Applicants for PNB home loans may want to buy an already existing house. They may want to build a home or add new features to a home or carry out renovations.
The PNB housing loan is easy to apply for, and the processing is hassle-free. The advantages range from low-interest rates to flexible tenures, going up to a maximum of 30 years, and the interest rates start from a competitive 6.99%. They do not vary for salaried or self-employed.
A PNB housing loan is a great option for anyone seeking to avail of a home loan. But before you apply, check out the factors that affect your eligibility.
Home Loan Eligibility
The PNB housing loan comes with several benefits:
- Online and offline application
- Doorstep service
- No hidden charges
- No prepayment or foreclosure charges
- Up to thirty years of tenure for the loan
- Multiple repayment options
That said, any applicant applying for a PNB housing loan, whether from the government or the private sector, must fulfill a set of eligibility criteria.
5 Eligibility Criteria For PNB Home Loan:
For PNB Home Loan, the eligibility criteria, by and large, are the same as with any mainstream lender. Listed below are the four of the most important ones.
1.    Credit Score
The credit score is at the top of the list of PNB home loan eligibility criteria.
The credit score is a summary of the home loan applicant’s credit history. For the PNB housing loan, the loan applicant shouldn’t be a habitual repayment defaulter. His credit score, a three-digit numeral that captures the applicant’s financial profile—income, monthly repayments obligations, repayment history— reflects his sincerity to financial commitments.
A credit score of 700 and above is considered good for the PNB home loan. The home loan applicant will also qualify for attractive terms, including lower interest rates, with a 700 credit score.
Salaried applicants with regular incomes are preferred for the PNB housing loan. Self-employed doctors, chartered accountants, architects, and engineers should have a credit score of 800-plus.
2.    Stable Income
A stable income month after month, the whole year-round is eligibility that is an essential criterion for the PNB housing loan, and such applicants find that their loan applications are processed quickly. Such an applicant also qualifies for far easier terms.
A steady income places the PNB home loan applicant in the low-risk bracket since loan repayment is more or less ensured in such cases. For example, doctors, engineers, chartered accountants, architects, self-employed entrepreneurs, and freelancers who fall under the high-income bracket have an advantage over others.
That said, there is also the minimum income eligibility criterion. Using a home loan eligibility calculator is a good habit to cultivate for PNB housing loan borrowers.
3.    Age Of The Applicant
One of the more important eligibility criteria for the PNB home loan is the applicant’s age. For example, applicants in their 30s are considered more promising, whereas the elderly are considered a risk.
The PNB housing loan has a minimum and maximum age limit. The applicant should preferably be younger than 60 and older than 21. Keep in mind that age is a factor when it comes to interest rate, loan amount, and repayment tenor too.
The PNB home loan eligibility calculator will help calculate the age requirement at the time of the loan’s maturity.
Having a co-applicant with a good credit score eases the eligibility strictures for the aging applicant.
4.    Older Loan Commitments
An important factor that affects your eligibility is your old financial commitments. These are deducted from your income as a regular monthly outflow.
After the deduction, you can calculate a part of EMI to repay the PNB housing loan.
5.    The Property
The value of the house/plot/land offered as a lien for the PNB home loan is yet another eligibility criterion for the PNB housing loan. Prime property in high-end locations with modern state-of-the-art amenities fetches a low-interest rate.
The features of this criterion may differ from lender to lender, but the bottom line is the applicant’s property profile should meet the lender’s eligibility criteria.
In Conclusion
Home loans are long-term financial commitments. While it is true that certain professionals stand a better chance of availing of a PNB home loan, nonetheless, any applicant who meets the five essential eligibility criteria can get the PNB home loan easily enough.
