Home Loan Eligibility Criteria

Checking your eligibility for a home loan with PNB Housing is super easy. Here are 3 ways to do it:

• Check details on the website: The listed home loan eligibility criteria on PNB Housing website provides details about the key requirements for government employees/salaried individuals/self-employed to avail a home loan. 
• Use the loan eligibility calculator: Input certain numbers on PNB Housing’s calculator on the website to determine the eligible loan amount. This efficient tool lets you personalise your home loan quote by using the sliders.
• Connect with our representatives: Our home loan representatives are always there to assist you with eligibility checks and other queries – whether on call, email or in person. 

To finance the home of your dreams through a home loan, you or any other applicant must satisfy the basic home loan eligibility criteria. Such a criteria depends upon a multitude of factors, including credit score, current age, current income, any financial obligations, etc. 

At PNB Housing, we have forged quite a reputation of offering home loans at an easy-to-meet eligibility criteria in order to service every individual capable of purchasing a home. Our basic home loan requirements in a nutshell are:

Age eligibility for availing a home loan varies from lender to lender. 

• PNB Housing offers the best home loan interest rates to all applicants above the age of 21
• Additionally, your age should not be more than 70 years at the time of your home loan’s maturity

Age is an important criterion for home loan as it determines your loan tenure and in turn, also impacts the loan eligibility and EMI. Hence, it’s best to consider taking a home loan at a younger age when one has acquired enough creditworthiness as well as home loan repay-ability. 

Availing a home loan for a pensioner or the retired sounds like a daunting prospect, given the lender’s lack of confidence in their ability to pay EMI on time at such an age. However, pensioners can definitely get a home loan from trusted lenders like PNB Housing. We make the process completely transparent and hassle-free, and typically offer home loans to pensioners who can have a co-applicant in their loan application with a stable and steady income.

Many customers believe that having a co-applicant is not a significant criteria for a home loan. However, it is a must at PNB Housing for home loan applicants to have a co-applicant in their home loan application. Our experts highly recommend adding a co-applicant to ease the burden of financial liability and get favourable home loan terms. A co-applicant becomes quite important when the main applicant is too young, does not have sufficient income or credit score, or is a pensioner as that increases your overall home loan eligibility. Thus, an able co-applicant increases your chances of availing a higher loan amount at affordable interest rates for a longer tenor. And the best bit? You can split the EMI as you seem fit with them! Check out our list of home loan documents required and home loan EMI calculator if you want to proceed with a co-applicant.

The widespread belief that you can only take up one home loan at a time is false. In fact, there is no limitation to the number of home loans you can take simultaneously, as long as you meet the eligibility criteria for all. However, with each subsequent home loan after the first one, your LTV percentage goes down. Property investors do so all the time. One needs to have adequate repayment capacity, a good track record of closing previous loans, and making timely EMI transactions, and a good credit score to be eligible for multiple home loans.

If you have a history of poor credit and lending, then you will indeed find it difficult to be eligible for a home loan. For lenders, you would fall in the high-risk category. However, you can still avail a home loan by:

• Paying off your debts to improve your credit score
• Settling a debt with your lender and obtaining a NOC
• Applying for the loan with a co-applicant with a good credit history

CIBIL Score is a 3-digit number that summarises your credit history and credit-worthiness basis your past loans and EMIs. CIBIL stands for Credit Information Bureau (India) Limited. 

Once again, the minimum CIBIL score required for home loan varies from lender to lender. The usual cut-off for a good loan deal is actually a score of 611+. At PNB Housing, we offer varying interest rates to individuals present in different strata of CIBIL scores, with the lowest interest offered to a score of 800+ and the highest levied on those with a negative score. You can check out PNB Housing home loan interest rates basis the CIBIL score here.  

An income proof is an important document that establishes an applicant’s loan repaying capacity and home loan eligibility. However, PNB Housing’s progressive Unnati Home Loans offer home loans to those individuals who do not have formal income proof but have sufficient income to serve obligations. Here are some features of Unnati Home Loans:

• Loan amount up to 35 Lacs
• Funding up to 90% market value of the property
• Minimal formal income documentation
• Lower EMIs with up to 30 years tenure
• Customised eligibility to adjust your needs

No, you cannot get a home loan without a registry of your property. Remember, any lender, including PNB Housing, does not provide loans for any unregistered property. Hence, registration documents must be submitted mandatorily by the applicant before they are planning to apply for a home loan. However, if you have an under-construction property, then it is possible to obtain a home loan without a registry.