Business & Finance

3 Main Things to Consider Before You Apply For a PNB Home Loan


A home is a great investment. You will be more secure and comfortable living in your own home.

If you are renting, you can’t make changes you prefer in your house. But when you own the home, you will be free to renovate, expand, or paint your house as you wish.

Do you want to buy an apartment? You would require to save a lot to actualize such a dream. In addition, before you save enough to buy a home, the cost will be appreciated.

That’s why you should consider getting a home loan today. Lenders will extend a loan to you with a flexible repayment plan and at a friendly interest.

The building or buying a ready-built home is expensive. When you want to move to a spacious home and savings aren’t enough, you can opt for a PNB home loan.

Getting a home loan is becoming more straightforward than you can imagine. You make the application, provide the documents required for loan processing, and get the money quickly.

But before you submit your loan application, you should research a bit to know what the financial markets offer. Check the eligibility retirements by the available lenders and loan processing time. You should also figure out the amount you need and the cost of borrowing when applying for a loan.

Below are some of the essential factors you should take into account as you apply for a home loan.

Crucial Factors to Consider During PNB Home Loan Application

Credit Score Report

When applying for a loan, your lender wants to know your ability to repay. So, a credit score is one of the factors many financial institutions look at before approving your loan application. The credit score report will help you know your CIBIL score.

A good credit score shows you have a higher ability to repay your loan. CIBIL scores range from 300 to700. You will qualify for a PNB home loan if your CIBIL score is 611.

Do you want to apply for a home loan, but your credit score isn’t impressive? Don’t worry. You can improve your CIBIL score to the required levels by paying due loans timely. Correcting credit score errors also helps to raise your CIBIL score.

You should also maintain your income-to-debt ratio at around 40%, which indicates your ability to repay your loan.

Check Your Home Loan Repayment Period

Do you know how much loan you need to buy or build your preferred home? Make sure you check your loan’s repayment period before applying. You can use a home loan calculator to determine the amount you qualify for and the equated monthly installments to repay the loan.

Equated monthly installments determine the number of years you need to repay your loan. You can get a PNB home loan with a 5 to 30 years repayment period.

Consider the Type of Home Loan Interest Rate

You can choose a PNB Home loan with fixed or floating interest rates.

When you opt for a fixed interest rate loan, you pay the same interest and installments up to the end of your loan tenure. If you go for a floating interest rate, the rates will vary based on inflation or the economy.

Fixed interest rates on a home loan could be costlier at the end of the repayment period. Comparing floating rate and fixed interest rates, you may pay more by 2% if you choose a fixed interest rate over a floating rate.

Fixed interest rate loans are more attractive when the market interest rates are extremely low. Choose the type based on what suits you best at the time of application.


Apply for a PNB home loan if you need money immediately to buy a ready-built home or construct a new one. Your loan will get approved within a short time. However, ensure you provide the required documentation for loan approval. PNB home loans come with a flexible repayment period and friendly interest rate


Hi. I'm Mursaleen Siddique, The guy behind I'd rather call myself a struggling Blogger. I love Blogging with WordPress, Covering Tech, General Topics, Graphic & Web Design Inspiration., Feel free to get in touch via mentioned social media platform or E-mail me at hello[at]

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