Punjab National Bank or PNB is regarded among the renowned financial institutions in India. It was founded in the year 1894 and is the second-largest public sector bank in the country in terms of network and commerce. PNB home loan is one of the best financial products offered by the lender among deposit schemes and other financial services at attractive interest rates. One can calculate the monthly EMI installments by using the PNB Home loan calculator. The lowest EMI on home loans starts from Rs. 662, one of the lowest EMI offered in the banking sector.
Typically, home loan EMI is determined using this formula –
EMI = [P x R x (1 + R) n] / [(1 + R) n-1]
P = Principal amount
R = Interest rate
N = Repayment Tenure (in months)
Suppose Kanish avails a home loan from PNB. The loan details are tabulated below –
|Principal loan amount||Rs. 10 lakh|
|Rate of Interest||9%|
|Repayment Tenure||20 years|
With the help of the formula discussed above –
EMI = [P x R x (1 + R)^n] / [(1 + R)^n-1]
= [100000 x 9 x (1 + 9)^240] / [(1 + 9)^(240-1)]
= Rs. 8997
In the case of the PNB housing loan EMI calculator, the mathematical formula is fed into the online calculator beforehand, which eliminates the need for a manual calculation.
Nonetheless, to use this financial tool users must input details pertaining to –
These are among the prominent factors that affect home loan EMIs –
Here is a list of benefits of using the PNB housing loan calculator –
Thorough financial planning, along with a robust repayment strategy, always comes in handy for managing home loans efficiently. Nonetheless, by using the PNB home loan calculator individuals can make an informed decision about the same.
Que. What is PNB Home Loan Calculator?
Ans. A PNB home loan calculator is essentially a financial tool that helps users to compute their housing loan EMI readily. Typically, it helps users to find out the monthly instalment and interest on loan more accurately. It helps them to compare home loans better and further helps them to improve their financial management.
Que. What is the maximum tenure provided by PNB Home loan for EMI payments?
Ans. The maximum tenure goes up to 30 years for repayment of the PNB home loan.
Que. How to apply for a home loan at PNB?
Ans. A home loan at Punjab National Bank can be applied by going to the official website of PNB or by visiting the nearest branch to apply for a housing loan.
Ques. Who is eligible for a home loan at PNB?
Ans. Self-employed and salaried individuals can apply for a home loan at Punjab National Bank.
Que. Can I add family members as co-guarantors?
Ans. To add co-guarantors from your immediate family, one can apply for a joint PNB home loan.
Ques. What happens if the EMI payments have defaulted?
Ans. In the case someone misses on EMI payments, the bank will levy a penalty.