Everyone dreams of owning a house that fulfills all their requirements, but money often stands in the way of making that happen. It can often take years for people to build their dream homes because money is involved.
Funding is the first thing one needs to take care of, but the rates go up if a person takes too long to gather ample funds for their dream home. The only solution to this issue is to opt for a home loan.
However, people often prefer to avoid home loans because they involve a lot of paperwork and require a high credit score. Apart from that, the long tenure of the housing loan is also a huge liability.
Thankfully, these things will no longer hold you back from getting the home of your dreams because the PNB housing loan has many facilities to make home-buying an effortless experience.
Let’s examine the top five advantages of opting for a PNB Housing home loan.
Advantages of Taking a Home Loan From PNB Housing
Below are mentioned some of the reasons why taking a home loan from PNB housing is a great deal.
1. Tax Waivers
Applying for a home loan is a smart move because of tax benefits. Tax waiver is applied to borrowers under Section 80C of the income tax act. Under section 80C of the Income Tax Act, you can get up to Rs. 1.5 lakhs for principal repayment and up to Rs. 2 lakhs for interest paid.
2. Co-Applicant Facility
PNB Housing offers co-applicant facilities for applicants to increase their chances of getting a loan. Two individuals can be co-applicants for a PNB Housing home loan and get many benefits.
Listed below are the top benefits of using the co-applicant facility:
- When an individual applies for a home loan in PNB housing with a co-applicant, their chances of getting accepted increase.
- Both the applicants of the same home loan stand a chance to reap tax waivers.
- When an individual applies for a home loan with a co-applicant, the liability gets divided, and the pressure is not on one person. As a result, the EMIs get paid on time.
3. Overdraft System
PNB Housing is one of those rare financial institutions that facilitates borrowers with an overdraft system. This system is very helpful for those borrowers who want to avoid paying interest charges.
The overdraft system allows borrowers to pay off their loan earlier than the loan tenure if they are interested. Once they are done paying off the loan, they won’t have to pay interest.
4. Top Up Facility
Various emergencies can occur apart from purchasing a home, such as medical expenses, home renovations, etc. And in such situations, one often needs urgent funds to avoid financial distress.
If applicants have already taken a housing loan from PNB Housing, they can opt for their ‘top-up’ facility to get extra funds for emergencies.
Extra funds are added to existing home loan amounts, and you have flexible repayment options with low-cost EMIs.
5. Flexible Tenure for Loan Repayment
One of the best things about PNB Housing is that it allows borrowers to select their loan repayment tenure.
The EMIs are also quite pocket-friendly as the PNB home loan interest rates are low. They will thoroughly examine your sources of income to set your EMI amount so that you don’t face monetary issues later on.
The eligibility criteria for PNB home loans are also flexible, and the processing fee is only up to 1% of the entire loan amount.
If you’ve been planning to build or buy a home for quite some time now and are wondering how to overcome the main obstacle of not having enough funding, check out PNB home loans for great deals.
They have the best offers depending on your income and a home loan EMI calculator on their website so that you get a better understanding of each loan scheme and make the best decision for yourself.