Applying for a home loan is one of the most challenging decisions in life. A home loan welcomes you into the world of liabilities. Although the ultimate goal is quite noble, which is getting your personal shelter, it can burden you financially for a considerable time. Hence, selecting the principal and the EMI (Equated Monthly Instalment) is crucial to making a sensible choice. Here is where an EMI calculator comes into the picture. An EMI calculator offers excellent insights into the net liability arising from a home loan to help you make an informed decision. Read on to know about the best features of the PNB Housing EMI calculator and how to use it for getting accurate results.
What is PNB Housing Home Loan Calculator?
Home loan is the most popular loan option in India. When you avail of a home loan, you have to repay the principal and the interest every month. The repayment amount is known as the EMI or Equated Monthly Instalment. The EMI comprises the principal and interest.
Using a calculator to know the EMI amount is important before applying for a home loan in India. It helps you prepare better and stay financially ready to handle the debt. PNB Housing makes home loan EMI calculation super easy with a 100% online free home loan calculator. Any borrower from anywhere across the world can access the calculator any time to get an accurate estimate of how the PNB Housing home loan rate of interest affects the EMI.
Figures You Need to Calculate Home Loan EMI Efficiently
To calculate home loan EMI in India, you need to enter the following three figures on the PNB Housing home loan calculator:
1. Principal – The principal is the loan amount you want to get for house construction or purchase. The loan amount can be up to 90% of your property’s market value. It also affects the downpayment amount. Downpayment is a mandatory exercise under regulations laid by the Reserve Bank of India (RBI).
2. Rate of Interest – The rate of interest is the amount you need to pay for availing of a home loan in India. PNB Housing home loan rate of interest begins from 6.99%. The interest rate can be fixed or floating. While the fixed-rate remains the same throughout the loan term, the floating rate keeps changing.
3. Tenure – Tenure refers to the duration of EMI payment. Home loan tenure usually ranges between five (5) years and thirty (30) years. The repayment term directly affects the EMI amount. If the term is extended, the EMI will be low and vice versa.
What Are The Benefits of Using a Home Loan EMI Calculator in India?
India presents many opportunities in the vibrant real estate sector. A home loan calculator lets you grab these opportunities with accurate estimates. Here are the top benefits of using the PNB Housing home loan EMI calculator in India:
1. Quick Estimates – You do not need to waste time manually calculating the EMI. An EMI calculator does this within seconds.
2. Accuracy – An EMI calculator gives you accurate EMI figures. You can use the calculator to decide the loan amount and prepare for the repayments.
3. Compare Loans – You can use the calculator to check the rates offered by various financial institutions and make the right choice.
Conclusion
Finding the best home loan in India is never a challenge when PNB Housing is by your side. PNB Housing offers one of the lowest home rates of interest in India. Visit the lender’s website to check the other industry-best features before submitting the loan application.
