Home loan

Here are 4 factors to consider


Home loans help you buy your dream homes; all loan providers have terms and conditions for loan sanction applicants. Applicants must meet the eligibility criteria and submit the required documents for home loan sanction.

Most loan providers have similar requirements; there may be some variation between non-bank financial companies (NBFCs).

This article focuses on the eligibility criteria for a PNB Housing home loan.

Factors that affect your eligibility for a PNB Housing home loan

When you apply for a PNB home loanyou must meet the eligibility criteria established by them and submit the required documents.

The four main factors that influence home loan eligibility are:


Lenders have given minimum and maximum age criteria for applying for a loan.

Applicants must be over 21 when applying for a home loan from PNB Housing; the maximum age at the end of the term of the mortgage must be 70 years. If you are 50 years old when you apply for the loan, you cannot obtain a loan for a period longer than 20 years.


Your level of income is a crucial aspect that impacts your home loan eligibility. The lending institution must ensure that you will be able to repay the amount of your loan in a regular and disciplined manner.

The sanctioned amount will depend on income levels, monthly expenses and other debts.

The minimum monthly salary required for a home loan seeker according to PNB Housing is INR 15,000 per month.

Credit Health

lenders want to sanction loans to creditworthy applicants with low or negligible risk of default. Your credit score reflects the health of your credit.

Rating agencies calculate credit rating based on past credit behavior. They also consider repayment history, credit usage, and credit inquiries to calculate the score.

Credit agencies use all of these factors to calculate your credit score. lenders can assess an applicant’s creditworthiness based on the rating; they can reject the application of those with a low score.

PNB Housing accepts a minimum credit score of 611 for a home loan.

Work experience or business continuity

Lenders not only want to be sure that you are earning enough to repay the loan, but they also want to provide stability in terms of your source of income.

Employees must have a professional experience of at least three years and the self-employed must justify a continuity of activity of 3 years for their loan application to be accepted.

Advantages of benefiting from a PNB Housing mortgage

As a potential home loan borrower, you have a wide choice of loan providers. However, benefiting from a loan from PNB Housing offers certain advantages; we will explore some of them below.

Competitive interest rates

Loan interest rates impact the overall cost of your loan and monthly payments. Even a minor difference in interest could significantly reduce or increase your loan payments, since home loans are worth thousands of dollars. PNB Housing offers home loans at a competitive rate of 7.99%.

Wide range of home loan products

Borrowers have different requirements when it comes to borrowing a house or property.

PNB Housing offers a range of products that can meet your varied needs, whether it is the purchase of a house or land or the construction or renovation of an existing property.

Choice of a long term

You can benefit from a loan for up to 30 years. A long term makes a loan more affordable because your EMI charge is lower.

You can choose a term based on your convenience and ability to repay a loan.

To sum up

You can make your dream come true with a home loan. But before applying for a loan, do thorough research to compare loan providers and check their eligibility criteria to get the best deal for your needs. This will save you from wasting time if your loan application is rejected for not meeting the eligibility criteria.

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