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  • Essential Documents you Need During the PNB Housing Loan Application

    Published on August 2, 2022

    Do you want to do away with rent payments? Today, owning your dream home has become easier with a home loan. You can get a home loan at an affordable interest rate and favourable repayment period to buy a ready-built house or even begin constructing a new one.

    A home loan will be ideal even when you want to renovate an existing house. Through a PNB housing loan, you can also get a commercial property to grow your wealth base. However, you must meet the home loan eligibility criteria before your loan can be approved.

    Before approving your home loan, PNB Housing Corporation requires you to provide multiple documents to determine your loan eligibility.

    Remember, extending a credit facility to a borrower is risky, requiring a thorough background and document check to give a loan to the right person. However, you are assured of getting a home loan easily based on your CIBIL score, income status, age, and proper documentation.

    Key Documents You Need for PNB Housing loan Application.

    Photo Identity Proof Documents

    You need proof of your identity to get a home loan. No one will offer you even the lowest loan amount without knowing you’re the right beneficiary for repayment.

    You can submit the documents listed below as proof of your identity:

    • PAN card
    • Voter’s card
    • Aadhar card
    • Driving license

    Address Proof Documents

    Your address matters a lot during the PNB housing loan application. You should provide documents that clearly show where you live or reside.

    Any of the documents listed below are acceptable as evidence of your address:

    • Utility bills
    • Voter identity
    • Property tax receipt
    • Bank statements
    • Property registration documents

    Income Proof Documents for Self-employed Applicants

    Are you self-employed and seeking a home loan?

    First, you’ll have to prove the source of your income. Before your loan is approved, your lender wants to be sure you’ll repay the principal amount and the interest rate. Providing documents showing your income helps to determine your loan eligibility and gives your lender confidence about your loan repayment ability.

    You can submit any documents listed below as proof of your income:

    • Bank accounts statements for the last year
    • Accountant-certified balance sheets
    • Income tax returns.

    Apart from proof of income documents, if you’re self-employed and applying for a home loan, you need proof of address and identity. In addition, you should get a copy of the approved plan, sale deed, and possession letter.

    The past title deed and conveyance are also vital documents you should have to ensure your loan application is approved.

    Documents Needed from Salaried Loan Applicants

    If you are a salaried loan applicant, you are assured of a good home loan deal. However, you are expected to provide employment documents as proof of your income. Besides employment documents, you should also show proof of your address and age.

    The employment documents required include:

    • Last three months’ salary slips
    • A certified copy of form 16
    • Appointment letter.
    • Six months’ bank statements.

    Once your loan is approved and disbursed, you’ll repay through equated monthly instalments. If you get a salary increment or a better-paying job, read a PNB home loan review.It will help you assess the bank’s requirements and increase your EMI, reducing your home loan cost.

    However, you are supposed to provide an annual increment letter to the lender.

    Home Loan Documents Needed from Non-resident Indians

    You qualify for a home loan if you’re an Indian and non-resident. However, you should meet the eligibility criteria and submit the documents below:

    • Documents that prove your overseas employment
    • Last six months, overseas bank account statements
    • Overseas credit check report
    • A stamped copy of passport and visa
    • Voter ID, passport, driving license, or Aadhar card as proof of abroad and Indian residence
    • Existing loan documents, if you’re servicing any

    Conclusion

    Get all the information and documentation right, and you will be able to avail the home loan within a short time. Proof of your identity, income, residence, and age are part of the essential documents you require when applying for a home loan. After receiving the funds, do not forget about the PNB home loan review. Visit it again in case you feel you have missed out on understanding the borrowing or other terms and conditions. time.

    So, apply for a housing loan at PNB and get a home loan today to move to your new home soon!

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