PNB revises Housing Loan Scheme for Employees, Read Details!!

Punjab National Bank has revised the housing loan scheme for its employees. Let’s have a look at all the important changes in the existing scheme. PNB Staff Home Loan Calculator is given at last. You can calculate the Staff Home Loan EMI easily via this calculator.

Maximum Housing Loan Limit

Apart from home loan, employees can also take a loan for repair, renovation and furnishing of home. The limit is as follows:

Loan Limit for Repair / Renovation / Furnishing

Note: Employees can avail a furnishing, repair, or renovation loan up to the above limits in addition to their eligible housing loan limit. This means the repair/renovation/furnishing loan is available over and above the maximum housing loan ceiling applicable to the employee.

Flexible Home Loan

The bank has introduced a flexible system for staff housing loans. Under this system, an employee’s available housing loan limit will be calculated by subtracting the outstanding principal amount from the total housing loan limit for which the employee is eligible. As the employee repays the principal portion of the loan, the repaid amount will automatically become available again for future housing loans. This means employees do not need to fully close their existing housing loan before becoming eligible for additional loan limits.

3 Housing Loans

The bank can provide up to three housing loans for purchasing or constructing residential properties, subject to certain conditions. However, the employee and his/her spouse together cannot own more than two residential properties at any time, regardless of whether the properties were acquired through a staff housing loan, inheritance, gift, purchase, or any other method. All properties owned individually or jointly by the employee or spouse will be counted for this purpose.

Further, the benefit of restoring the housing loan limit can be availed only after the employee completes a minimum lock-in period of seven years or after the loan account is closed, whichever occurs later. This condition ensures that the restored loan facility is used only after a reasonable period.

Hybrid Home Loan

The bank has introduced a hybrid housing loan facility. Under the Hybrid Housing Loan Facility, employees can take a housing loan up to the limit allowed under the staff housing loan scheme, either individually or jointly with their spouse. If the required loan amount is higher than the staff housing loan limit, the additional amount can be sanctioned under the bank’s public housing loan scheme. This helps employees get a larger housing loan while ensuring they maintain the required margin contribution.

To determine loan eligibility under the hybrid scheme, the bank will assess the repayment capacity based on the combined income of eligible co-borrowers, similar to the process followed under public housing loans. This allows a more accurate assessment of the applicant’s ability to repay the loan.

Under the public housing loan portion of the hybrid scheme, co-borrowers must be close family members of the employee. Eligible co-borrowers include the employee’s spouse and earning children. However, the spouse must be a co-borrower in all cases, and the maximum number of co-borrowers allowed is two. Only the income of these eligible family members will be considered while calculating loan eligibility.

For staff housing loans, only the spouse’s income will be considered, and the property must be registered either in the name of the employee, the spouse, or jointly in both names. This condition applies whether the loan is taken under the Staff Housing Loan Scheme or under the Hybrid Housing Loan Scheme.

Special Housing Loan Scheme for All Active Confirmed Employees of the Bank Residing in Scheduled Areas

The bank has introduced a special housing loan scheme for employees living in scheduled and tribal areas where obtaining a normal housing loan can be difficult because local laws often do not allow banks to create mortgage charges on certain properties.

All active and confirmed employees of the bank residing in scheduled areas such as Jharkhand, parts of Odisha, Chhattisgarh, Uttarakhand, the hilly states of North-East India, or any area covered under Article 244(1) and 244(2) of the Constitution of India are eligible under this scheme.

Each eligible employee can purchase only one house under this scheme. Employees availing this scheme are not eligible for additional housing loans or loans on commercial terms under this scheme.

Maximum Loan Limit

➡️ PNB Staff Home Loan Calculator: Calculate EMI For Home Loan of Staff

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