As the name suggests, a Loan Against Property is a secured loan granted against pledged collateral. The asset pledged can be any type of real estate property, whether it is land, residence, or any other commercial property owned by the borrower.
The PNB Loan against property EMI calculator estimates the amount of EMI by factoring in information like interest rate, principal amount, and tenure of the loan. The PNB LAP EMI calculator gives an indicative estimation so that the borrower can utilise the values derived in their financial planning.
Why should you use PNB Loan Against Property EMI Calculator?
The PNB LAP EMI calculator is a self-help tool that can be utilised for the following reasons:
The user can compute multiple EMIs options on the PNB LAP EMI calculator by factoring in different tenures and loan amounts and selecting the one that aligns with their financial objectives. It is to be noted that the user shall also factor in the current interest rate levied on the PNB loans against property.
The user can compare the EMIs levied from the other banks by mentioning the exact amount and tenure using the PNB LAP EMI calculator. And choose the most affordable option based on EMIs.
The PNB LAP EMI Calculator gives a comprehensive account of the break-up of the repayment process. The schedule provides a brief overview to the user on the division of principal and interest in the monthly EMI payments throughout the tenure.
An individual can use the calculator to examine the outstanding balance at a specific period during the loan tenure. The borrower can use such information to prepay the loan amount to reduce the loan tenure.
PNB Loan against Property (LAP) Calculator Features
The PNB LAP EMI calculator is an online tool that aids the user in calculating the values concerning the EMIs to be paid against the loan. Find below the following features of the calculator:
Easy to Use
The calculator features a straightforward interface that enables the users to quickly calculate the EMI amount just by entering the values in the required fields.
The calculator is available online and can be accessed anytime and anywhere. Apart from the EMIs, the PNB LAP EMI calculator also demonstrates an extensive schedule of the repayments for a better understanding of the user.
The calculator provides instantaneous results to the user as they can conveniently derive the inquired values without tedious and time-consuming calculations.
The user can enter and compare multiple values of interest rate, tenure, and principal amount. By computing various EMI amounts, the user can plan and select the one which aligns with their budgetary goals.
PNB Loan Against Property Calculator to Estimate the EMI that Fits your Budget
The user can calculate the EMI estimate on different loan amounts, tenures, and interest rates on the PNB LAP EMI calculator. Refer to the below-mentioned table to calculate the EMI amount on various combinations of loan amounts and tenures at the lowest interest rate of 7.99%
|Loan Amount (Rs)||10 Years||15 Years||20 Years|
|EMI on Rs 15 Lakhs||18,191||14,326||12,537|
|EMI on Rs 25 Lakhs||30,319||23,877||20,895|
|EMI on Rs 40 Lakhs||48,510||38,203||33,433|
|EMI on Rs 60 Lakhs||72,765||57,304||50,149|
Factors Influencing Punjab National Bank Loan Against Property EMI
The PNB LAP EMI calculator factors in various parameters such as the loan amount, rate of interest, and tenure to come with the EMI amount of loans against property.
The loan amount and the EMIs, are directly proportional to each other. The higher the loan amount, the higher the EMIs the borrower has to repay. The PNB offers anywhere between Rs 5,00,000 to Rs 5,00,00,000 on loans granted against a property.
The interest rate affects the repayment amount on the loan significantly. A higher interest rate will increase the loan EMI amount. Currently, the PNB levies an interest rate of 8.80% per annum on loans up to Rs 5 crores.
The tenure and the EMIs are inversely related to each other. The lengthy loan tenure period reduces the EMI amount considerably. The maximum loan tenure on a loan against property is ten years. Similarly, if the borrower opts for a short tenure, the EMI amount is significantly higher.
PNB Loan Against Property Amortisation Calculator
The amortisation schedule gives the repayment breakdown of the loan throughout the tenure.
Although the EMIs are constant throughout the loan tenure, the principal and interest vary. The schedule enlightens the borrower on the monthly break-up of their EMIs. And they can also examine their outstanding balance on the loan during a specific period to get a clearer understanding of the repayment process. The borrower can also strategically plan to prepay against the loan to reduce the tenure of the EMI payments.
Let’s take an example to understand better how to read an amortisation schedule.
Suppose you take out a loan against the property of Rs 15,00,000 for a tenure of 5 years at an interest rate of 7.99%. The calculated EMI on loan would be Rs 18,191. And the total amount to be paid against the loan is Rs 21,82,946.
Amortization Schedule for Loan Against Property of Rs 15 Lakhs over 10 Years
The table below mentions the amortisation schedule for Loan Against Property of 15 Lakhs over a period of 10 years:
|Month||Principal (Rs)||Interest (Rs)||EMI (Rs)||Outstanding Balance (Rs)|
The EMI amount on the loan varies with respect to the repayment tenures. Find below an example of how the different tenures affect EMIs with a similar loan amount of 10 Lakhs
|Loan Amount||Interest Rate||Tenure||EMI|
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Frequently Asked Questions (FAQs)
What is the interest rate for PNB Loan Against Property?
The PNB levy an interest rate of 7.99% p.a. However, the rates can vary with respect to the valuation of property pledged as collateral. The bank also charges a processing fee of 1% on the loan amount. The maximum tenure on the loan is 10 years.
What are the eligibility criteria for the Punjab National Bank loan against property?
The primary factors of eligibility for the Punjab National Bank Loan Against Property are that the age of the applicant shall be anywhere between 21-70 years, their monthly income must be more than Rs. 18,000, and the work experience of a salaried individual must be at least 3 years, while in the case of a self-employed individual, the business shall be operative for at least 5 years.
How much loan amount can a borrower get against their property from PNB?
The maximum amount an applicant can avail in such a loan is Rs 5 crores. However, the loan amount is granted subject to the value of the property pledged. Generally, the loan amount does not exceed 50% of the property value. The amount is disbursed after a meticulous assessment from the PNB.
How does the PNB Loan against property EMI calculator compute the EMI amount?
The PNB LAP EMI calculator is an easy-to-use online tool that computes the EMI value after factoring in the loan amount, interest rate and loan tenure. The EMI value is calculated on a reducing balance basis.
How to pay the PNB loan against property EMIs online?
The borrower can easily pay the EMI amount online via net banking or by submitting a cheque to their nearest PNB branch.