An ideal way to acquire a considerable amount of money, a loan against property (LAP) or home mortgage loan is offered by various public and private sector banks at flexible repayment schemes. Check Eligibility for PNB Loan, read full.
A secured type of loan, LAP is provided to an individual upon pledging an immovable residential or commercial as collateral.
One of the most reliable and secure financial institutions in the financial sphere, PNB Housing provides a home mortgage loan at affordable interest rates and long tenures to ease the borrower’s burden.
While financial institutions usually offer a loan amount up to 60% of the market price of the property, PNB also takes into account your age, income, and occupation to determine your loan eligibility.
Along with fast processing, the LAP loan by PNB Housing also comes with instant approval and a quick disbursal feature. An easy and convenient way to deal with the financial crisis, LAP funds can be used for any purpose such as financing higher education, paying medical bills, expanding business, etc.
However, one should be aware of the related eligibility factors to avail of a home mortgage loan without any hassle.
Know about the eligibility conditions for PNB loans against property
To obtain a home mortgage loan, the candidate must fulfill the below-mentioned eligibility criteria:
- The candidate must be a salaried professional or a self-employed individual with a steady source of income.
- In the case of a salaried employee, the age of the candidate should not be more than 60 years at the time of loan maturity. If the candidate is a self-employed professional, the age should not be more than 65 years.
- The salaried professional must possess work experience of a minimum of 3 years. For self-employed individuals, the required business vintage should be at least 5 years.
Documents required | Check Eligibility for PNB Loan
The pre-requisites for obtaining a LAP or home mortgage loan include:
- Duly filled application form with a passport-sized photograph.
- Proof of age and identity (PAN Card, Passport, Any other Certificate from Statutory Authority).
- Proof of residence (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority).
- Proof of education qualifications (Latest Degree).
- In the case of salaried employees, the latest 3 months’ salary slips are required. Self-employed professionals need to present the certificate & proof of business existence along with a business profile.
- Salaried employees need to submit Form 16 for the last 2 years. For self-employed professionals, last 3 years ITR (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant is required.
- For salaried employees, the last 6 months Bank Statements (salary account) is required. Self-employed individuals must submit the last 12 months Bank Account Statements (self & business).
- Processing Fee Cheque
- Xerox copies of the documents of the property to be mortgaged.
Also, click here to know the important things to remember before taking Loan Against Property.
With the advent of digitalization, one can easily apply and obtain a loan can with just a few clicks.
However, along with the required eligibility conditions, you must know more about the interest rate, EMI affordability, and repayment structure associated with the loan beforehand to avoid any confusion at a later stage.
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