ALSO READLimited loan growth gains for smaller home finance companies PNB Housing: Good biz, reasonable price Tata Capital Housing reduces home loan rate by up to 35 bps Will home finance firms' dream run continue? Relief for home loan borrowers: Housing society certificate sufficient for availing tax sop
PNB Housing Finance' self-employed customers, who have taken loan of Rs 50 lakh and above, can now opt to pay lower repayments initially and step it up gradually as income increases.
The housing loan financier on Thursday announced the launch of the 'Step Up EMI Programme' for self-employed professionals. It said that the objective is to ease burden on customers as they will be allowed to pay lower equated monthly instalments (EMIs) in initial years of repayment.
"As the income grows, the EMIs will increase gradually giving them the opportunity to manage the monthly outflows in a better manner," PNB Housing Finance said in a statement.
Customers will get three step-ups while the outstanding amount will be amortised over the remaining tenure.
"With this facility, we intend to ease their burden and pave ways so that they can fulfil their dream of a home with lot of ease and convenience. With the recent interest rate reduction, the markets are conducive for purchase," said Shaji Varghese, Business Head and General Manager, PNB Housing Finance.
The company will has extended the step up service for loan against property also.
The service will be applicable to both home loans and loans against property with one loan amount starting from Rs 50 lakh and above.
Maximum tenure for housing loans will be 20 years while for loan against property it will be 15 years, PNB Housing said.
Stock of PNB Housing closed 2.03 per cent up at Rs 1,120.15 on BSE.