Everyone wants to buy a dream house or a real estate property. Be it for residential or commercial, purchasing a real estate property will require funds. At some point, an individual may not have sufficient funds to purchase a property/home. If the real estate deal is right, there is no need to let it go. An individual can grab a perfect real estate deal even during a financial shortage. Home loans can help individuals fund the purchase of a real estate property. Before applying for a home loan, individuals want to know the interest rates. Read on to know the current interest for a home loan offered by PNB Housing.
Need to know the interest rate
What’s the urgency of knowing the interest rate of the loan beforehand? Well, individuals research the interest rates before applying for a housing loan. The interest rate will determine the costliness of the home loan. The entire amount of the home loan is divided into smaller payments. With the help of EMIs, the debtor repays the entire principal amount of the home loan and takes complete ownership of the real estate property. For each EMI, an interest charge is applied to the home loan amount. A home loan with a higher interest rate will be costlier for the debtor. For the same reason, people search for affordable housing loans with lower interest rates.
The current interest rate for PNB Housing loans
If you have selected PNB Housing for a home loan, you are already at the right place. It is among the few lenders that offer house loans with competitive interest rates. The current housing loan interest rate starts from 7.99% for salaried individuals and 7.99% for self-employed professionals. However, there are certain slabs for the interest rate on home loans. These slabs are decided according to the credit score of individuals. The interest rate slabs for housing loans less than INR 35 lakhs are as follows:
– For salaried individuals, non-salaried and self–employed non–professionals with a credit score of 800 and above, the interest rate ranges between 7.99% to 8.49%.
– For salaried individuals with a credit score between 775 and 799, the interest rate will range between 8.05% to 8.55%. While for self–employed non–professionals, the interest rate ranges between 8.15% to 8.65%.
– For salaried individuals with a credit score between 750 and 775, the home loan interest rate will range between 8.20% to 8.70%. For self–employed non–professionals, the interest rate will range between 8.30% to 8.80%.
– For salaried individuals with credit scores between 725 and 750, the interest rate will range between 8.50% to 9.00%. For self–employed non–professionals, the interest rate ranges between 8.75% to 9.25%.
– For salaried individuals with credit scores between 700 and 725, the home loan interest rate will range between 8.80% to 9.30%. For self–employed non–professionals, the interest rate will be between 9.05% to 9.55%.
– For salaried individuals with credit scores between 650 and 700, the interest rate will range between 9.90% to 10.40%. For self–employed non–professionals, the interest rate ranges between 10.25% to 10.75%.
– For salaried individuals with credit scores upto 650, the interest rate will range between 10.10% to 10.60%. For self–employed non–professionals, the interest rate ranges between 10.45% to 10.95%.
The aforementioned interest rates are for house loans below INR 35 lakh. For house loans above INR 35 lakh, the interest rate will increase. As one can see, credit score impacts the interest rate of the house loan. Having a healthy credit score will open doors to lower interest rates. Paying EMIs, credit card bills, and loans timely results in a good credit score. A salaried individual with a high income but a low credit score might not get the desired loan interest rate.
With PNB Housing, you can get competitive interest rates on housing loans. Fill out the house loan application with PNB Housing right away!
