PNB Home Loan Balance Transfer: Eligibility Criteria

Introduction

If you are worried about spending a large amount of your income as home loan EMIs, then you have the option of transferring the outstanding amount to a trusted financial institution such as the PNB Housing Finance. You can not only avail lower EMIs, which comes with affordable interest rates provided by PNB, but also benefit from revising the terms and conditions of your current loan.

To ensure a hassle-free process, without any inconvenience, you can check the Home Loan Balance Transfer eligibility criteria on Finserv MARKETS. 

PNB Home Loan Balance Transfer Eligibility Criteria

For being eligible for the Home Loan Balance Transfer facility, you are required to meet the specified conditions. Here’s a look:

• Age

Any Indian citizen between the age of 21 and 70 years can opt for the balance transfer facility.

• Salary

Salaried individuals require a net minimum salary of Rs. 18,000 per month.

• Work experience for salaried individuals

If you are a salaried individual, you are required to be employed in your present organization for the last 3 years.

• Business stability for self-employed

If you are self-employed, the business vintage should be of 5 years.

• CIBIL score

A minimum CIBIL score of 650 is required for making an application.

• Eligibility with co-applicant

You can add up to three family members, having a stable source of income, as co-applicants to increase the quantum of your loan.

• LTV ratio

You can avail a maximum of 90% of the market value of your property, for Home Loan Balance Transfer of loans.

Now that you know the eligibility conditions, apply for a PNB Home Loan Balance Transfer with confidence. 

Minimum CIBIL Score for PNB Home Loan Balance Transfer

Among the key requirements for fulfilling PNB Home Loan Balance Transfer eligibility conditions is having a minimum CIBIL score of 650. Here, you must remember that your CIBIL score is a three-digit number, ranging from a minimum of 300 to a maximum of 900. Your CIBIL score reflects your creditworthiness and is calculated by considering a range of variables such as your repayment history, loan applications, types of loans availed, write-offs etc. PNB can provide you with competitive interest rates on the balance transfer facility, ranging between 7.35% and 9.10%. To get access to lower rates of interest you need to have a good credit score, preferably 750 and above. Having an average CIBIL score of around 650 will still provide you with the opportunity for availing the balance transfer facility. You will, however, be required to pay higher interest rates. 

Documents Required to apply for PNB Home Loan Balance Transfer

Along with meeting the PNB Home Loan Balance Transfer eligibility conditions, you are also required to submit various documents. You will be required to submit the following:

• Application form

You can download the application for Home Loan Balance Transfer from the official website of PNB Housing Finance. Remember, there are two different forms for salaried and self-employed individuals. Once you download the application form, make sure that it is duly filled.

• Identity and age proof

You can submit documents such as Aadhaar Card, PAN, passport, certificates from competent authorities etc. to establish proof of your identity and age.

• Address Proof

You can submit documents, including PAN card, Aadhaar Card, passport, Driving License, recent utility bills, and so on as address proof.

• Educational qualifications

If you are a working professional, you need to submit copies of your educational qualifications.

• Income proof for salaried individuals

As a salaried individual, you are required to submit recent salary statements for the last 3 months. Alongside, you have to submit the last 2 years Form 16. You will also need to submit bank statements of the last 6 months of your salary account.

• Proof of establishment of business for self-employed individuals

As a self-employed individual, you are required to submit certificates and proof that your business is in existence for the past 5 years. You have to submit duly certified and audited financial statements, including balance sheet, profit and loss statement etc. Alongside the bank statements; both for yourself and your business venture has to be provided.

After knowing the Home Loan Balance Transfer eligibility of PNB and the mandatory documentation process, you can make an application with ease and convenience. If you have further doubts, read on to know more: