Renting a house may not have the same feeling as owning one. A self-owned house is more than just a place of residence. It bears witness to your successes and upheavals. It is where your family feels ensconced after coming back from a long excursion. Over time, it almost becomes a family member. However, buying a house is easier said than done. Especially when it comes to arranging for funds.
Thankfully, there are reliable options for prospective homebuyers to fall back upon. For instance, Unnati Home Loans by PNB Housing will help you realize the dream of living in a house you could call your home. It offers simplified lending procedures and a bouquet of helpful consumer services.
Some major benefits provided by PNB Housing Unnati Home Loan are listed below.
- Interest Rates are attractive, starting at 10.75% per annum
- An amount of up to Rs.35 Lacs can be loaned subject to 90% of the market value of your property. The loan is paid through home loan EMI.
- Door-step services ensure easy and fast approval and disbursal of loans.
- PNB Housing Branches are present across the nation.
Applicants must fulfil the following criteria to be eligible for application:
- They should either have any professional degree or be an employee of any local and stable business entity.
- They should earn a fixed minimum income of Rs.10,000 per month.
- Age of applicants who are salaried employees, at the time of loan maturity, should not be more than 70 years. For a self-employed professional/non-professional, this number is set at 65 years.
- Application Form: Should be duly filled with a recent photograph of the applicant.
- Age Proof: Any one of PAN Card, Passport or any other certificate from Statutory Authority.
- Residence Proof: Any one of Passport, Driving License, Telephone Bill, etc.
- Income Proof: Latest Salary-slips for salaried employees and Certificate and Proof of Business existence along with Business Profile.
- Other documents: From 16 for salaried employees and last 2 years ITR for self-employed. Apart from this, the bank statement capturing transactions recorded for the last six months should be provided.
- Rate of Interest: Under Unnati Home Loan, PNB Housing provides affordable interest rates. For applicants who are salaried employees, the interest rate is 10.75% per annum. The interest rate for self-employed professionals is the same while self-employed non-professionals get a 12.00% per annum rate of interest. Interest rates are less for existing customers and may also change depending on the disbursement period.
- Own Contribution: The total contribution required from the applicant is 10% of the total cost of the property. This is inclusive of stamp duty and registration charges in case of purchase of the property. The remaining amount is paid in the form of home loan EMIs.
- Loan Amount: For salaried customers, the loan amount is up to Rs.25 lacs with the maximum funding being up to 90% of the market value of the property. In the case of Self-employed Customers, the loan amount is the same, that is, Rs.25 lacs while the maximum funding is 67% of the market value of the property. The maximum funding is subject to the value of property and repayment capacity of the borrower.
- Insurance or Customer Safety: For your safety and comfort, it is recommended that you get your property and loan repayments insured to overcome any unfortunate event during the repayment period of the loan. PNB Housing has tied up with Bharti AXA and ICICI Lombard to offer best-in-class insurance products and services to customers.
- Security: Loan security is the first payment for a property’s equitable mortgage to be funded and/or any other collateral securities that PNB Housing may find appropriate. As appropriate to PNB Housing, additional/interim protection may be required.
PNB Housing believes that your present achievements or financial status are only a precursor to the many dreams that are waiting to be transformed into reality. Therefore, Unnati Home Loan is highly recommended if you want hassle-free and affordable home loans, without the stress of high home loan EMI.