PNB Housing Finance provides home loans @8.60% p.a. onwards for a period of up to 30 years. PNB offers a home loan overdraft facility and some other products as well to their defense personnel, government employees, and salaried employees working with IT concerns or Govt. /PSUs up to the age of 40 years. It finances up to 90% of the property’s cost. It provides many benefits like attractive interest rates, minimal documentation, longer tenure for repayment, quick disbursal of loans, and prompt customer service.
| PNB Home Loan – A Snapshot | |
| Interest Rate | 8.60% – 9.60% p.a. |
| Loan Amount | As per the borrower’s eligibility |
| Tenure | Up to 30 years |
| Processing Charges | 0.35% (INR 2,500- INR 15,000) |
PNB Home Loan EMI Calculator basically assists in the calculation of the loan installment i.e. EMI. It is an easy-to-use calculator and acts like a financial planning tool. Just enter the loan amount, interest rate, and tenure of the loan and then click on “Calculate”. It removes the scope of manual errors and tedious calculations.
The full form of EMI is Equated Monthly Installment which includes repayment of the principal amount and the interest amount of the home loan. It has a longer period of 30 years which helps in reducing the EMI.
The formula for calculating EMI is:
E = [P x R x (1+R) N] / [(1+R) N-1]
P = Principal loan amount
R = Monthly rate of interest i.e., the percentage rate of interest divided by 12
T = Total home loan tenure in months
E = Home loan EMI
Let’s take an example. If you opt for a housing loan of INR 20 lakh at an interest rate of 7.99% p.a., and your tenure is 20 years i.e., 240 months, then your EMI can be calculated as:
EMI = 20,00,000*R*[(R+1) 240/(R+1)240-1]
Now, R = (8.00/100)/12 = 0.00667
Putting the correct R-value in the formula, we get an EMI of INR 16,729
Total amount = EMI*T = 16729*240 = INR 40,14,912/-
How to use Home Loan EMI Calculator
Despite the fact that whether it is the LIC Home Loan EMI Calculator or PNB all that is required is to enter the following to get the amount of EMI:
- Loan Amount: Enter the desired loan amount that is to be availed.
- Loan Tenure: Enter the desired loan term for which the loan is to be availed.
- Interest Rate: Enter the rate of interest.
Benefits of Home Loan Calculator
Below mentioned are the benefits of the Home Loan Calculator:
- Calculation of Home Loan EMI
- Calculate the Total Home Loan Interest Component
- Compare two or more Home Loan offers
- Decide the correct loan tenure
- Check out the Amortization Schedule
Personal Loan Interest Rate Comparison of Different Banks
| Name of Lender | Up to INR. 30 Lakh | Above INR 30 Lakh to INR 75 Lakh | Above INR 75 Lakh |
| SBI | 8.50% – 10.15% | 8.50% – 10.05% | 8.50% – 10.05% |
| HDFC | 8.50% – 10.35% | 8.50% – 10.60% | 8.50% – 10.70% |
| LIC Housing Finance | 8.60% – 10.35% | 8.60% – 10.55% | 8.60% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.75% – 14.50% | 8.75% – 13.00% | 8.75%-11.35% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 9.15% – 10.65% | 9.15% – 10.65% | 9.15% – 10.90% |
| Union Bank of India | 9.00% – 10.75% | 9.00% – 10.95% | 9.00% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 9.15% onwards | 9.15% onwards | 9.15% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
Documents Required
Below mentioned are the documents required to apply for PNB Home Loan:
In the case of Salaried Employees
- Duly filled in Loan Application Form along with Photograph
- Age Proof (PAN Card, Passport, etc.)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Body)
- Educational Qualifications
- Income Proof: a) Salary slips for the last 3 months
- b) Form 16 for the last 2 years
- c) Latest 6 months bank statement
- Other documents related to property
In the case of Self-Employed Employees
- Duly filled in Loan Application Form along with Photograph
- Age Proof (PAN Card, Passport, etc.)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Body)
- Educational Qualifications
- Income Proof: a) Proof of the existence of Business
- b) ITR for the last 3 years
- c) Certified P & L and Balance Sheets
- d) Bank Account Statements for the last 12 months
- Other documents related to property
Easy Steps to Apply for PNB Home Loan Online
Below mentioned are some easy steps to apply for PNB Home Loan Online:
- Step 1: Visit the official website of PNB Housing i.e. “Apply for Loan” page.
- Step 2: Enter the full name as mentioned in the government ID Proof i.e. Aadhar Card or PAN Card.
- Step 3: Provide the mobile number.
- Step 4: Click on “Options” and select the range for the loan amount to be raised.
- Step 5: Provide an e-mail address for correspondence purposes with respect to the loan.
- Step 6: Provide the current location for better reachability from PNB.
- Step 7: Click on the box that affirms that the legit details have been submitted and the notifications about the same should be received before pressing the “Submit” button.
Home Loan Amortization Schedule
Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal, and interest component.
PNB’s EMI calculators give a fair understanding of the ratio of the principal amount to the interest due, based on the loan tenure and interest rates. The EMI calculator also provides an amortization table elucidating the repayment schedule. PNB’s home loan calculator provides a complete break-up of the interest and principal amount.
Steps to Apply for a Home Loan
Below mentioned are the steps to apply for a home loan:
- Sign Up / Register
- Fill in the home loan application form
- Upload Documents
- Pay Processing Fee
- Get Loan Approval
Factors Affecting Home Loan Interest Rates
Below mentioned are the factors that affect home loan interest rates:
- Income
- Loan Amount
- Interest Rate Type
- Credit Score
- Type of Employment
- Type of Loan Amounts