A home loan is also called a mortgage loan. In this case, banks or financial institutions lend money to buy a house or a flat. The lending institution considers the property as collateral. The borrower needs to repay the amount along with interest in the form of EMIs. It continues for a period that may vary depending upon the nature of the loan.
In this article, we have mentioned the essential documents required to apply for a home loan PNB.
What is an online and offline home loan?
Offline home loan is a traditional process by which people often seek a loan, that is, going to the bank, applying for their required loan, and then waiting for the lending institution to approve it.
With the rapid technological advancements in the banking and finance sectors, we no longer have to wait in long and tiring queues to get our work done. You can easily apply for your home loan online sitting at home.
What do you need to apply for a Home Loan from PNB? A computer or laptop or smartphone and a stable internet connection.
An online home loan or an offline home loan – which one is better?
There are four things to consider:
Process – The processing of an online home loan from PNB is quick. The loan is often sanctioned within 3-5 working days.
On the other hand, an offline home loan is time-consuming and takes 7 to 10 working days.
Status check – No tiring follow-ups are needed with the bankers in case of an online home loan. The status of your application can be tracked online. In contrast, the offline procedure calls for frequent follow-ups with the bank or the lending Bank.
Risk factor – The necessary documents for a Home Loan from PNB can be directly uploaded on the portal so there is no risk of documents getting lost. It’s a hassle-free process. In the case of offline home loans, it needs hard copies to be submitted which leads to the risk of them getting misplaced or lost during the process.
For whom?
Offline Housing Finance is often preferred by people who are not very well-versed with computers and the internet and prefer receiving one-to-one services.
In contrast, the online home loan is preferred by tech-savvy people who are proficient in dealing with computers and the internet.
Documents required
Wondering what documents are necessary to obtain a home loan from PNB? You don’t need to stress. You need minimal documents such as address proof, age proof, and income proof.
Address proof
A copy of the aadhar card, voter ID, passport, telephone bill, ration card, or driving license will work as the address proof for a Home Loan from PNB.
Age proof
You can provide a copy of It means your passport, PAN card, latest passport size photo, and other certificates might be needed.
Income proof
For salaried individuals – Salary slips of the last 4 months, bank statements of the last 6 months, and other necessary documents of the last 2 years.
Self-employed individuals – 3 years ITR with Saral Copy, Bank account statement of last 12 months (savings accounts as well as current account, all) Balance Sheet, Profit, and Loss Account, Capital Account.
Conclusion
People can use either online or offline mode of application for a home loan. Both have their respective strengths. The online mode requires some knowledge of computer and internet operation, while the offline mode allows you to go to the bank or lending institution and complete the application formalities.
Once you have paid the Housing Finance along with interest, the property’s title is transferred to your name. Failing this, the lender will restrain your legal rights over the property. People who are proficient in dealing with computers and the internet.
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