Last Updated on April 17, 2024 by Jawad Ali
Buying a new home is a great moment. And, when you’re buying your first home, naturally, there are some nervous moments. You may not be sure about the home loan process. There can be some mistakes in the choices you make at this stage.
Are there ways to make the first home loan experience better?
Whether it’s your first home loan or the second or the third, the processes are largely the same. So you don’t need to get nervous or worried.
To make the first home loan experience better, you can choose PNB Housing Loan.
Before you make a decision, you can also read PNB Housing Finance customer feedback for more clarity on issues where you think existing customers can share better insights.
Here are five reasons why a PNB Housing loan can be the right fit for first-time home loan borrowers:
Easy Solution for Home Loan Worries
For first-time home loan borrowers, everything may seem daunting – the amount of loan to be taken, down payment, EMIs, and so on.
Is there a housing finance company that makes these worries less, especially for first-time homebuyers?
Specialist housing finance companies can have a better understanding of the pain points and possible solutions. They make the first home loan experience a lot better.
PNB home loans, for example, are tailored to meet the needs of first-time home buyers.
Document Requirements
Home loans are typically big in size. It’s quite a risky proposition for the lender. The only things the lender can rely on as a security for repayments are the documents that borrowers provide.
Given this, first-time home loan seekers are often nervous about the documents needed. PNB Housing has all the details in this regard on its website.
Here’s a quick rundown:
- Home Loan application
- Age proof
- Education qualifications
- Residence proof
- Income proof
- Property documents
Online and Offline Application Options
As a leading housing finance company in India, PNB Housing Loan applications can be made both online and offline.
If you find filling up the form and going to a PNB Housing outlet cumbersome, you can make your home loan application online. Most of the information you need to fill up the form and submit it can be found on the lender’s website.
EMI Calculator
As a first-time home buyer or home loan seeker, you may want to know what interest rate is going to apply to your loan or how much it the EMIs will be.
You can get these details by using the Home loan EMI calculator on the PNB Housing’s site. You can feed varying loan amounts and repayment tenure to see the applicable interest rates and EMIs.
This gives you much-needed clarity about the financial aspects of the loan.
Eligibility Criteria
Home loans are available only to eligible applicants. So you may be worried about what these criteria may be and how you can qualify them.
PNB Housing will have these details on its site, and anyone can visit and read them. As per PNB Housing Finance customer feedback, you will require a minimum credit score of 611, you should be an Indian between 21 and 70 years, and you should have a regular income to pay back the loan through monthly installments.
For salaried and self-employed, documents required to establish regular monthly income vary, and you can know about it in detail at the lender’s site.
In Conclusion
Home loans can be a bit complicated and lengthy process. But that should not intimidate you from trying for a home loan.
For first-time borrowers, the process may look tedious. But if you choose your lender carefully, your first home loan experience can be significantly better than how you expected it.
PNB Housing Finance is a leading brand in its category and has decades of experience in handling customers’ unique needs.
PNB Housing Loan has been tailored to suit the needs of first-time home buyers as well as other categories of buyers. It offers distinct advantages, which we’ve discussed in this blog.
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