PNB GEN-NEXT is a type of Home Loan scheme. Its objective is to Attract Gen-Next customers by offering flexible and attractive home loan options. This loan is available for:
- For purchase of ready-to-move-in house/flat, construction of house/flat.
- For purchase of under-construction flat of an approved private builder.
Target Audience:
- IT professionals
- Young executives
- PSU/PSB employees
- Government employees
| Parameter | Norms |
|---|---|
| Age of Borrowers | 👉 Up to the age of 40 years. 👉 In case of multiple borrowers whose income has been taken for loan eligibility and repaying capacity, one borrower must be at least 40 years old, and others can be up to 45 years old. 👉 If income of co-borrowers is not considered but they are owners/co-owners, they can still be co-borrowers without age consideration. |
| Occupation | All salaried employees with a minimum of 3 years of experience. Co-borrowers must also be from the salaried class. |
| Minimum Net Monthly Salary | Rs. 35,000/- |
| Eligible Loan Amount | 1.25 times the loan amount calculated as per the regular home loan method, subject to LTV ratio. Minimum amount: Rs. 20 lakh; Maximum amount: Need-based. |
| Repayment Period | 30 years |
| Moratorium Period | 👉 In case of under-construction flats: Up to 36 months plus the remaining period up to a maximum moratorium of 60 months. 👉 In other cases: Max 36 months. 👉 Interest to be serviced during the moratorium period. |
| Repayment | During Moratorium Period: Only interest to be serviced. Next 120 months: EMI on sanctioned limit for 360 months. Remaining period: EMI to fully amortize the outstanding loan within the repayment period. |
| Insurance | Term insurance of at least equal to the loan amount must be obtained. The premium may be financed at the borrower’s option, and it must be over and above the loan amount. |
| Scheme Code | HLGEN |