The relevance or importance of a loan calculator arises both in times of comparing different banks and choosing the best combination of the loan amount, rate and tenure. PNB home loan is both offered by the bank as well as the housing finance company.
Punjab National Bank (PNB) has altogether different functioning for home loans. PNB Housing finance company (PNB HFL) is another way to get home loans. The eligibility criteria, documents checklist, and rate of interest are different at each of them. If you are confused which lender is suitable for you out of these two, you can compare monthly installments at both of them and then decide which of them do you want. PNB home loan EMI calculator can be used to calculate EMI on home loan from each of these two lenders.
Benefits of using PNB Home Loan EMI Calculator
Below are some of the advantages of using a loan calculator especially for home loans.
- Accurate results– One of the main advantages of using an EMI calculator is that it gives you accurate results, unlike manual calculation where the possibility to make mistakes is more.
- Time-Saving– As soon as you mention, the amount, the interest rate and the tenure you have been offered, you get the details of all the payments within few seconds.
- Flexible Adjustable– You will be surprised to know that you are free to use the calculator n number of times. Y
- Easy Comparisons– With the help of the calculator, you can compare all the offers available in the market and then choose the best one for yourself.
- More than EMI– The calculator gives the information more than the monthly installments like the total interest outgo and the total amount (principal+interest).
- Suits your Budget– When you check the installments in advance, you can see if you will be able to manage that particular amount without affecting your other financial liabilities.
PNB Home Loan EMI Calculator Example
Here is an example showing EMI based on a random value of loan amount, the rate of interest and tenure. On the basis of the data, this calculation tool shows the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a home loan from Punjab National Bank where the lowest rate is 8.50% per annum for the loan amount and tenure as mentioned below:
Loan amount- ₹20 lakhs
Interest rate- 8.50% p.a.
Tenure- 20 years
The payments will be as follows:
Monthly EMI- ₹17,356
Total Interest Outgo- ₹21,65,552
Total Amount (Interest + Principal)- ₹41,65,552
On the other hand, if you get approval from PNBHFL for your home loan and you get the approval for 8.40% per annum which is the lowest rate at present with the same loan amount and for the same tenure, you will be paying as follows:
Monthly EMI- ₹17,230
Total Interest Outgo- ₹21,35,222
Total Amount (Interest + Principal)- ₹41,35,222
You can notice a clear saving of ₹30,330 if you opt for PNB HFL. But, you must also consider the processing fees applicable to the loan. So, take into account all of this and then decide.
