Unnati PNB Home Loan- Home loan for people with small income
PNB Housing Finance Company is a premier home loan lender in India. It provides various products under PNB home loan category. One of it is designed for the people with a low earning as Rs. ten thousand monthly. This PNB home loan scheme is Unnati. Let us discuss this product in detail.
Who is Eligible for Unnati PNB home loan?
The eligibility for availing Unnati PNB home loan is very low so any person who is earning a minimum of ten thousand every month is eligible to avail home loan under this scheme. In addition to income criteria, you also need to satisfy minimum educational qualification for availing Unnati PNB Home Loan. You should have any professional degree or diploma or a post graduation degree in any stream to apply for Unnati PNB Home loan. So prima facie this Unnati PNB home loan is available only for the salaried and self-employed who are educated. While extending the Unnati PNB Home Loan the lender will not give you a home loan tenure beyond 70 years of your age if you are salaried and 65 years in case you are self-employed.
How much Home Loan can you get under Unnati PNB Home Loan?
You can get Unnati PNB home loan for maximum 25 lakhs rupees. In terms of percentage of the cost of the property to be acquired, you can get the home loan up to 90% of the cost of the house if you are a salaried person and balance 10% has to be contributed by you. While calculating 90% of the property value, the lender includes even cost of stamp duty and registration charges as well which other lender does not take into account. So effectively you have to pay only 10% of the total cost of the house. So for a house costing around 27.75 Lakhs including stamp duty and registration charges, so with just Rs. 2.77 Lakhs in your pocket, you can fulfil your dream of having a house of your own in case you are a salaried borrower. For self-employed people, the maximum amount under Unnati PNB home loan is capped at very conservatively at 67% of the market value of the property to be acquired.
Rate of Interest for Unnati PNB Home Loan
For Unnati PNB home loan, the Company offers you the facility of opting for floating rate or fixed rate. In case you opt for a fixed rate of interest you can have the home loan interest rates fixed for maximum three years. The floating rate for salaried and self-employed professional presently is 10.25% and in case you are non-professional self-employed, you have to pay a little higher rate of 10.50% annually. You can opt to have your interest rates fixed for up to next three years at the same rates as applicable for floating rates presently. Once the fixed rate period is over you are automatically shifted to floating rate prevailing at that time. Presently when the interest rates are expected to go up and so will the floating rates, it makes sense for you to opt for a fixed rate for three years as no one presently offers fixed rate home loans for entire tenure.
Documents Required for Unnati PNB Home Loan
For Unnati PNB home loan, you need to furnish regular documents Know Your Customer documents like for your identity you have to provide documents like PAN card, for address proof you have to provide documents like ration card, election card passport, telephone bill etc. to be attached with your application form. For substantiating your income salaried need to just provide the copy of their form no. 16 for two years whereas the self-employed have to provide copies of their ITR filed for last two years. You also have to provide copies of your bank’s statements of past six months for the lender to verify any other loan being serviced.
So from above discussion, it becomes evident that with Unnati PNB Home loan even a small person can get a shelter of his own if he has a regular income.