A Home Loan can help an individual come closer to their dream of becoming a proud homeowner. Being cognizant of the increasing demand for permanent housing solutions created by the likes of Indian residents from all walks of life, several Indian financial institutions, such as the likes of Punjab National Bank, have been providing Home Loans to those who would finally like to purchase a house of their own at affordable interest rates for a while now. This article will take you through the reasons as to why you must choose to avail a Home Loan from Punjab National Bank, which is one of our lending partners, specifically. Read on to know more.
You can Avail a High Amount as a Home Loan from PNB: It is important for a future possible homeowner to find out the maximum amount one can avail as a Housing Loan from a bank or a financial institution. As a user of Finserv MARKETS and a potential applicant for a Punjab National Bank Home Loan, an aspiring homeowner can get a Home Loan of an amount as high as ₹5 Crores and eventually turn their dream of owning a home into a reality. This is certainly on the upper end of the maximum Home Loan amounts a lending institution is willing to sanction as a Home Loan.
Flexible Repayment Tenure - Secondly, it is also important to find out the loan repayment tenure being offered by the lending institutions of India and choose the one which is well in their comfort zone and even deemed as fairly manageable to them. One can choose to pay off their PNB Home Loan fairly conveniently over a period as long as 30 years so that they do not feel the burden of PNB Home Loan EMI payments on their finances and cause a disturbance in the same.
Very Competitive Interest Rates - Interest rates on which Indian financial institutions are willing to offer Home Loans to prospective borrowers are definitely something that they take into consideration at the time of scouring the net for Home Loan options. As much as a half a percent reduction in Home Loan interest rates can help borrowers save thousands, and in some cases, lakhs, on interest payments. If an individual manages to secure a PNB Home Loan, the interest rate that they will have to pay will start from 6.99%, implying that PNB offers Home Loans at some of the most competitive interest rates in the market.
Option of Balance Transfer: - An individual can always get their Home Loan Balance transferred to either PNB or any other institution through it easily. However, it must be noted that PNB is one of those banks that charge low rates of interest for Home Loans in the market.
You can almost entirely fund your property through a PNB Home Loan: PNB disburses Home Loans which could cover up to 90% of the cost of the property, provided they meet the basic eligibility criteria.
Minimal Processing Fee: - At the most, PNB charges only 0.5% of the Home Loan amount as a processing fee, while the story is fairly different in the case of other lenders out there. In the case of salaried individuals, PNB charges as low as 0.25% of the loan amount as a processing fee. This virtue of a PNB Home Loan, in addition to the ones listed above it, makes a PNB Home Loan an extremely affordable option to go for.
A Punjab National Bank Home Loan, just like in the case of every other form of credit offered by every other bank, can only be availed if they meet the PNB Home Loan eligibility criteria that have been laid out by the institutions in question. What you will find below are the Home Loan eligibility criteria one must meet in order to secure a PNB Home Loan. Read on to know more.
The age of the aspiring homeowner must be at least 21 years of age at the time of applying for a Loan and be 70 years of age at the most at the time of loan maturity.
The net income of the applicant must be above ₹18,000 per month. The net monthly income is one of the several things that is taken by the Indian financial institutions into consideration at the time of deciding the maximum amount a prospective borrower can take as a Home Loan. Therefore, if you want a higher amount as a Home Loan, you must make sure that you even earn more on a monthly basis, as it helps the lenders determine your loan repayment capacity and overall creditworthiness.
A salaried individual must have work experience amounting to 3 years at the very least before even thinking about applying for a PNB Home Loan.
In case of a self-employed applicant, business vintage of 5 years is required.
Learn more about PNB Home Loan at Home Loan Finserv MARKETS and check out your eligibility through Home Loan Eligibility Calculator online.