PNB Housing Loan Against Property EMI Calculator

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.

• Commercial Property Loan: To purchase commercial property like shops, industrial galas, and so on.
• Loan Against Property: To meet the urgent personal and business requirements of its customers.
• Lease Rental Discounting: Loan against rent receivables for achieving business and individual needs.
• Loan for Real Estate Developers: Loans to real estate contractors and builders to construct houses and apartment complexes.

• Loans available against mortgage of residential and Commercial Property Loan
• The purpose of the loan is to meet personal and business emergencies
• Individual needs can be education expenses, marriage expenses, medical expenditures, family functions, furnishing of the home, purchase of furniture and consumer durables, and so on.
• Business needs can be an expansion of business, meet day-to-day working capital requirements, purchase long-term assets, and so on.
• PNB Housing has a presence in almost every state in India
• Doorstep delivery and quick approval of loans
• Excellent services post the disbursement of the loan
• Facility to enhance the loan amount if necessary
• Flexible repayment options
• Use the services or Loan Against Property EMI Calculator, eligibility calculator, and affordability calculator online.

PNB Housing provides three types of calculators on its webpage. These calculators help the customers to calculate their eligibility, EMI liability, and their affordability.

1. EMI Calculator

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:

• The loan amount
• The interest rate
• The tenure of the loan

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.

• The EMI will increase proportionately with an increase in the loan amount 
• The EMI goes up as the PNB LAP interest rate increases
• With an increase in the repayment tenure, the EMI reduces proportionately

This calculation will make it easy for one to understand.

Inference

• As the loan amount increases from 10 Lakhs to 20 Lakhs, the EMI increases proportionately for a given tenure at a specific rates of interest.
• Similarly, the EMI increases as the rate of interest increases from 9.24% - 12.45%.
• On the other hand, the EMI decreases as the tenure increases from 5 years to 15 years.

The Importance of the EMI Calculator

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:

• The maximum amount of loan is 70% of the market value of the property
• The income of the applicant is the next deciding factor for the Loan Against Property
• Finally, the repayment capacity of the customer decides the final loan amount

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.

2. Eligibility Calculator

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:

• Gross monthly income
• Loan tenure
• Rate of interest
• Other existing EMI, if any

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 affordability. 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.

3. Affordability Calculator

This calculator enables the borrower to determine their affordability. The property value is a limiting factor in the processing of the Loan Against Property. PNB Mortgage Loan guidelines say that loan amount cannot exceed 60% of the property value. 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 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:

• Down payment - useful in case of home loans, vehicle loans, and so on
• Gross monthly income
• Loan tenure
• Rate of interest
• Other existing EMIs

These three calculators prove beneficial to the customers for determining their eligibility, EMI, and affordability.

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

• Visit the MyMoneyMantra.com and select Financial Tools on the home page
• Proceed to EMI Calculator
• Enter the loan amount, interest rate, and the loan repayment mandate
• You get the loan EMI immediately
• Besides, you also get details of the total interest payable on the loan

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.

• PMT stands for EMI calculation instruction
• Rate - Interest rate (12% = 12/12x100 = 0.01)
• Nper - Repayment tenure in months
• PV - principal loan amount

Calculate Manually

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].

• P = Principal amount of the loan
• R = Rate of Interest on Home Loan
• N = Number of months in the repayment tenure

You can also check Loan EMI through SBI Loan Against Property EMI Calculator Online.

• The applicant can use the calculator to know the prospective EMI before applying for the Loan Against Property. They should also use the eligibility and the affordability calculator to arrive at the exact eligibility amount. It can save a lot of time for the applicant.
• Knowing the EMI and affordability can help the applicant to close some of the existing loans to increase the eligibility amount.
• The borrower gets an idea about the total interest they would be paying on Loan Against Property.
• Some of the EMI Calculators provide the details of the interest and principal repayment breakup every month. It is also known as the amortisation schedule.

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.