PNB Housing Finance Loan Against Property Eligibility

• Age: PNB Housing Finance considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from PNB Housing Finance, one has to be of atleast 21 years of age. The maximum age for loan from PNB Housing Finance can be 60 years for salaried and 65 years for self employed. PNB Housing Finance eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your Current Age	Max tenure for salaried	Max tenure for self employed
25 Years	20 Years	20 Years
30 Years	20 Years	20 Years
40 Years	20 Years	20 Years
50 Years	10 Years	15 Years
60 Years	-	5 Years

• Net Income: The amount of loan you can avail is a function of your net income. PNB Housing Finance typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
  

  Age	Net Monthly Income (₹)
  	50,000	75,000	100,000
  25 years	34.01 Lakh	51.01 Lakh	68.02 Lakh
  30 years	34.01 Lakh	51.01 Lakh	68.02 Lakh
  35 years	34.01 Lakh	51.01 Lakh	68.02 Lakh
  40 years	34.01 Lakh	51.01 Lakh	68.02 Lakh
  50 years	26.79 Lakh	40.18 Lakh	53.57 Lakh

  You may consider repaying any loans with short tenure and high EMI in order to increase your PNB Housing Finance loan against property eligibility.

• Nature of Employment: PNB Housing Finance will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. PNB Housing Finance requires minimum income history and job stability of more than 2 years for salaried individuals and of 3 years for self employed individuals.

• Value of Property: PNB Housing Finance does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 12 Lakh.
  

  Property Type	LTV	Property Value	Maximum Loan Amount
  Commercial Property	60%	₹ 20 Lakh	₹ 12 Lakh
  Residential Property	60%	₹ 20 Lakh	₹ 12 Lakh

• Co-Applicant: In order to enhance the eligibility of a loan with PNB Housing Finance, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
• Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of PNB Housing Finance.

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. PNB Housing Finance requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from PNB Housing Finance.

• Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from PNB Housing Finance.
• High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
• Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
• Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from PNB Housing Finance, improve your credit worthiness to get a good score before putting in an application in another bank.

PNB Housing Finance calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. PNB Housing Finance will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from PNB Housing Finance. Always calculate your eligibility with PNB Housing Finance mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

✅What factors determine the eligibility criteria of property loan from PNB Housing Finance?

The factors that determine the eligibility criteria of PNB Housing Finance property loan are:-

• Age of the applicant
• Monthly income
• Existing liabilities
• CIBIL Score
• Value of the property to be mortgaged

✅What should be the minimum net monthly income of the customer to get PNB Housing Finance mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 20,000 per month.

✅What is the minimum and maximum age required for PNB Housing Finance loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from PNB Housing Finance.

✅What is the tenure of PNB Housing Finance property loan?

PNB Housing Finance offers property loan for a tenure upto 20 years. However, longer the loan tenure, higher will be the eligibility.

✅How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from PNB Housing Finance up to 60% of the market value of the property.