Home Loan Eligibility Criteria

Your search for a quick, personalised, hassle-free, and easy-to-avail home loan ends with PNB Housing. 

With some of the lowest home loan interest rates in the market, PNB Housing offers a suite of benefits for all those looking to fulfil their aspirations of purchasing or building a dream home. 

So, how do you avail a personalised home loan with up to 30 years of tenure, no prepayment or foreclosure charges, and up to 90% of property value as loan? Simple! We have a highly transparent home loan eligibility criteria for all kinds of salaried employees, whether working in the government sector or employed with a private company.

Whether you meet the criteria for home loan from PNB Housing depends on many factors, including:

  • Age
  • Income
  • Financial obligations
  • Credit score
  • Regulatory guidelines

Check it out below.

Home Loan Eligibility Criteria for Self-Employed/Business Owners

Whether you are a successful self-employed professional such as a doctor, engineer, chartered accountant, architect, management consultant, etc. or a self-employed individual such as an entrepreneur, businessman or freelancer, enjoy flexible eligibility criteria for your home loan from PNB Housing. 

Here’s a quick breakdown:

  • Age: All self-employed applicants must be above the age of 21 years at the time of commencement of the loan. Additionally, your age should not exceed 70 years at the time of the maturity of the loan. 
  • Residency: You should be a permanent resident of India.
  • Work Experience: You should have at least 3 years of business continuity.
  • Loan Amount: INR 8 Lakh onwards
  • Tenure: Up to 20 years
  • LTV: Up to 90%
  • Additional: You apply for income tax returns.
  • *Minimum credit score of 611 is needed to apply for a home loan.

Home Loan Documents Required for Self-Employed/Professionals  

Compulsory Documents like loan application form
KYC documents as age & residence proof
ITR for last 3 years, Bank statements of business account for previous 12 months
Other property Documents such as property title, approved plan, sale deed etc.

Home Loan Eligibility Criteria for Salaried Applicants

Working in permanent service at a reputed company? Here’s what the PNB Housing home loan eligibility criteria look like for all salaried individuals: 

  • Age: All salaried applicants must be above the age of 21 years at the time of commencement of loan. Additionally, your age should not exceed 70 years at the time of the maturity of the loan. 
  • Residency: You should be a permanent resident of India.
  • Work experience: You should have a minimum work experience of 3 years. 
  • Salary: Minimum salary required INR 15,000 per month or more
  • Loan amount: INR 8 lakh onwards
  • Tenure: Up to 30 years
  • LTV: Up to 90%
  • Required Credit Score: 611+

Home loan Documents Required  for Salaried Person 

Compulsory Documents such as loan application form
KYC Documents like residence and age proof
Bank Statement for last 6 months
Income Proof (last 3 Salary Slips + latest Form 16)
Other Documents related to the property such as title, approved plan, etc.

Home Loan Eligibility Criteria Based on Age

Age is a crucial determining factor in your home loan eligibility. Generally, younger age allows you to avail a higher loan amount for a longer tenure. This is because younger individuals have a greater financial capacity to pay off the loan than elder and senior citizens. Naturally, maximum loan tenure decreases as the age of the applicant increases. 

Whether you are a salaried individual or self-employed, PNB Housing has one major criteria: you should not be more than 70 years old by the time your home loan matures. The following table should provide you with the maximum home loan you are eligible for depending upon your age:

AGE OF APPLICANT MAXIMUM HOME LOAN TENURE
25 years 30 years
30 years 30 years
35 years 30 years
40 years 30 years
45 years 25 years
50 years As per Company’s Discretion*

**This will be at the sole discretion of PNB Housing.

Check Home Loan Eligibility Criteria Online

It’s always a good idea to check home loan eligibility online before applying for one. Every lender’s website is often a good starting point. You can also use modern online eligibility calculators that are often available on your preferred lender’s website. 

But what are the factors that influence the criteria for home loan eligibility? Essentially, they are a set of parameters that enable the lender to evaluate your creditworthiness and capability to pay off the home loan without defaulting. The major factors include age, income, occupation, credit history, property value, any existing loans/EMIs, Etc. 

With PNB Housing, you can now check home loan eligibility online with ease. Our home loan eligibility calculator is simple and easy to use. Enter the following details and play around with the sliders determine how much loan amount you are eligible for:

  • Net monthly income
  • Loan tenure desired
  • Interest rate
  • Any existing EMIs

Click here for the home loan eligibility calculator and don’t forget to reach out to us for any assistance or queries! If you already know your eligible loan amount, then check out our home loan EMI calculator to plan your ideal monthly home loan installments. 

FAQs

How to Check Eligibility for a Home Loan?

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. 

What are Basic Home Loan Requirements?

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 Limit

Applicants should be 21 years or above at the time of applying for a home loan. Age should not exceed 70 years at the time of home loan maturity.

Monthly salary/income

INR 15,000 and above

Required CIBIL Score

611+

Work experience for salaried individuals

3+ years

Business continuity for self-employed

3+ years

Nationality

Indian (resident)

What is the Age Eligibility for Home Loan?

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. 

Can a Pensioner is Eligible to Get a Home Loan?

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.

Is a Co-Applicant a Must for a Home Loan?

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.

Am I Eligible to Take Home Loan Twice?

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.

Can I Get a Home Loan with Bad Credit?

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

What is the Minimum CIBIL Score Required for Home Loan? 

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.  

Can I Get a Home Loan Without Income Proof?

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
  • PMAY subsidy of up to Rs. 2.67 lac*
  • Lower EMIs with up to 30 years tenure
  • Customised eligibility to adjust your needs

Can I Get a Home Loan Without a Registry?

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.

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