You can utilize the loan against property balance transfer eligibility calculator at Finserv MARKETS to obtain a relatively detailed conclusion of your possible eligibility subject to the data given by you.
The age of applicant (salaried or self-employed) must be between 21-70 years.
The minimum net monthly income of the applicant must be Rs. 18,000.
Salaried applicants must have a work experience of at least 3 years and self-employed applicants must have a total business vintage of minimum 5 years.
Your credit history plays a crucial role in agreeing on the quantity of the PNB LAP. Credit history is essentially the credit summary of a person established on credit evidence documented by Credit Information Bureau (India) Limited or CIBIL for the entire history and existing loan agreements. Established on your value score, the bank or any different monetary organization agrees on whether or not you can be given a loan. Formal expenditure on loans that are secured can furthermore boost your CIBIL score. The PNB LAP compels the lowest credit score of just 650 to be competent for a LAP.
There are a few characteristics that influence your total credit score. Also, this can put an impact on your opportunities of buying LAP from PNB.
Delayed payments: If you have hindered in reimbursing your present or previous loans, it adversely encompasses the CIBIL score you have and lessens your opportunities of buying a LAP from PNB.
More quantity of an unsecured loan: You must constantly maintain a proportion between protected and unprotected loans. Unsecured loans can be hazardous and a higher quantity of the same will badly encompass the credit score.
The use of your credit limit: The bill of your Credit card and the use of your credit limit indicates your credit behaviour. Often usage or secrecy of huge quantities of money up to the credit card threshold evaluates a probable monetary anxiety, insurrection on your role and can badly result in the credit score.
Application for several loans: In case you pertain for a loan in numerous banks at the same time, it can encompass your score adversely and decrease your CIBIL score. In this case of application denial from PNB, enhance the creditworthiness to earn a decent score before laying in a petition in any other bank.
Here’s the list:
Identity Proof: PAN/Voter ID/Aadhaar Card
Address proof: Aadhaar Card/Passport/Driving License
Latest Degree to validate educational qualification
Salary slips of last 3 months (applicable for salaried applicants)
Certificate & Proof of business existence (applicable for self-employed applicants)
Form 16 for the last 2 financial years (applicable for salaried applicants)
ITR for the last 3 financial years (applicable for self-employed applicants)
Self-attested photocopy of the Title Documents of the Property and Approved Plan