Check out PNB Home Loan Eligibility

Punjab National Bank Home Loan Eligibility

Check your PNB Home Loan Eligibility Criteria Online

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Punjab National Bank (PNB) provides home loans at affordable interest rates for a tenure of up to 30 years. The bank uses a set of criteria to determine the eligibility of an individual for a home loan offer. PNB offers home loans to applicants with a stable source of income and a decent credit score.

PNB Home Loan Eligibility Criteria 2022

Before you apply for a home loan, it is important to be aware of all the criteria that influence the chances of approval of your loan application. We are listing down the criteria used by the Punjab National Bank to determine the eligibility of an applicant for a home loan:

  • Nationality: The applicant must be a citizen of India.

  • Age: The applicant must be between 21 and 65 years of age to be eligible for a home loan from PNB. Also, the age of the applicant must not exceed 70 years at the time of maturity of the loan.

  • Salary and Employment: In order to be eligible for a home loan from PNB, the applicant must have a regular source of income. The applicant can be either salaried or self-employed and must have an employment history of at least 3 years (for salaried applicants) or 5 years (for self-employed applicants).

  • Credit Score: As is the case with most other loans, PNB grants home loans to applicants with stable credit history and at least a decent credit score- preferably 750 or above.

  • Loan to Value Ratio (LTV): It refers to the ratio of the amount of loan granted to the value of the property for which the loan is availed. LTV is often expressed in percentage. PNB offers an LTV of up to 85%, which means, an amount equal to up to 85% of the property value can be availed as home loan from the bank.

How is PNB Home Loan Eligibility Calculated

PNB uses a set of metrics to determine the eligibility of an applicant for a home loan offer. Some of the factors that impact the eligibility of a borrower for a home loan include their monthly income, credit score, age and other financial obligations.

Punjab National Bank Home Loan Eligibility Based on Salary

The salary of a loan applicant is one of the key determinants of the amount of home loan the applicant is eligible for. The following table provides an estimate of the loan amount an applicant is eligible for based on their monthly salary taking into consideration a repayment tenure of 30 years and an interest rate of 6.80% per annum (which is the starting interest rate for PNB home loans):

Monthly Income of the Applicant

Loan Amount

25,000

₹15,33,918

30,000

₹20,70,790

35,000

₹24,15,921

45,000

₹31,06,185

50,000

₹34,51,316

55,000

₹42,18,275

60,000

₹46,01,755

65,000

₹49,85,235

70,000

₹53,68,714

75,000

₹57,52,194

Punjab National Bank Home Loan Eligibility Based on Age

Since the repayment tenure of a home loan can go up to 30 years, the age of the applicant impacts the tenure of the home loan- the time during which the borrower is supposed to pay back the entire loan amount along with the applicable interest. The younger the borrower, the more time they have to pay back the loan. The table below gives an estimate of the age of the applicant and the maximum loan tenure they are eligible for:

Age of the Applicant

Maximum Eligible tenure

21 years to 30 years

30 years

31 years

29 years

32 years

28 years

33 years

27 years

34 years

26 years

35 years

25 years

36 years

24 years

37 years

23 years

38 years

22 years

39 years

21 years

40 years

20 years

41 years

19 years

42 years

18 years

43 years

17 years

44 years

16 years

45 years

15 years

PNB Home Loan Eligibility Based on Value of Property

The amount of home loan granted by PNB also depends upon the LTV (Loan to Value) ratio of the property for the loan is issued. The LTV of a property, and therefore the loan amount, depends upon the value of the property. The following table gives you an idea of the LTV ratio that you can expect for a given loan amount:

Loan Amount

LTV Ratio

Up to ₹30 Lakhs

80% to 85%

Between ₹30 Lakhs to ₹75 Lakhs

80%

Loans above ₹75 Lakhs

75%

Punjab National Bank Home Loan Eligibility for Women

The eligibility criteria for house loans is the same for all applicants irrespective of their gender. However, female applicants get a concession of 0.5% on the interest rate applicable on the principal amount.

Minimum CIBIL Score for PNB Home Loan

Credit score is considered to be a standard and reliable way of assessing the creditworthiness of a borrower. In order to ensure that you meet the eligibility criteria for a home loan from PNB, you must have a CIBIL score of at least 650. The bank, however, would always prefer borrowers with a score upwards of 750.

Factors Affecting PNB Home Loan Eligibility

There are a number of factors that play a part in whether the loan application gets approved as well as how much loan amount will be sanctioned. Hence, it is best to be aware of these factors beforehand:

  • Salary: This factor of salary plays a part in PNB housing loan eligibility since the applicant’s net income essentially determines his or her repayment capacity after meeting essential expenses.

  • Employment Status: Similarly, the applicant’s employment status also has an essential influence since it means that they have a stable source of income and are, therefore, in a better position to efficiently pay off the entire Home Loan amount.

  • Financial Obligations: Lastly, most established financial institutions such as Punjab National Bank expect its loan applicants to not have too many pending debts and other serious financial obligations hanging over their heads. Hence, your financial history and current obligations also affect your loan approval chances.

Punjab National Bank Home Loan Eligibility FAQs

  • ✔️What are the criteria to get a PNB Home Loan?

    The borrower must be:

    - An Indian citizen

    - Between 21 and 70 years of age

    - Employed with a stable source of income (salaried or self-employed)

    - Having a credit score of 650 or above.

  • ✔️How much Home Loan can I get on my salary from PNB?

    The exact Home Loan amount disbursed depends on the salary as well as various other factors such as age, credit history, and financial obligations. You can use the Home Loan eligibility calculator to get a better idea of the Home Loan amount you might be eligible for.

  • ✔️What is the minimum salary to get a Home Loan from PNB?

    The minimum salary required to meet PNB housing loan eligibility is Rs 18,000 per month.