Home loans are a necessity-based decision for the majority of Indians. This is because real estate prices in India have been going up over the years. More customers are now willing to buy homes while maintaining their financial flexibility. Housing or home loans come into play here.
There are several financial institutions offering Home Loans. PNB Housing offers lowesr interest rate home loans with quick disbursal and long repayment tenure.
How Does PNB Housing Home Loan Work?
We understand that applying for and reviewing home loans from the plethora of options out there can be overwhelming. This is why we have the PNB housing review for you.
Currently, you have the following two options when applying for home loans:
- Offline application for PNB home loans
- Online application for PNB home loans
Read on to get an overview of how the PNB home loan application works.
Online Home Loan Application
Step 1: Application
When going for an online PNB home loan application, you will have to provide your PAN, mobile number, and city name. You may find another option on their website if you don't want to register immediately.
You can calculate the EMI options for your required amount of borrowing before clicking on the Apply Now button.
Step 2: Personal Details
After signing in, enter your personal details like your salary, occupation, schooling, etc.
Step 3: Documents
The next step will be to attach all the documents demanded to verify and process your PNB home loan application.
These mostly involve your age validation proof, ID card, address proof, academic qualification documents, income evidence, and business evidence (if any).
Step 4: Processing Fee
After completing KYC, you will be asked for a minimal processing fee to continue with further movements.
Step 5: Document Verification
After you pay the processing fee, PNB Housing will verify the hard copies of the documents you have previously uploaded or attached to the portal.
PNB Housing sends their representatives to complete the verification at your place.
Step 6: Sanction Letter
After passing all the verifications, you will receive a sanction letter from them. This sanction letter will typically have
- The interest rate applicable to the amount
- Loan term
- Sanctioned amount
- Your policies specific to the plan
- Terms and conditions of the home loan
A copy of the sanction letter will need to be signed and returned to the financial institution.
Step 8: Property Verification
In this step, the bank PNB Housing go ahead and verify the property and check its relevance to the provided documents. This property will also be legally checked for validation.
Step 9: Loan Disbursement
This is the final step of PNB Housing home loan disbursement, where you finally get the loan sanctioned.
Offline Home Loan Application
In the offline process of the PNB Housing home loan application, you will have to locate the PNB Housing branch and apply by filling out the forms. Accordingly, the document submission procedure takes place offline.
You will be expected to visit the store for further processes (all the documentation processes mentioned above) and submissions.
Conclusion
According to PNB Housing Finance reviews on the internet, the company approved home loan applications much quicker than most other lenders. Also, their loan process is extremely transparent since you can find all information about PNB Home Loans on their official website.
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