PNB (Punjab National Bank) Home Loan EMI Calculator

Abbreviated as PNB, Punjab National Bank is the second-largest government-owned bank in India, both by its business volumes and its network. It was established in May 1894 under the ownership of the Ministry of Finance, Government of India. Currently, the bank owns over 12,248 branches, and 13,000+ ATMs, and serves more than 180 million customers across the country. 

PNB delivers a host of products and services including various types of accounts opening, personal loans, home loans, insurance and more. Among all, the PNB home loan is one of the best products offered by the bank among an array of deposit schemes and financial services at attractive interest rates. 

Therefore, if you are seeking to obtain a home loan, you must first calculate the EMI on it using PNB Home Loan EMI Calculator. It will give you a precise idea of the amount of EMI you have to pay every month. This will in turn help you plan your finances accordingly and in advance. 

Benefits and Features of Using the PNB Home Loan EMI Calculator

The PNB Home Loan EMI calculator is infused with various features that can benefit borrowers in various ways. They are as follows:

Calculate your Home Loan EMI

When it comes to a housing loan, there isn’t any tool better for financial planning. Once you have reviewed the home loan eligibility criteria and used the home loan eligibility calculator to estimate how much loan you can afford, you can compute the home loan EMI precisely with the PNB Home Loan EMI calculator. 

Determine the Total Home Loan Interest Component

Once you have furnished the desired loan amount, the tenure, and the home loan interest rate in the calculator, it will show the total payment amount and the total interest component. This will render you a precise idea of the interest amount you will have to pay on your loan. 

Decide the Suitable Tenure

You can accurately decide the optimum EMI for a home loan by dragging the tenure slider on a home loan tenure calculator. Whatever term compares to that is the suitable term for you. The longer the tenure, the lesser the EMI. 

Compare Two or More Home Loan Offers

Before you apply for a home loan, review various multiple home loan offers with varying interest rates and tenures. Compare various home loan offers by determining the EMI for each of them using the PNB Home Loan EMI calculator. 

Review the Amortisation Schedule

You can use the PNB Housing Loan EMI calculator to check the breakdown of your home loan amortisation schedule. This provides you with an insight into how the two elements of your EMI will differ throughout the tenure - the interest factor reducing and the principal factor increasing. 

How to Use PNB Housing Loan EMI Calculator?

PNB’s Housing Loan EMI calculator is a simple and user-friendly tool designed to provide you with the precise value of the monthly EMI on a home loan. The device is very straightforward and requires you to input the following details:

• The principal home loan amount you desire to take
• Duration of loan/loan tenure
• The expected interest rate

After providing all the details, you will get the monthly EMI amount that you can avail upon maturity.  

Formula and Working of PNB Home Loan EMI Calculator 

PNB Home Loan EMI calculator is designed to help you determine the monthly EMI payments before you apply for a loan. The EMI calculator asks you to fill up the desired loan amount, and choose the interest rate and loan tenure. Based on the details furnished by you, you can plan, compute, and distribute your loan EMIs over a convenient term. 

Another way to calculate PNB Home Loan EMI is through a formula, which is as follows:

E = P . R . (1+R)^N/((1+R)^N – 1)

Where E = EMI (Equated Monthly Installment)

• P = Principal Loan Amount
• R = Monthly Interest Rate
• N = Monthly Loan Tenure

Let us understand it with the help of an example.

Assume that an individual applied for a home loan of ₹ 50 lakhs at PNB. The bank offered him a loan duration of 25 years at an interest rate of 8.5%. 

Using the PNB Home Loan EMI Calculator, you will get the following -

This individual will have to pay a monthly EMI of ₹ 40,261, while the total interest payable amount would be ₹ 70,78,406. The total payment until the end of the tenure would be ₹ 1,20,78,406.

Using the formula, you will get -

E = 50,00,000 x 8.5 x (1 + 8.5) ^ 25/((1+8.5) ^ 25 - 1)

E = ₹ 40,261. 

Amortisation Schedule for a Home Loan of ₹ 35 Lakh over 15 Years 

The amortisation schedule for a home loan of ₹ 35 lakh at an interest rate of 6.94% over 15 years is given below:

Year	Principal (₹)	Interest (₹)	Total Payment (₹)	Balance (₹)	Loan Paid to Date
2022	67572	120480	188050	3432428	1.00%
2023	209,937.00	354218	564151	3290063	6.00%
2024	362502	577756	940251	3137498	10.36%
2025	525999	790363	1316351	2974001	15.03%
2026	701210	991255	1692452	2798790	20.03%
2027	888974	1179594	2068552	2611026	25.40%
2028	1090194	1354478	2444653	2409806	31.15%
2029	1305828	1514946	2820753	2194172	37.31%
2030	1536916	1659962	3196853	1963084	43.91%
2031	1784562	1788422	3572954	1715438	50.99%
2032	2049951	1899137	3949054	1450049	58.57%
2033	2334355	1990837	4325155	1165645	66.70%
2034	2639137	2062159	4701255	860863	75.40%
2035	2965756	2111644	5077356	534244	84.74%
2036	3315777	2137726	5453456	184223	94.74%
2037	3500084	2141471	5641506	-84	100.00%

Eligibility Criteria that Influence the Approval of Punjab National Bank Home Loan

Before you apply for a home loan, it is important to be aware of all the criteria that influence the chances of approval of your loan application. We have listed down the factors used by the Punjab National Bank to determine an applicant's eligibility for a home loan:

• Nationality: The person applying for a PNB Home Loan must be a citizen of India.
• Credit Score: Like most lenders, Punjab National Bank grants home loans to individuals with a stable credit history, and a minimum credit score of 750 or above is essential. 
• Age: The age of the individual opting for a loan must be between 21 and 65 years. Besides, the applicant's age should not exceed 70 years during the loan maturity. 
• Loan to Value Ratio (LTV): It is defined as the ratio of the amount of loan sanctioned to the property’s value for which the loan is obtained. LTV is usually represented in percentages. PNB allows an LTV of up to 85%, implying that an amount equivalent to 85% of the property's value can be availed as a home loan from the bank. 
• Salary and Employment: To qualify for the PNB Home Loan, you must have a regular source of income. You can be either self-employed or salaried and must have a minimum employment history of 5 years (for self-employed individuals) or three years (for salaried employees). 

Comparison of PNB Home Loan EMI with Other Banks

The table given below depicts how PNB Home Loan compares with other banking institutions:  

Name of Lender	Up to 30 Lakh (in %)	Above 30 Lakh & up to 75 Lakh (in %)	Above 75 Lakh (in %)
PNB Housing Finance	6.75-12.00	6.75-12.00	6.90-9.75
Punjab National Bank	6.55-7.95	6.50-7.65	6.50-7.60
Kotak Mahindra Bank	6.60 onwards	6.60 onwards	6.60 onwards
State Bank of India	6.65-7.65	6.65-7.65	6.65-7.65
ICICI Bank	6.70-7.55	6.70-7.55	6.70-7.55
Union Bank of India	6.50-8.25	6.50-8.45	6.50-8.45
HDFC	6.70-8.45	6.70-8.60	6.70-8.70
Godrej Housing Finance	6.59 onwards	6.59 onwards	6.59 onwards
Axis Bank	6.75-11.50	6.75-11.50	6.75-11.50
DHFL	10.50% onwards	8.75 onwards	8.75 onwards
Poonawalla	9.55% to 19.55%	9.55% to 19.55%	9.55% to 19.55%
LIC Housing Finance	6.70 – 7.85	6.70 – 8.05	6.70 – 8.05
Bajaj Housing Finance	6.65 onwards	6.65 onwards	6.65 onwards
Bank of Baroda	6.90-8.40	6.90-8.40	6.90-8.65
IDFC First Bank	6.70 onwards	6.70 onwards	6.70 onwards
L&T Housing Finance	6.75 – 7.75	6.75 – 7.75	6.75 – 7.75

Note: Rates are subject to change.