – doorstep services for easy and fast approval and disbursal of loans.
- Great post-disbursement services.
- Top-up loan facility in case of escalation in cost.
- A dedicated team of employees and best-in-class support systems to deliver customer satisfaction.
- Known for transparency, integrity and ethics.
- Various repayment options like post-dated cheques (PDC), Electronic Clearance System (ECS) and Standing Instruction (SI).
Also Read: NRI Home Loan: Latest Updates and Interest Rates 2021
You may have several questions about a PNB Housing loan for NRIs. We at SBNRI, are here to help you out with everything related to home loans and other financial and legal services required by NRIs. You can get in touch with our expert directly on WhatsApp using the button below to resolve your doubts and queries. Also visit our blog and YouTube Channel for more details.
FAQs
PNB Housing Finance has a pan India branch network.
PNBHF NRI home loan is disbursed either in installments or as a lump-sum amount depending on the type of property:
1. For the purchase of houses/flats under construction, the loan amount will be disbursed in phases based on the progress of construction.
2. For the purchase of a ready-to-move-in property on resale, the loan amount will be disbursed in lump-sum after the borrower has paid his/her own contribution.
You will have to make a minimum contribution of 20% of the total cost of the property (it includes registration charges and stamp duty in case of purchase of property).
Security for the loan is a first charge which equals the value of the home loan. The property purchased or constructed can be pledged as collateral or any other collateral securities as may be deemed fit by PNB Housing
