Punjab National Bank
Home Loan Balance Transfer

The following are the features of PNB Home Loan Balance Transfer:

• The rate of interest starts at 8.60% p.a.
• The maximum loan repayment period is 30 years
• Processing charge is up to 0.35% of the loan amount with a minimum of 2,500 and a maximum of 15,000.
• Collateral security by way of mortgage of the property for which the Home Loan Balance Transfer is availed.
• Margin is set between 20% to 25%

The following are the benefits of PNB Home Loan Balance Transfer:

• No charges for part payment and pre-closure of the loan
• No hidden charges
• Simple documentation and quick processing of the loan
• A guarantor is not required for the Home Loan
• A fixed rate of interest option available with a competitive rate
• Doorstep service available

The following are the eligibility criteria for PNB Home Loan Balance Transfer:

• The applicant should be in the age group between 21 years to 65 years
• For salaried individuals, the work experience should be a minimum of 2 years in the present employment.
• For self-employed individuals/professionals and businessmen, their existence in the present business should be at least 5 years.
• The minimum income required is 25,000 p.m.
• Either the spouse, children or the parents with a stable income can be co-applicants for the loan and their income can be considered to arrive at the eligible loan quantum.

The documents required for PNB Home Loan Balance Transfer are:

• Application form for Home Loan balance transfer duly filled
• Proof of Address like Aadhar card, Voter's ID, Driving Licence, Passport, and Utility Bills (anyone)
• Photo Identity Proof like PAN Card, Aadhaar Card, Voter's ID, Driving Licence, and Passport (anyone).
• Salaried individuals should provide their latest Salary Slips and Form 16 for income proof.
• Self-employed individuals/professionals and businessmen should provide 3 years IT Returns and Financial Reports like balance sheet and profit and loss statements as income proof.
• Bank Account Statement for at least the past 6 months
• If having loan accounts other than the Home Loan, then 6 months pass sheet of the loan account should be provided.
• Two passport size photographs of the applicant which should be self-attested
• Copies of the property documents for which the loan is being availed
• No objection letter/ consent letter from the existing lender should be submitted.

There is a process to be followed for availing the Home Loan Balance Transfer facility. The details of the process are as illustrated below:

• A loan closure request has to be given to the existing lender with the reasons for pre-closure of the loan. You can place a request in the form of a letter if there is no specified form for a request for loan pre-closure. In case there is a specified application form, then ensure filling the form accurately.
• The existing lender will issue a No Objection Letter or will give a consent letter for taking over of the loan if the reasons given for pre-closure of the loan is convincing. The NOC or Consent Letter forms a part of the documents that have to be submitted to the new lender along with the request for a Home Loan Balance Transfer.
• The next process is to approach the new lender of your choice and apply for the Home Loan balance transfer. You will have to submit the relevant application form along with the documents required by the new lender. The documents could be Photo ID proof, Proof of Address, Income Proof, Bank Account Statement, Photographs and the NOC from the existing lender along with the outstanding principal balance in the existing account. Income proof for other than the salaried class will be the financial reports like the balance sheet, Profit and Loss Account Statement and Income Tax Returns.
• The existing lender will give a confirmation of the closure of the account on completing the process.
• The regular loan processing and appraisal will be done by the new lender and on approval of the loan.
• The next step will be the execution of the loan documents with the new lender. The outstanding balance will be taken over by the new lender and the equated monthly instalment (EMI) towards the loan should be paid to the new lender henceforth.

Given below are details of charges levied on PNB Home Loan Balance Transfer:

For queries regarding the PNB Home Loan Balance Transfer you can contact the customer care helpline on the following numbers:

Toll- Free Numbers: 1800-180-2222, 1800-103-2222

24 X 7 Customer Care Numbers: 0120-2490000, 011-28044907

You can also send an SMS 'PNBHFL' to 56161