PNB Home Loan for Self Employed

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Wondering how to apply for a home loan as a self-employed individual? Look no further: the PNB home loan for self-employed applicants offers competitive rates, flexible terms and thorough guidance throughout the loan application process.

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Table of Content

1. PNB Home Loan for Self-Employed Highlights

2. PNB Home Loan for Self-Employed Fees and Charges

3. PNB Home Loan for Self-Employed Documents Required

4. PNB Home Loan for Self-Employed Eligibility Criteria

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

PNB Home Loan for Self-Employed – Highlights

Loan Type	Loan for Self Employed
EMI Duration Choices	Up to 30 years (or up to 70 years of age)
Interest Rate	Floating Interest Rates- 8.8%-11.25% Fixed Interest Rates- 14.75% p.a.

PNB Home Loan for Self-Employed – Fees and Charges

The processing fees and documentation charges equate to 0.35% of your loan amount, with a minimum of Rs. 2,500 and a maximum of Rs. 15,000. For a loan transfer, the fee is Rs. 2,500, while documentation costs Rs. 1,350.

If you are a part of the Pradhan Mantri Awas Yojna (EWS/LIG/MIG) scheme, the respective benefits apply. Customers who have paid upfront may be charged Rs 2,500 under the PNB Max Saver provision.

PNB Home Loan for Self-Employed – Documents Required

If you’re self-employed and considering a PNB home loan, the documentation is paramount. Documents required for the PNB home loan for self-employed applicants include:

Address proof – Aadhar card, passport, driving license, telephone bill, ration card, election card, or any other certificate from statutory authority.
Age proof – PAN card, passport, or any other certificate from statutory authority.
Income proof – For business and Income Tax Return (ITR).

PNB Home Loan for Self-Employed – Eligibility Criteria

If you are a self-employed person considering taking a home loan, it’s important to note the following eligibility criteria while opting for a PNB Home Loan for self-employed:

Age: Applicants must be 21 years or older at the time of applying for a home loan, the age should not exceed 70 years at the time of home loan maturity.
Residency: You must be a permanent resident of India.
Work experience: At least 3 years of business continuity is required.
Loan Amount: Loan amounts can start from INR 8 lakh.
Tenure: You can opt for a tenure of up to 20 years.
LTV: You can get up to 90% Loan to Value.
Additional: You must file Income Tax Returns.
Credit Score: A minimum credit score of 611 is needed to apply for a home loan.

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Frequently Asked Question (FAQs)

What is the repayment term for a PNB home loan for self employed?

The repayment term for a PNB home loan for self employed can extend up to 30 years, provided the loan term should not exceed 70 years for the borrower.

What is the minimum age for a PNB home loan to a non-salaried person?

For non-salaried individuals considering the PNB home loan for self employed, the bar is set at a minimum age of 21 years.

What is the Tenure limit for PNB home loans to non-salaried?

For PNB home loans for non-salaried persons, the loan tenure limit can extend up to 30 years. However, this is dependent on certain factors including the borrower’s creditworthiness and age.

What is the minimum and maximum PNB home loan amount for a non-salaried person?

At PNB, a PNB home loan for a non-salaried person can start with a minimum loan amount of INR 10 lakhs, going up to a maximum limit of INR 10 crores, depending on eligibility and valuation of the property offered as collateral.