Looking for that perfect home loan? PNB Housing Finance Home Loans promise that ideal deal. Simple PNB Housing Finance Home Loans eligibility conditions offer maximum ease to customers. Salaried or self-employed, aged between 18-70 years with an established repayment capacity; PNB Bank promises unmatched home loan deals to all borrowers who meet PNB Housing Finance Home Loans eligibility.
|Eligibility Criteria||PNB Housing Finance Home Loan|
|Eligible Age of Borrower||18 - 70 years|
|Minimum Eligible Income||₹ 25,000 and above|
|Work Experience for Salaried||2 years|
|Business Stability for Self Employed||5 years|
The repayment capacity of the applicant is gauged with the net monthly income, i.e. salary or income received after deducting PF, ESI, gratuity, etc. The net income helps to assume the capacity of the applicant to pay the monthly EMI after meeting the current expenses and other obligations. For example, if the salary of an applicant is Rs 25,000 and he wishes to buy a house of Rs 40 Lakh. The maximum Home Loan amount will be Rs 26.04 Lakh to Rs 41.69 Lakh at the rate starting from 8.65%. But if the salary of the applicant is Rs 75,000 for the same property the eligible Home Loan amount will be Rs 52.09 Lakh to Rs 83.38 Lakh.
Nature of Employment: Likewise, the nature of employment and source of income is very important to determine the capacity of the applicant to pay monthly EMI. The years of experience and job stability is viewed while reviewing the Home Loan application. The minimum income history and job stability of 2 years are a must for salaried employees to apply for the Home Loan at PNB Housing Finance; similarly, for the self-employed individuals, it is 5 years.
Age is one of the most important and basic factors that affects the Home Loan eligibility of an applicant. The minimum age required to be eligible for the Home Loan at PNB Housing Finance is 21 years. The maximum Home Loan tenure at PNB Housing Finance is 30 years. However, the applicant's age must not exceed 70 years (for salaried and self-employed) at the time of maturity of the Home Loan.
PNB does not finance the entire property value. The maximum Home Loan eligibility amount depends on the Loan to Value ratio of the property. PNB provides maximum Home Loan up to 90% LTV ratio. The borrowers have to fund the remaining on their own. If the borrowers cannot fund the remaining margin money, they can apply for LTV Loans that come at a higher rate of interest.
The CIBIL Score is determined by taking into account the applicant's past payment history for previous Loans and Credit Cards. It is the most important factor that determines the Home Loan eligibility of an applicant. Lower the CIBIL score, lower are the chances of an applicant to get the Home Loan from PNB Housing Finance. The CIBIL Report will also have information of all your past and current loans. The PNB HFL will study the CIBIL report of the applicant thoroughly before processing the Home Loan application further. The minimum CIBIL Score of 650 and above is a must to be eligible for the Home Loan at PNB Housing Finance.
Below mentioned are some of the factors that can affect Credit Score of a Home Loan applicant.
The FOIR is Fixed Obligation to Income Ratio. FOIR is used to determine Home Loan Eligibility. For the purpose, PNB Housing Finance will take into consideration all of your current obligations such as EMIs, rent etc to estimate your Home Loan eligibility. This estimation plays an important role in determining the repayment capacity of the applicant. The minimum FOIR of 0.65% is a must to get approval for the Home Loan at PNB Housing Finance.
There are various Home Loan schemes offered to customers at PBN Housing Finance to meet varied needs and requirements of the customers. Followings are some of the popular Home Loan products by PNB Housing Finance along with their features:
The Unnati Home Loan at PNB Housing Finance is specially designed for the lower and middle-class segment. The loan aims at providing them with power to buy their dream house at very affordable and easy EMI options. This Home Loan aims to help the lower and middle-class people fulfill their dream of buying an own house. The Unnati Home Loan is provided on 90% of the property value. The loan procedure is also simple with minimum documents' requirement for the loan application. The rate of interest under Unnati Home Loan is affordable too.
Who is Eligible?
Key Loan Terms
PNB Housing Finance for Middle Income Group (MIG), Lower Income Group (LIG) and Economically Weaker Section (EWS) categories offers credit linked subsidy scheme under the Pradhan Mantri Awas Yojana (PMAY).
The customer can enjoy interest subsidy on the construction, purchase or improvement of a house under the Pradhan Mantri Awas Yojna. PM Narendra Modi introduced this scheme.
The eligibility criteria for women applicants are the same as other applicants, except for the concession of 05 basis points.
The applicant can increase the Home Loan eligibility amount by adding a co-applicant. This increases the repayment capacity of the borrower. The co-borrower should have good CIBIL score, limited obligation, and good income. The income of the co-applicant is also considered while calculating the Home Loan eligibility.
For Salaried employees:
All the legal, property-related documents like past title chain like conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, copy of the approved plan of construction or extension.
All the legal, property-related documents like past Title Chain, Conveyance Deed, Allotment Letter, Sales Deed, Latest Property Tax Receipt, Possession Letter, copy of the Approved Plan of Construction or Extension.
PNB Housing Finance Home Loan eligibility is determined by the factors given below:
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An individual can apply for Home Loan at PNB Housing Finance by visiting the bank and filling the Home Loan form or using online loan marketplaces such as MyMoneyMantra. The latter is instant and hassle free method of application. By applying online, you can avail of easy loan terms, including low processing fees and best interest rate with PNB Housing Finance. As soon as you apply for a Home Loan, a loan representative shall get in touch with you to guide you on a collection of all the necessary documents required to further proceed the evaluation of your eligibility criteria, property value, CIBIL score, etc. To get access to free professional assistance on loan application, you need to fill the application form through MyMoneyMantra.
PNB Housing Finance offers competitive Home Loan rates. The lowest EMI for Home Loan at PNBHFL is Rs 689 per Lakh for 30 years at minimum rate of interest of 7.35%. If you are paying an EMI higher than this, you can consider transferring your loan to PNB. By transferring your current Home Loan to PNB Housing Finance, you can enjoy the benefits of lower EMIs, good interest rate and better service.
The Maximum home loan tenure at PNB Housing Finance is 30 years. The longer the tenure of your Home Loan the lesser will be the EMI amount.
According to Income Tax Act of 1961, a Home Loan borrower can avail of tax exemption on the repayment of principal as well as on interest amount, subject to a maximum limit of 1.5 Lakh and 2 Lakh respectively.
Yes, you can foreclose your PNBHFL Home Loan with Nil charges.
Yes, an applicant can apply for the joint Home Loan by clubbing the income of the spouse on the form. This will also increase the Home Loan eligibility amount.
Part prepayments help you in reducing the outstanding amount of loan, i.e., the principal as well as interest component. You can repay the loan faster after making part prepayments of your EMIs.
An applicant can increase the Home Loan eligibility at PNB Housing Finance by adding a co-applicant for the Home Loan. A co-applicant can be the spouse or any other family member with a stable income, good credit score, and limited financial obligations.