Home Loan Interest Rates

Financing your new home purchase, construction or renovation has never been as easy as with PNB Housing.

We believe that your home loan interest rates should be as low and affordable as possible. Hence why we offer attractive housing loan interest rates for all applicants – whether salaried or self-employed.

*Note: PNB Housing offers home loans at floating interest rates.

Home Loan Interest Rate for Amounts up to 35 Lakh

Fulfill your dream of a home with the lowest interest rates offered by PNB Housing. We have different slabs for home loan interest rates starting at as low as 8.75%* for salaried & 8.80%* for self-employed individuals.

Check out the table below for the current home loan rates on offer, subject to your credit score. 

Credit Score Salaried / Self – employed professional (SEP) Self – employed non – professional (SENP)
>=825 8.75% to 9.25% 8.9% to 9.3%
>800 to 825 9.10% to 9.25% 9.65% to 9.4%
>775 to 799 9.10% to 9.6% 9.65% to 10.15%
>750 to <=775 9.25% to 9.75% 9.80% to 10.30%
> 725 to < =750 9.55% to 10.05% 10.25% to 10.75%
> 700 to <= 725 9.85% to 10.35% 10.55% to 11.05%
> 650 to <= 700 10.25% to 10.75% 10.75% to 11.25%
upto 650 10.25% to 10.75% 10.75% to 11.25%
NTC Cibil >=170 10.25% to 10.75% 10.75% to 11.25%
NTC Cibil <170 10.15% to 10.65% 10.75% to 11.25%

Home Loan Interest Rate for Amounts Above 35 Lakh

Looking for a home loan amount higher than Rs. 35 lakh? No problem! PNB Housing offers attractive interest rate on home loans for applicants who require a higher home loan amount. Check out the table below for more details and keep your home loan documents ready for your application!

Credit Score Salaried / Self – employed professional (SEP) Self – employed non – professional (SENP)
>=825 8.75% to 9.25% 8.8% to 9.3%
>800 to 825 8.75% to 9.25% 8.90% to 9.40%
>775 to 799 9.20% to 9.70% 9.80% to 10.30%
>750 to <=775 9.35% to 9.85% 10.15% to 10.65%
> 725 to < =750 9.70% to 10.20% 10.30% to 10.80%
> 700 to <= 725 10.05% to 10.55% 10.75% to 11.25%
> 650 to <= 700 10.45% to 10.95% 10.95% to 11.45%
upto 650 10.45% to 10.95% 10.95% to 11.45%
NTC Cibil >=170 10.45% to 10.95% 10.95% to 11.45%
NTC Cibil <170 10.35% to 10.85% 10.85% to 11.35%

Tips to Avail of PNB Housing Low-Interest Home Loans 

With so many factors affecting the housing loan interest rate in India, such as income, loan amount, employment type, CIBIL score, etc., customers can rest assured that they can improve their eligibility for a lower interest rate.

Here are some useful tips on how you can get your hands on the best possible home loan rates in India:

  • Increase your Down Payment and Tenure: Generally, a home loan amount of up to Rs. 35 lakh is available at a lower interest rate compared to higher loan amounts. Hence, try to pay as much as possible in a down payment in order to bring down your loan amount. Additionally, opt for a longer tenure, usually more than 15-20 to reduce your EMI burden. 
  • Choose the Right Type of Interest Rate: While a fixed interest rate gives you a fixed EMI outlay for a fixed period, a floating interest rate will increase or decrease your tenure as per any volatility in the market rates of interest. Generally, the latter is slightly higher than the former. But fixed-interest home loans are rarely available in the market. Check with your lender to understand their interest rates.  
  • Factor in Income and Employment Status: Make sure that the home loan applicant has a steady, sufficient income and is employed in a PSU or a reputed company to avail of attractive interest rates.
  • Enhance your Credit Score: It goes without saying that if you have a 750+ credit score, then the lenders view your home loan eligibility more favourably. Hence, try to improve your creditworthiness before applying for a low-interest home loan.
  • Consider a Female Applicant: Did you know that many lenders provide a certain concession in interest rate to women home loan applicants? Check with your lender to know if making a female the primary applicant can help you get a lower housing loan interest rate.
  •  Opt for a Home Loan Balance Transfer: A home loan balance transfer facility lets anyone with an existing home loan transfer the remaining amount to another lender offering more favourable terms. This is a great way to avail a lower home loan interest in the middle of your tenure.
  • Look out for Promos and Offers: Always keep your eyes peeled for any festive season offers, lender tie-ups or special promos when opting for a home loan. These offers often provide you with a slightly better home loan interest rate than the market.

Factors That Affect Home Loan Interest Rates 

Everyone wants to get a home loan at an interest rate that is as low as possible. By entering the rate of interest you are eligible for in our home loan EMI calculator, you can get an accurate and instantaneous estimate of how much home loan interest you will have to pay. But all that depends on a myriad of factors – and can even be brought down to make the home loan more affordable for you!

Keep these 8 factors that affect your home loan interest rates in mind while negotiating a favourable interest rate on your home loan:

  • Income: Naturally, the amount and nature of your monthly income tell the lender a lot about your loan repayability. The more regular, stable and higher it is, the lower will be the risk associated with providing you with a home loan. Consequently, the lower will be your interest rate!
  • Loan Amount: Of course, all home loan calculations are made on how much loan amount you are opting for. That much can also be seen in the home loan EMI calculator! Generally, higher loan amounts may yield a higher interest rate.
  • Interest Rate Type: Another way you can influence the home loan interest rate is by choosing between a fixed interest rate and a floating interest rate. While the latter is subject to fluctuations, the former is often higher.
  • Credit Score: One of the most important home loan documents required at the time of loan processing is your credit report. Having a good credit history and score, i.e., usually, 750+ CIBIL score, makes you eligible for getting a lower home loan interest rate.
  • Type of Employment: Remember how we mentioned income as a factor? Well, the type of your income is also a big factor – namely employment type. As a rule of thumb, every lender has separate interest rate slabs for salaried and self-employed applicants. As a comparison, interest rates for salaried applicants are generally lower.
  • Type of Home Loan: Interest rates can also differ on the kind of home loan you want to take up. Compared to generic home loans, a specialised home loan like plot loans, land loans or top-up loans might result in a higher interest rate.

*Rates of interest are subject to change at the sole discretion of PNB Housing.

**NTC: New to credit

PNBRRR (Retail reference rate) for all New Loans (Housing/Non-Housing) – on-boarded after 9th May 2022 – 12.65% p.a.

FAQs:

What is the Home Loan Interest Rate?

Every lender charges you interest on the total principal home loan amount you borrow from them. This interest amount is calculated on the basis of a percentage figure called the home loan interest rate. By entering the home loan interest rate, home loan amount and tenure of the loan in a home loan EMI calculator, you can determine the monthly payable EMI as well as the total interest component for any given home loan amount! At PNB Housing, you get the best home loan rates in the market as long as you meet our easy eligibility criteria.

What is the Present Home Loan Interest Rate?

At any given time, home loan rates all over the country usually hover around a common figure depending on the market and other factors. The home loan interest rate at PNB HOUSING today stands at 8.75%* p.a. onwards. However, this is not the final rate of interest. What you avail at the end of the day depends upon a host of variables such as income, loan amount, type of interest rate, credit score, type of home loan, etc.

What is the Minimum Interest Rate Applicable on a Housing Loan?

The minimum home loan interest rate applicable to you is often subject to market conditions and other factors such as the applicant’s income, type of employment, credit score, home loan amount, type of interest opted for, etc. Hence, it changes from lender to lender and applicant to applicant.

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