PNB Max Saver Home Loan

PNB Max Saver Home Loan – Highlights

PNB Max Saver Home Loan- Features and Benefits

The PNB Max Saver Home Loan offers several features and benefits designed to provide flexibility and savings to borrowers. Here are the main highlights:

• Overdraft Facility: This is a key feature where the loan acts as an overdraft account. Borrowers can deposit surplus amounts, which helps reduce the interest payable by reducing the outstanding principal amount.
• Interest Savings: The interest is calculated on the daily reducing balance, which can lead to significant savings over the tenure of the loan, especially if regular surplus deposits are made.
• Flexibility: Borrowers have the flexibility to withdraw the surplus funds deposited, up to the drawing power, at any time without any penalty, providing liquidity as needed.
• Long Tenure: The loan offers a long repayment tenure, which can make EMIs more manageable and fit better into the borrower’s budget.
• Loan Amount: The maximum loan amount is usually determined based on the borrower’s repayment capacity and the value of the mortgaged property, allowing for substantial financing needs.
• Low Processing Fees: PNB typically offers competitive processing fees, making this loan option more cost-effective compared to other loans in the market.
• Simple Documentation: The documentation process is straightforward and aimed at providing a hassle-free loan approval experience.
• Wide Eligibility: The loan is available to a broad range of applicants, including salaried individuals, self-employed professionals, and businessmen, making it accessible to a diverse clientele.

PNB Max Saver Home Loan Interest Rates

PNB Max Saver Home Loan Fees and Charges

PNB Max Saver Home Loan – Eligibility Criteria

To be eligible for a PNB Max Saver Home Loan, applicants must meet the following criteria:

• Age: At least 21 years old at the time of application and not older than 70 at the end of the loan term.
• Income: Must have a stable and verifiable source of income. Salaried individuals need a minimum of 2 years of employment history, while self-employed need 3 years.
• Credit Score: A good credit score (usually 750 or above) to demonstrate creditworthiness.
• Property Approval: The property in question must be approved by the bank and legally clear.
• Financial Health: Applicants should not have excessive existing debts that would impede their ability to repay the home loan.

PNB Max Saver Home Loan – Documents Required

Applying for a PNB Max Saver Home Loan requires providing the following documents:

• Completed and signed application form.
• Identification proof (PAN card, Aadhaar card, Voter ID, Passport).
• Proof of residence (utility bills, government-issued ID with address).
• Property documents (title deeds, NOC from legal authorities, approved plans).
• For salaried employees: Last 3 months’ salary slips, Form 16 or income tax returns for the last 2 years, and bank statements from the last 6 months.
• For self-employed individuals and business owners: Income tax returns for the last 3 years with income computation, audited balance sheets and profit & loss statements, business bank statements for the last 6 months, and relevant business proofs like registration certificates or partnership deeds.
• Passport-size photographs.
• Documents showing investments or fixed assets, if requested.

PNB Max Saver Home Loan EMI Calculator

The PNB Max Saver Home Loan EMI Calculator is a useful tool for borrowers to estimate their monthly loan repayments. It requires inputs such as the loan amount, interest rate, and tenure. The EMI is calculated using the formula: EMI = P × r × (1+r)^n / [(1+r)^n – 1], where P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the tenure in months. By inputting different values, borrowers can understand their financial commitment over the loan period and plan their finances accordingly.