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  • Punjab National Bank Home Loan Eligibility

    Punjab National Bank home loan eligibility is based on minimal criteria based on income or salary which makes it accessible to a wide range of individuals. The maximum repayment tenure is 30 years with attractive interest rates.

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    Punjab National Bank Home Loan Eligibility Criteria

    Punjab National Bank provides home loans to individuals who have a regular source of income, i.e., who are salaried, self-employed, professionals, farmers, entrepreneurs, etc. It is also open to staff members of the bank.

    For PNB Flexible Housing Loan, the maximum age for eligibility is 50 years.

    For the PNB Gen-Next Housing Finance Scheme, the maximum age for eligibility is 50 years, with a minimum net monthly income of Rs.35,000, and minimum 3 years of experience. This scheme is for employees of the state or central government, Public Sector Undertakings (PSUs), public sector banks, as well as those in the IT industry.

    Punjab National Bank Home Loan Eligibility Based on Salary

    The Punjab National Bank home loan eligibility calculator given below shows you the loan amount that you are eligible for based on your monthly income taking into consideration a repayment tenure of 30 years with an interest rate of 6.80% p.a. (which is the starting interest rate for Punjab National Bank’s home loans).

    Monthly Income Loan Amount
    Rs. 25,000 Rs.15,33,918
    Rs. 30,000 Rs.20,70,790
    Rs. 35,000 Rs.24,15,921
    Rs. 45,000 Rs.31,06,185
    Rs. 50,000 Rs.34,51,316
    Rs. 55,000 Rs.42,18,275
    Rs. 60,000 Rs.46,01,755
    Rs. 65,000 Rs.49,85,235
    Rs. 70,000 Rs.53,68,714
    Rs. 75,000 Rs.57,52,194

    Punjab National Bank Home Loan Eligibility Based on Age

    Punjab National Bank’s home loan repayment tenure goes up to 30 years. The younger an individual is when they take the loan, longer will be their repayment tenure and vice versa. The maximum eligible tenure according to the age at which an individual starts the loan repayment is given below:

    Applicant’s Age Maximum Eligible Tenure
    21 years to 30 years 30 years
    31 years 29 years
    32 years 28 years
    33 years 27 years
    34 years 26 years
    35 years 25 years
    36 years 24 years
    37 years 23 years
    38 years 22 years
    39 years 21 years
    40 years 20 years
    41 years 19 years
    42 years 18 years
    43 years 17 years
    44 years 16 years
    45 years 15 years

    Punjab National Bank Home Loan Eligibility Based on Value of Property

    The Loan to Value (LTV) ratio is the quantum of loan that is disbursed based on the value of the property that you intend to purchase. The LTV ratio for different loan amounts is as given below:

    Loan Amount LTV Ratio
    Up to Rs.30 lakh 80% to 85%
    Between Rs.30 lakh to Rs.75 lakh 80%
    Loans above Rs.75 lakh 75%

    Punjab National Bank Home Loan Eligibility Based on Credit Score

    Your home loan eligibility is dependent on your credit score. The higher your credit score, the lower your interest rate and vice versa. Here are the ratings for different credit scores:

    Rating Credit Score
    Good 750 and above
    Average 600 - 750
    Poor Below 600

    A Credit Information Company (CIC) score of 800 and above attracts the lowest interest rates on home loans offered by Punjab National Bank. To be eligible for a PNB home loan, the minimum credit score required is 650.

    Punjab National Bank Home Loan Eligibility for Women

    The eligibility criteria for women are the same as for other applicants. However, women are given an interest rate concession of 0.05% for all categories except for the Commercial Real Estate (CRE) loans.

    Punjab National Bank Home Loan Eligibility for Co-Applicant

    Punjab National Bank accepts co-applicants who have an assured and regular salary or source of income.

    Factors Affecting Punjab National Bank Home Loan Eligibility

    Punjab National Bank home loan eligibility is determined by the factors given below:

    • Applicant’s age
    • Applicant’s credit score
    • Applicant’s salary or income source
    • Indian citizenship status
    • Repayment capacity

    Punjab National Bank Home Loan Eligibility FAQ

    1. How can I increase my Punjab National Bank home loan eligibility?

      You can increase your eligibility for Punjab National Bank home loans by adding a co-applicant who can be a parent, spouse, or children who are drawing a regular salary or have a stable source of income. The co-applicant should also be made the co-borrower of the home loan.

    2. How much quantum of loan will I be eligible for under Punjab National Bank home loans?

      The quantum of loan you will be eligible for under Punjab National Bank home loans will depend on your income and repayment capacity and is need- based depending on the cost of property as well.

    3. Am I eligible for a moratorium for PNB home loans?

      Yes, you are eligible for a moratorium on your PNB home loan which will depend on the nature of property, i.e., for a ready-built house or flat or plot of land the moratorium is for 3 months or till possession date, whichever is earlier, while for construction of a house or flat, the moratorium is for 18 months or till the project is complete, whichever is earlier.

      

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