So, you have finally decided to make your long-time dream a reality. You have selected to
become a homeowner eventually. But you do not have such a vast amount of funds with
you, and you have decided to avail of a home loan. Now, you are worried about it burning
a hole in your pocket. Well, do not worry- this is where a housing loan EMI calculator
comes to your rescue.
Using a PNB housing loan EMI calculator will help you plan and manage your finances
better. Any loan comprises two parts. One is principal and the other is interest. These are
collectively to be paid as Equated monthly installments or EMI. A housing loan EMI
calculator is a friendly and straightforward tool that can be used to find out your EMI
The shorter the duration of your loan, the higher your EMI amount is, but that means the
interest rate is lower. The online EMI calculator tools are designed in a user-friendly
manner. You can toggle with the loan amount, loan period, and home loan interest rate,
and it will show you different repayment schedules depending on what you choose.
Some of the benefits of using a home loan EMI calculator are:
- Accurate forecast:
One of the best features of the online home loan EMI calculator is that it will give you an
accurate representation of the EMI you will have to pay based on the loan amount, home
loan interest rate, and loan period you input. It will also show you a break up that contains
how much you are paying towards the principal amount of the loan and how much you
are paying as interest.
- Free from errors:
Any manual work or calculation always involves some error. So why take a chance when
you can benefit from a free EMI home loan calculator? Using the home loan calculator
allows you to avoid mistakes and get accurate answers.
- Fast calculations:
Manual calculations using pen and paper will take hours and might not yield accurate
results. However, if you decide to use the EMI calculator, with just a few clicks, the precise
answer will be correct in front of you, and that too in no time. The best part is you do not
have to double-check your calculations.
- Financial planning:
Knowing how much EMI you will have to shell out each month before actually availing of a
PNB housing loan will help you manage your day-to-day finances better. You can plan your finances better as you can consider the exact EMI amount you will have to pay each month, thus avoiding financial troubles.
- Loan management:
Sometimes, you might have additional funds in hand and want to repay the loan. If you’re
going to find out how this prepayment will help you repay the loan in advance, then the
EMI calculator can help you with this.
- Comparison of loan offers:
You can compare the loan offers that different banks or financial institutions present by
using a home loan EMI calculator. This will help you choose the most beneficial one for
you and budget-friendly for you.
- Personal details not required:
If you are paranoid about sharing any information online, you do not have to worry, as a
home loan calculator does not ask for any personal information. All you have to do is enter
your desired loan amount, loan period, and rate of interest, and voila! You will have the
EMI amount right in front of you. It is that easy!
So, it is not sufficient if you meet the home loan eligibility criteria. If you want to repay the
home loan quickly, you need to know the monthly EMI payments you will have to make in
advance. PNB Housing Finance Limited’s home loan EMI calculator is a handy tool and
very easy to use. All you have to do is key in the required fields, and your EMI amount will
be calculated in just a few seconds! So make sure you avail this free benefit.