In India, choosing a loan is not difficult; selecting a lender is. Often, you will find lenders offering low interest rates only to charge higher fees later. For instance, they may charge a higher loan processing fee, prepayment penalty, or have complicated loan terms. Hence, to receive the maximum benefits from a loan, you need to choose a lender offering ‘no-terms-hidden’ loans at attractive interest rates.
PNB Housing offers one of the most uncomplicated loans against property or LAP loans you can find in India. It has a history of thirty years and a robust financial portfolio to offer ‘no-terms-hidden’ LAP loans to borrowers. Additionally, you will get the best terms and lowest charges.
This article explains the reasons why PNB Housing is the most preferred LAP loan lenders in India.
The Top-5 Reasons Which Make PNB Housing Finance The Most Preferred LAP Loan Lender in India
Low Rates of Interest
LAP loan interest rates depend on many different factors like Marginal Cost of Funds Based Lending Rate or MCLR, borrower’s income profile, credit score, age, property location, and current market value. At present, PNB Housing LAP loan interest rates range between 9.50% and 11%. The best rates are usually reserved for borrowers with a credit score of 800 and beyond. Moreover, the higher your income, the lower will be the rates. The borrower’s age also plays a role in determining LAP loan interest rates. For example, if your age is close to the maximum age for the loan application, the interest rates will be higher. The property location and value also determines LAP loan interest rates. If your property is well-maintained and the area has all modern amenities nearby, you can expect the lowest interest rates.
PNB Housing LAP loan eligibility is perhaps the simplest you can get in India. Any Indian citizen with property ownership is eligible to apply for a PNB Housing loan against property. It does not matter where you are or what you do; as long as you have valid property documents, you can apply for a LAP loan. You can avail of a LAP loan after attaining the age of 21. If you are a salaried professional, you can repay the EMIs conveniently until the age of 60. If you are a self-employed professional or non-professional, you can repay till 65. Unlike most other loans, the PNB Housing LAP loan eligibility does not depend on the borrower’s credit score. Hence, anyone can apply for a LAP loan with PNB Housing irrespective of their credit score.
Gone are the days when you had to submit truckloads of documents to avail of a LAP loan. PNB Housing needs no more than eight documents to get you going. The documents you should mandatorily submit include your age and residence proof, income proof and statement, bank account statement (personal and salary/business), Income Tax Returns, original property papers, processing fee cheque, and a photograph. You can expedite the loan approval by keeping the original documents and their photocopies ready before the loan application. Several online tools, such as a loan against property calculator, can help you discover eligibility, loan, and EMI amount.
Extended Repayment Term
Probably nothing can be more convenient than availing of a loan and get an extended term for repaying the principal and interest. PNB Housing LAP loans come with a twenty years’ repayment term, and you can choose any term between five and twenty years. Selecting a shorter tenure enables you to clear off the loan earlier. However, a long-duration loan reduces your monthly liability, and you can pay small amounts every month. Hence, PNB Housing LAP loans are a perfect financial instrument that provides you with liquidity sans tension.
Utilise Your Asset
Usually, an asset, such as a house, is an idle investment. You can live in it or rent it out for a decent income. However, it does not generate money for you. The PNB Housing LAP loan enables you to monetise the idle asset and get the money you cannot otherwise. Low LAP loan interest rates make mortgaging your property an exciting proposition.
Besides low interest rates, easy eligibility and documentation, and long tenure, the PNB Housing LAP loan is also popular because it is approved quickly. You can place a loan request online or visit your nearest branch. PNB Housing sends a loan officer to your address at your convenient time. The loan officer guides you with the application process, collects and verifies the documents and the property, and approves the loan. You can conveniently get the loan amount in your bank account within a day of loan approval.
When you need money quickly, a PNB Housing LAP loan can be your best bet.