With the PNB Home Loan EMI Calculator, you can easily estimate the monthly repayment amount on your housing loan. The minimum EMI per lakh you get with PNB Housing Finance Limited is Rs.801 for a tenure of 30 years.
To use the calculator, you need to know the current PNB home loan interest rates, loan amount you are planning to avail, and the tenure. Enter the values and you’ll get a full break-up of your monthly repayments.
PNB Housing Finance COVID-19 Home Loan EMI Moratorium
In adherence with RBI's COVID-19 regulatory measures, PNB Housing Finance is currently offering up to 3 months of moratorium to its existing home loan customers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.
You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.
The table below gives you an idea of the EMIs depending on the loan amount and the tenure:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
The table listed above provide the EMIs for a loan amount of Rs.10 lakh, 20 lakh, 40 lakh, and 50 lakh that has a repayment tenure of 10, 20 and 30 years respectively. The interest rate is taken as 8.95% p.a. with the processing fee being nil.
Suppose you are applying for the PNB Home Loan scheme at an interest rate of 9% p.a. and a loan amount of Rs.30 lakh, Rs.50 lakh, Rs.70 lakh or Rs.1 crore. Using the Bankbazaar Home Loan EMI Calculator, you can find the EMIs, processing fee and total interest payable on various tenures. In the above example, we’ve kept the processing fee as 0.35% and selected ‘No’ for pre-payments.
PNB Housing Finance Home Loan interest rates: For salaried professionals, the interest rate ranges between 8.95% and 9.45% p.a. while for self-employed individuals, the rate of interest charged by the lender is between 9.20% and 9.70% p.a. For self-employed professionals, the rate of return ranges between 8.95% to 9.45% p.a.
PNB Housing Finance Home Loan amount and tenure: The maximum amount of loan you can take is determined by PNB Housing after taking into account income, age, qualification, and occupation. The maximum tenure offered by PNB Housing Finance is 30 years.
Repayment schedule of your PNB Housing Finance Home Loan: To get to know how repayment works, we’re going to look at an illustration. For this, let’s assume the following inputs:
Loan amount: Rs.10 lakh Interest rate: 8.95% p.a. Tenure: 10 years Processing fee: Nil EMI: Rs.12,641
The following table shows you how this loan will be distributed over 10 years:
|Year||Principal Paid - A (Rs.)||Interest Paid - B (Rs.)||Total Payment - A+B (Rs.)||Outstanding Loan Balance (Rs.)|
Note: The figures in the table may vary from the actual figures given by the bank in case the bank charges certain other fees as well.
Calculating your EMIs before you apply for a loan can benefit you in the following ways:
When you prepay a part of your loan, it reduces the outstanding principal. This will help you reduce the monthly instalment amounts by not changing the tenure. Or you can keep the instalment amounts the same and reduce the loan period. It is generally advisable to reduce the tenure of the loan and keep the EMI constant since you will pay lesser interest in the long run.
PNB Housing Finance does not charge any fee if you prepay your housing loan carrying a floating rate of interest. For fixed-rate loans, the bank charges a 3% prepayment fee on the amount prepaid only if you pay using sources other than your own funds. If you use your own funds to prepay the outstanding amount, no such charge will apply.
The interest rate of your loan is applied on the basis of “reducing balance principle”. Because of this, the interest will be slightly higher during the initial phase since the principal outstanding is higher. As this amount reduces, the incidence of interest will also come down proportionately.
As long as you give it the correct details, the calculator will generate the right details. That being said, the EMI quoted by the bank may be a little different from the one given by the calculator. This is because the bank may charge additional fees as per its discretion.
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