Simple Steps to Apply for PNB Housing Home Loan
Home loan is basically a financial institution that has been set up specially to facilitate home buying and home development. This is also done in order to help individuals reduce the stress and tension that they go through when they buy a home.
Due to the rise in demand for home loans, many banks are offering home loan with flexible terms with reduced documentation requirements. There are certain points to remember while getting and availing a Home Loan.
Building a home can be quite a task. Moreover, applying for a home loan is another hassle.
Apply for PNB Housing Home Loan is the only option for customers who requires funds for purchase/construction of a new house/flat.
This loan scheme provides benefits to both new as well as existing PNB Housing Home Loan customers.
Home loan is a financial term that refers to loans given to individuals to help them pay for a home. PNB Housing Home Loan Scheme details.
It becomes confusing for first-time borrowers. Don’t worry. We will walk you through all the steps of the home loan procedure.
Steps to Apply for PNB Housing Home Loan:
Check the Eligibility Criteria
Home loan eligibility criteria might be your personal trouble, if you are planning to buy a new home or already have bought but couldn’t qualify for a loan.
It is the first step before applying for a home loan. Check the eligibility criteria of the lender to make sure you fit in. Here are some factors you need to check.
- Your age- You must be within 25-70 years old.
- Your income- Your minimum monthly income should be Rs 25,000.
- Your credit score and history
- Whether all the documents are in place.
The eligibility criteria for applying home loans vary, depending upon the bank selected by the borrower.
Usually a borrower can get an advance up to 90% of the value of the house as per its current market value. The amount of loan may further be increased to 95% of the market value in case the borrower has repaid his previous home loan on time.
Fill in The Application Form
You will get the form online. Download and fill it up. Then you will have to visit your nearest branch to submit it along with the necessary documents. Let us take a look at the list of documents required to apply for a home loan.
- Your identity proofs.
- A passport-sized photograph
- Proof of residential address
- Documents of the property (Title deed)
- Income Tax Returns of the past three years
- Bank statement for the past six months
Keeping all these documents ready will save your precious time and help you get the loan faster.
Processing and Verification of The Documents
After you submit all the necessary documents, your lender will process and verify them. What does that mean? They would ensure that none of the documents are fake or invalid. After all, they can’t afford to take risks.
Sanction of The Loan
You will get to know all the details at this stage, as the rate of interest and tenure. When your lender is satisfied that all the documents are valid, they will send you the sanction letter. The letter will also contain the terms and conditions. Make sure you read them carefully before signing.
Technical check and site visit
The representatives of the lending institution will visit the site of your property. They will check the condition of the property. Moreover, they will make sure it is free from legal disputes.
Disbursal of The Loan
After the lender has performed all the necessary checks, they will send you the final loan agreement. It will be followed by the disbursal of the loan amount in your account.
You will either get the amount at once or in instalments. So, now you can access the account and invest the amount in your dream house.
Determine the home loan eligibility. In most cases, you need to have an active checking account. Meet PNB Housing financial requirements and specify the loan amount. You can get a personal loan from PNB Housing for any purpose just about.
Do not forget to check all the home loan requirements before proceeding to apply. It will save your time and help you get a better deal.
Many housing finances companies have made the application process easier for their customers. Moreover, the rates of interest are also competitive.
So, don’t wait further. Start building the house of your dreams now.