Existing Home Loan borrowers can transfer their accounts to the new PNB Smart Home Loan scheme.
ELIGIBILITY
- Conversion Criteria:
a. Existing Home Loan accounts sanctioned at least three months before the switchover date are eligible.
b. Account must be standard and regular at switchover approval with no outstanding inspection irregularities.
c. Outstanding Housing Loan amount must be ≥ ₹25.00 lakhs.
CIC SCORING
- CIBIL Score Requirements:
- 700 (CIBIL TU)
- 610 (CRIF HM)
- 756 (Experian)
- 727 (Equifax)
- For joint borrowers, each borrower must have a CIC score of 700 (CIBIL TU) or equivalent from other CICs.
SANCTIONING AUTHORITY
- Authority for Approval: PLPs and above can approve the switchover from the old scheme to “PNB SMART HOME LOAN.”
SERVICE CHARGES
- Switchover Fee:
- One-time charge: 0.25% + GST of the total loan amount (outstanding + undisbursed).
- Charge Waiver Authority:
- 50% Charges Waiver – CHCAC
- 100% Charges Waiver – ZOCAC
IMPORTANT
- GBBs must update Free Code 10 of the existing Home Loan with the correct MIS code before resetting the Rate of Interest (ROI) through the Circle Office:
- Free Code 10: SHLOT