A loan against property is one of the most straightforward loans that the owner(s) of a residential or commercial property may apply to get money quickly. As there is no limitation on the loan amount’s end-use, borrowers can use it for multiple purposes like wedding, house purchase or construction, home improvement, higher education, business, travel, or medical expenses. The interest rates of a loan against property are often among the lowest provided by Indian lenders.
However, before applying for a loan against property, you need to fulfil the eligibility criteria. PNB Housing has a proven track record of thirty years. It offers loan against property with features like simple eligibility, no-frills documentation, industry-best rate of interest, high loan amount, flexible repayment plans, and other value-added features, such as doorstep service and an extensive branch network.
Who Can Apply For The PNB Housing Loan Against Property?
Any resident Indian salaried or self-employed professional or non-professional between the age of 21 and 60 (for salaried) and 65 (for self-employed) can apply for the PNB Housing loan against property. However, it is wise to know that 60 or 65 is the maximum age at the time of loan maturity. Hence, if you are a salaried professional applying for a loan with a five-year repayment term, the maximum age for loan application will be 55.
Which Factors Determine Loan Against Property Eligibility?
Besides age and income status, the following factors affect loan against property eligibility:
- Credit Score
The credit score determines loan against property interest rate. While some lenders make credit score a mandatory eligibility criterion, you can apply for the PNB Housing loan against property even when there is no credit score. However, the interest rate will be marginally higher.
- Source of Income
Although the PNB Housing loan against property is a secured loan, you still need to satisfy the lender that you are capable of repaying. There is also a minimum income criterion that depends on the sector or the profession and may differ for each borrower. It is wise to inquire about the minimum income criteria before applying for a loan against property.
- Property Documents
Your property documents must be genuine and organised. You may need to submit the original copies of multiple property documents like registration papers, occupancy certificate, building plan, etc., while applying for the PNB Housing loan against property. Any inaccurate information or invalid document may prompt the lender to delay or reject the loan.
- Loan Tenure
You may choose a maximum loan term of twenty years. Borrowers often choose a shorter tenure as it enables them to repay the loan earlier. When your income is high, you can select a higher loan amount and shorter tenure. However, if your income is low, you may need to select a longer tenure to minimise the risks.
- Property Insurance
Borrowers often insure their property to save them from human-made or natural disasters. Such an insurance can increase your loan against property eligibility. If a borrower has property insurance, the insurer may settle the loan dues if the borrower defaults due to an unfortunate financial crisis.
The PNB Housing loan against property eligibility is simpler than most other lenders. Applying for the PNB Housing loan against property is a no-frills experience. You can call the customer care number or place a request online. A loan officer visits your registered address at your earliest convenience and helps you with the application process. Once the verification process is complete, you can expect the loan amount in no time.