PNB Home Loan EMI Calculator is a tool that can help you calculate your home loan EMI and understand your future financial planning.
In today’s time, it is very important to have your own house and every person wants to have his own house, but buying a house often becomes very expensive. To avoid this, home loan is a facility through which we take a loan and pay the loan installment every month, which is also called EMI.
PNB Home Loan EMI Calculator
Using the Punjab National Bank Home Loan EMI Calculator is as easy as using a normal calculator. To use this calculator, you need to have three information such as loan amount, interest rate and time period. You have to enter these three things in the EMI calculator and click on the calculate button and in a few seconds your monthly EMI, principal amount, total interest amount and total payable amount will appear in front of you.
With this information, you will be able to estimate whether you are able to pay the monthly EMI or not. If you feel that the EMI is high, then you can increase or decrease your loan amount, due to which your EMI will also fluctuate.
Formula of to calculate PNB home loan EMI
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P – principal Amount
- R – Rate of Interest
- N – Repayment Term in Months
PNB Home Loan EMI Calculator Example –
PNB Loan Amount | 35,000,00 |
PNB Interest Rate | 8.75% |
Loan Tenure (years) | 20 |
So in that case pnb loan details is here
- Monthly EMI: 30929.87
- Principal Amount: 3500000.00
- Total Interest: 3923169.95
- Total Amount Payable: 7423169.95
Amortization Chart For 35,000,00 of PNB Home Loan EMI Calculator Amount
Year | Beginning Balance | EMI Paid | Interest Paid | Principal Paid | Ending Balance |
---|---|---|---|---|---|
1 | 3500000.00 | 371158.50 | 303582.58 | 67575.92 | 3432424.08 |
2 | 3432424.08 | 371158.50 | 297426.69 | 73731.80 | 3358692.28 |
3 | 3358692.28 | 371158.50 | 290710.04 | 80448.46 | 3278243.82 |
4 | 3278243.82 | 371158.50 | 283381.52 | 87776.98 | 3190466.84 |
5 | 3190466.84 | 371158.50 | 275385.40 | 95773.10 | 3094693.74 |
6 | 3094693.74 | 371158.50 | 266660.87 | 104497.63 | 2990196.11 |
7 | 2990196.11 | 371158.50 | 257141.57 | 114016.92 | 2876179.19 |
8 | 2876179.19 | 371158.50 | 246755.11 | 124403.39 | 2751775.80 |
9 | 2751775.80 | 371158.50 | 235422.48 | 135736.02 | 2616039.79 |
10 | 2616039.79 | 371158.50 | 223057.50 | 148101.00 | 2467938.78 |
11 | 2467938.78 | 371158.50 | 209566.11 | 161592.38 | 2306346.40 |
12 | 2306346.40 | 371158.50 | 194845.72 | 176312.77 | 2130033.63 |
13 | 2130033.63 | 371158.50 | 178784.37 | 192374.13 | 1937659.50 |
14 | 1937659.50 | 371158.50 | 161259.89 | 209898.61 | 1727760.89 |
15 | 1727760.89 | 371158.50 | 142139.00 | 229019.50 | 1498741.39 |
16 | 1498741.39 | 371158.50 | 121276.28 | 249882.22 | 1248859.17 |
17 | 1248859.17 | 371158.50 | 98513.06 | 272645.44 | 976213.73 |
18 | 976213.73 | 371158.50 | 73676.20 | 297482.30 | 678731.43 |
19 | 678731.43 | 371158.50 | 46576.80 | 324581.70 | 354149.73 |
20 | 354149.73 | 371158.50 | 17008.76 | 354149.73 | 0.00 |
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Eligibility for PNB Home Loan
If you want to apply for Punjab National Bank home loan, then you have to fulfill some eligibility points before applying so that it is easy for you to get a home loan
- The applicant must be a resident of India.
- The applicant should be Salaried Individuals, Self-employed Professionals, Businessmen Farmers.
- If the applicant is a Salaried Individual then the monthly salary should be ₹15,000.
- If he is from Self-employed Profession then there should be 3 years of business continuity.
- The age of the applicant should be more than 21 years and less than 70 years.
- If your credit score is good then it can help you in getting a loan at a low interest rate.
You can use PNB home loan emi calculator to get information regarding the loan amount.
Documents Required for PNB Home Loan
To avail a PNB home loan, you need to submit some important documents which will help you in getting the loan. Home loan documents may vary depending on the application of the applicant.
For salaried employees
salaried employees can provide any one of the documents given below as proof.
Proof Type | Document 1 | Document 2 | Document 3 | Document 4 | Document 5 | Document 6 |
---|---|---|---|---|---|---|
Address Proof | Aadhar Card | Passport | Driving License | Telephone Bill | Ration Card | Election Card, Any other certificate from statutory authority |
Age Proof | PAN Card | Passport | Any other certificate from statutory authority | |||
Income Proof | Salary slip of last 3 months |
For the self-employed
self-employed person can provide any one of the documents given below as proof.
Proof Type | Document 1 | Document 2 | Document 3 | Document 4 | Document 5 | Document 6 | Document 7 |
---|---|---|---|---|---|---|---|
Address Proof | Aadhar Card | Passport | Driving License | Telephone Bill | Ration Card | Election Card | Any other certificate from statutory authority |
Age Proof | PAN Card | Passport | Any other certificate from statutory authority | ||||
Income Proof | Income Proof for Business | ITR |
Benefits of Using the PNB Home Loan EMI Calculator
Taking a home loan is a very big decision and to take this decision to the next step, it is very important to know how much EMI you will have to pay every month on the amount for which you are taking a home loan and this calculator will help you to know the EMI. By using this calculator, you will get many benefits such as
Financial Planning
It is very important to do financial planning for the future because your correct financial planning can improve your future. When you take a home loan, one more responsibility increases on you to pay the home loan installment every month and if you know the EMI of your home loan amount before taking the loan, then you can improve your future financial planning.
Budget Planning
Every person has a monthly budget according to which he spends every month. On taking a home loan, a new expense gets added which you have to pay in the form of EMI. If you decide your EMI by looking at your budget or you take a home loan on such a loan amount whose EMI you can pay every month, then it will not affect your monthly budget and you can easily repay your home loan installment.
Reduced Stress
With the help of EMI calculator, you can find out the EMI of PNB home loan in advance, so that you know in advance how much you are going to spend every month and in such a situation your mental health is not affected and you remain stress free.
Faster Calculations
PNB Home Loan EMI Calculator is an excellent, easy and quick tool that helps you to estimate how much EMI you need to pay every month and how much interest amount you are going to pay tomorrow. When you enter the loan amount, interest rate and time period in the calculator, it gives you quick results in just a few seconds. This saves your time and helps you understand the loan.
Tips for Using the PNB Home Loan EMI Calculator Effectively
It is very important to use the PNB EMI calculator in the right way because your wrong information can give you wrong results. So, for this, you have to keep some important things in mind like
Accuracy of Inputs
When you use the calculator, you have to enter all the details related to the loan amount correctly in the EMI calculator. You also have to enter the correct interest rate and loan period correctly so that you get accurate information.
After filling all the details related to the loan, when you click on the Calculate EMI button, it will help you estimate your correct EMI and you will be able to understand better how much you are going to spend on your EMI every month.
Exploring Different Scenarios
Your home loan EMI is determined according to the loan amount, interest rate and time period. If you feel that the EMI is too high or too low, you can recheck the EMI by changing the loan amount, interest rate and time period. You will get to see different EMI rates in different situations. And by doing this, you can understand which EMI option is better for you.
Considering Other Expenses
Apart from the PNB home loan amount, there will be other expenses which need to be taken care of and keeping in mind the other expenses, you have to choose the right loan amount and while taking the loan, you also have to pay attention to the down payment, registration fee and approval fee related to the loan.
FAQs
What will be the EMI for a 25 lakh PNB home loan?
If you take a home loan of Rs 25 lakh from PNB Bank for 10 years, on which we are going to assume for now that you will be charged an interest rate of 8.75%, then you will have to pay an EMI of Rs 31331.69 per month on a loan amount of Rs 25 lakh.
What is the EMI for a 50 lakh PNB home loan for 10 years?
If you take a home loan of Rs 50 lakh for 10 years at an interest rate of 8.75%, then you will have to pay an EMI of Rs 44185.54 every month
What is EMI for 35 lakhs home loan for 10 years?
If you take a home loan of ₹35 lakh from PNB Bank for 10 years and if the interest rate is 8.75%, then you will have to pay a total EMI of Rs 43864.36 every month.