Financial emergencies do not provide a warning before hitting one hard. But, when they arrive, they devastate a person’s life and finances.

However, you no longer need to worry about financial emergencies, provided you own residential or commercial property. PNB Housing offers quick-approval loans against property so that you can solve your financial problems conveniently.

Interested? Read on to learn more.

PNB Housing Loan Against Property – The Top Benefits

Use The Funds Freely

The top advantage of the PNB loan against property is that you can use it for any pressing need. So, you can use the money to construct or purchase a house, buy a plot of land, purchase a motor vehicle, sponsor a wedding or travel, set up a business, consolidate existing debt, and the like.

However, do not use it to buy shares or mutual funds or invest in risky assets.

You may read PNB Housing Finance customer reviews to check how borrowers spend the loan against property funds.

High Loan Amount

You can use the PNB Housing loan against property to get funds up to 60% of your property’s current market value.

Considering the interest rate of a loan against property is generally lower than most other loans, it is presumably a good deal.

Affordable EMI

Thanks to the ultra-low interest rates, the EMI of PNB Housing loan against property never disrupts your financial planning. You can conveniently accommodate the loan EMI to your monthly budget and repay seamlessly.

The interest rate of a loan against property depends largely on the borrower’s credit score. So, a borrower with a high credit score of 800 and more usually gets an interest rate between 8.25% and 8.75%.

Loan Duration

The loan repayment term of the PNB Housing Loan against property ranges between five (5) and twenty (20) years. You may use the free loan against property EMI calculator to change the term as often as you want until arriving at an affordable EMI figure. Lenders usually increase the interest rate on short-term loans since the credit risk is higher on such loans.

You may check PNB Housing Finance customer reviews to see what users say about the loan term and interest rates.

Unhindered Property Use

One of the top benefits of applying for a PNB Housing loan against property is that you can continue living in your mortgage property. However, once you submit the property papers to the lender, they become the legal owner of the property.

However, they cannot use the property for purposes besides those mentioned in the loan agreement. So, you can continue living or using the property in the way you used it before applying for the loan.

But, if you stop repaying the EMI, PNB Housing may liquidate the property to recover its dues.

Simple Documentation

Documentation is a crucial part of the PNB Housing loan against property approval. Proper documentation ensures that the borrower is genuine and their income is enough to bear the added expenses (EMI).

Hence, you must prepare the documents before applying for a loan against property.

Some mandatory documents include identity and address proof, educational degree certificate, income proof, Income Tax Returns, bank account statements, and property papers.

Borrowers also need to pay a processing fee between 1% and 3% to enable the smooth processing of the loan application.

What is the Eligibility For Availing of A Quick-Approval Loan Against Property?

The PNB Housing loan against property approval process is quick and seamless. However, you must fulfill the minimum eligibility criteria to ensure a seamless loan approval.

The following are the factors PNB Housing evaluates before approving a loan against property:

• Credit Score– You can get the best interest rate if your credit score is above 800. But, if your credit score is less than 800, you may get the loan approved by paying a higher interest rate.
• Monthly Income– Lenders specify the minimum income required to apply for a loan against property. Check PNB Housing Finance customer reviews to understand how much you should earn to ensure a quick loan against property approval.
• Age – The closer you move towards the maximum entry age, the more challenging it becomes to secure the loan approval. So, it is wise to apply for a loan against property when you are young.

Conclusion

PNB Housing’s loan against property is the best way to get money whenever needed. The benefits mentioned above can sweeten your deal. However, ensure to read PNB Housing Finance customer reviews before applying for a loan against property.