PNB Housing Finance Limited, a wing of the state-owned Punjab National Bank, can be the one where you could think of applying for a home loan as it offers the same at affordable rates and at reasonable terms & conditions.
The seamless documentation and other processes make it a go-to-option for the borrowers. But there are other things you also need to consider i.e. eligibility and the loan to value ratio criteria set for PNB HFL Home Loan. So, if you want to be aware of all such aspects concerning the same, you can just take a close look at this article.
PNB HFL Home Loan Interest Rate & Other Charges
PNB HFL home loan interest rates are based on its benchmark PNBHFR, which stands at 14.60%. The eventual rates would be arrived by deducting a few portions from PNBHFR. While salaried and self-employed professionals are sanctioned loans at 8.99%-11.50%, self-employed non-professionals would be paying the debt at a slightly higher rate of 9.20%-12% per annum. The processing fee required is ₹10,000 plus applicable GST.
How Does PNB HFL Decide on the Loan Amount?
The loan amount is set on the basis of market value of the property, along with income, repayment capacity, age, occupation and qualification of an individual. To enhance the loan eligibility, the income of co-borrowers can be clubbed together. On the basis of the market value, the loan can be financed to the extent of 75%-90%. Loans of up to ₹30 lakhs are granted at 90% of the market value, while those between ₹30-75 lakhs and above ₹75 lakhs are disbursed at 80% and 75%, respectively. Given the loan to value ratio that exists, a customer needs to pay upfront 10%-25% of the property cost, which involves the cost of registration and stamp duty.
A Take on PNB HFL Eligibility Criteria
PNB HFL home loan has its own eligibility criteria for the prospective borrowers to meet before they can actually become a customer of the housing finance company. Let’s be not overly concerned as you just need the income that can suffice the payment of the proposed EMI, which stands for Equated Monthly Installment. Also, the income has to be regular and steady to reinforce confidence with regards to your earnings. At the same time, PNB HFL would want your age to be within 70 years by the time the proposed loan tenure gets over.
You also need to submit the following documents while applying for PNB HFL Home Loan.
Proof of Identity – PAN Card/Passport/Aadhaar Card/Driving License/Voter ID
Proof of Residence – Passport/Aadhaar Card/Driving License/Voter ID/Utility Bill
Proof of Income – Last 3 Months Salary Slip, Form 16 for Last 2 Years (For Salaried)
– ITR, Profit & Loss Account and Balance Sheet Certified or Audited by a Chartered Accountant
Photocopy of Property Title Documents and Approved Plan
Processing Fee Cheque
So, PNB HFL Home Loan details are shown here for you to take a call on. See if the rate provided to you are feasible or not. Remember, the loan is going to be paid over a long tenure of 20-30 years and so, the rate can either be a game maker or breaker.