PNB Housing offers four kinds of non-housing loans to meet the requirements of its clientele situated extensively across the length and breadth of this country.
You can also Apply for SBI Loan Against Property and check EMI, Interest rate and Eligibility Online to avail offer.
Compare Loan Against Property Interest Rates @8.90% from multiple Banks and NBFCs.
PNB Housing provides three types of calculators on its webpage. These calculators help the customers to calculate their eligibility, EMI liability, and their affordability.
This tool is handy for determining the EMI payable on your Loan Against Property, home loan, personal loan, and so on. The concept of the EMI Calculator is a simple one. It works based on three variables:
On entering these three variables, the calculator determines the EMI payable on the loan for the entire tenure. The EMI comprises two components, the principal repayment component, and the interest repayment component. Both of these components are variable. In the initial stages of the loan, the interest component will be high. It will gradually reduce as you keep on repaying your EMI on time.
The principal component will be at the lowest in the initial period. As the interest component keeps on reducing, the principal component will increase gradually. The concept is such that the EMI remains constant for a given loan amount, rate of interest, and tenure.
The EMI amount depends on three variables. As the variables change, so does the EMI.
This calculation will make it easy for one to understand.
Calculating the EMI in advance is essential because it gives you an idea about the amount of loan you can afford and the amount of loan you get. If you look at the eligibility norms of PNB Loan Against Property, you will find that the loan amount depends on the following factors:
PNB Housing sanctions the lowest of these three figures. The calculation of the EMI is thus imperative for determining the Eligibility of the Loan Against Property.
PNB Housing offers the facility of applying for a Loan Against Property online. Before applying for the loan, customers can check out the eligibility using the eligibility calculator. The calculator requires the customer to furnish the following information to arrive at the maximum eligible loan amount:
On submitting this information, the calculator calculates the maximum eligible loan amount and the maximum EMI it can deduct. However, it is only an indicator of the affordability. As a prospective borrower, you know the extent up which you can pay. Usually, the total EMI from all the loans put together should not be more than 50%. The Affordability calculator helps you to determine the maximum loan amount that you can afford.
This calculator enables the borrower to determine their affordability. The value of the property is a limiting factor in the processing of the Loan Against Property. PNB Housing Loan Against Property guidelines say that the loan amount cannot exceed 60% of the value of the property. Similarly, your gross income is also a limiting factor. The loan amount cannot go beyond a specific proportion of your gross income. However, loan affordability is the prime factor that decides the actual loan amount.
PNB Housing Loan Against Property guidelines stipulate that the total of all EMIs, including the proposed one for the Loan Against Property, should not be more than 50% of the gross income. Therefore, the applicants must check their affordability before applying for the Loan Against Property.
The calculator requires the applicant to input specific data, such as:
These three calculators prove beneficial to the customers for determining their eligibility, EMI, and affordability.
You can also check How to Apply for Loan Against Property without Income Proof.
EMI Calculators are available on the internet. Customers can use any of such calculators to determine their EMI. One of the best calculators is available on the MyMoneyMantra website.
MyMoneyMantra EMI Calculator
Calculate Using MS Excel
People who are adept at using MS Excel should know how to calculate the EMI using Excel tables. Type the following instruction on the formula bar = PMT(rate, nper, pv) to get the EMI.
One should also know the formula that works behind the EMI calculation. The formula is as follows - Equated Monthly Instalments -0 [P x R(1+R/100)^N] divided by [(1+R)^N-1].
You can also check Loan EMI through SBI Home Loan EMI Calculator.
You can also use Loan Against Property Interest Rate Calculator to find out how much you will save on interest and how it affects your Loan EMI.
The PNB Housing Loan Against Property EMI Calculator is handy for determining the prospective EMI on Loan Against Property. It also enables the borrower to the extent up which they can borrow. It also helps them to check out whether the lender has stipulated the exact EMI. The EMI Calculator also helps to understand the total amount of interest that they have to pay on loan throughout the tenure of the loan.
The amortisation schedule provides the breakup of the principal and interest repayment monthly. It gives the borrower a good idea of the appropriation of interest. It also provides details of the tentative loan outstanding on a future date, say after ten years. Therefore, the borrower might be able to plan their foreclosure accordingly.
The amortisation schedule has certain limitations. It depends on the satisfaction of specific conditions.
Any change in the above three variants can alter the amortisation schedule. Otherwise, it is an accurate representation of the loan repayment schedule.
No, the PNB Housing Loan Against Property EMI Calculator does not provide the amortisation schedule. However, you can use MyMoneyMantra EMI Calculator to get an amortisation schedule.
Yes, the PNB Housing Loan Against Property EMI Calculator can prove useful for determining the EMIs of other loans. However, the EMI Calculator cannot be used for calculating the EMI under the following circumstances.
Otherwise, this calculator can be used for calculating the EMI of all loans.
Yes, the PNB Housing Loan Against Property EMI Calculator is an accurate one. You can confirm the same by comparing it with the EMI Calculator available on MyMoneyMantra. Alternatively, you can calculate the EMI manually and by using MS Excel tables.
You should calculate the EMI amount again. The principal loan will be the balance outstanding on the particular date. The loan tenure is the residual tenure of the loan. Using this data, you can calculate the new EMI.
It depends on the original tenure of the loan. The Loan Against Property is for a maximum of 15 years. If the initial mandate is 15 years, PNB Housing increases the EMI amount of there is an upward revision in the interest rate. If the original tenure is less than 15 years, the company maintains the EMI constant and increases the mandate accordingly.
Yes, the amortisation schedule will change if there is a change in the rate of interest or tenure.
The ideal time to use the EMI Calculator is before you apply for the loan. It enables you to understand your liability in advance. You can calculate your affordability accordingly. It also allows you to close a couple of existing loans to enhance your loan eligibility.