How to Apply For a Housing Loan in Simple Steps?

Everyone dreams of owning a house sooner or later in life. Purchasing a property ensures security that a rented house cannot provide. However, it is a significant leap that requires substantial financial resources. Since real estate investment might consume several years of savings, most prospective homebuyers believe in funding the purchase with a Home Loan. They prefer to opt for housing finance from a reputable organization and repay it in easy EMIs for tenures lasting up to 30 years. PNB Housing is a trustworthy housing finance company that has been operating in India since 1988.

The procedure to apply for PNB Housing Loan is hassle-free. Here is a stepwise guide to applying for the PNB Home Loan.

Step 1: Checking Eligibility

Every lending institution has unique eligibility criteria to accept Home Loan applications. When it comes to PNB, any salaried employee or self-employed professional aged between 21 and 70 years is eligible to apply for a PNB Home Loan. Their monthly income should be more than Rs 15,000, and they must have three years of work experience in their current job or profession. Loan seekers fulfilling these eligibility conditions can apply for housing finance from PNB.

Step 2: Checking the Credit Score

A credit score is a crucial parameter to determine an applicant’s creditworthiness. However, the minimum credit score requirement for PNB Housing Loan is 611+, which is much lower than the others. That means applicants who do not qualify for Home Loans from other companies may get the required funding from PNB. Applicants must check their credit score online and ensure it is more than 611 to qualify.

Step 3: Filling out an Application Form

The Home Loan procedure begins with visiting the PNB Housing official website and filling out an application form. It is a basic online document where the applicants must fill in their personal details like their name, contact number, email address, etc. Besides these, loan seekers must also provide their income, education, occupation, and property details. Based on the loan requirement, the finance company’s representatives will contact the applicants to discuss the loan details and further procedures.

Step 4: Providing the Required Documents

After discussing the loan details with a company representative, applicants must submit a few documents to verify their identity, income, address, employment, etc. Here is a brief idea:

●      Application form

●      Age proof

●      Address proof

●      Education qualifications

●      Property documents like property title or approved plan

Regarding income proof, the documentation requirements differ for self-employed and salaried applicants. These include:

●      For salaried employees: Salary slips for the last three months, last six months’ bank statements, and Form 16 for the previous two years.

●      For self-employed professionals: Proof of business existence, last twelve months’ bank account statements, previous three years’ ITR, and accountant-certified balance sheets.

After submitting the required documents, the lending institution verifies the details, conducts a background check, and pulls a hard inquiry to check the credit history. Based on these verifications, the loan company determines a loan amount and interest rate and sends the loan offer to the email address provided in the application form.

Step 5: Getting Ready for Disbursal

If the loan offer is acceptable, applicants can use the Home Loan EMI calculator to select a convenient loan tenure with affordable EMIs. Once the applicant accepts the loan offer and pays the down payment and processing charges, the finance provider processes the property documents and disburses the loan.

As you can see, applying for a PNB Housing loan is quick and straightforward. The loan company has a streamlined application procedure that applicants can complete online and get the required funding within a few days.

Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.