PNB Home Loan EMI Calculator

PNB Home Loan - Lowest EMI is Rs. 780 per lakh

Last Updated 30th Mar 2017
  • Get monthly EMI as low as Rs. 780 per lakh with PNB now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by PNB is 8.65%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 994 for a 15 year loan and Rs. 877 for a 20 year loan. Check the EMI for other tenures using the PNB home loan EMI calculator on this page.

Home Loan EMI Calculator PNB

PNB Home Loan EMI Calculator
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PNB Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to PNB against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With PNB offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 780 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by PNB on Home Loan is 8.65%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 24,83921,93419,489
    5,000,000 49,67843,86738,978
    7,500,000 74,51665,80158,468
    10,000,000 99,35587,73477,957
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

PNB Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how PNB Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 500,000 to Rs. 10,000,000
r = Rate of interest per month. Current rate is 8.65%, which is linked to PNB 1 Year MCLR, which is currently 8.45%. Last revised on 01st Mar 17
n = tenure in month. For PNB, this can be 360 months

Will the PNB home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by PNB subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, PNB will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by PNB, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • PNB allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
PNB Home Loan EMI Calculator News - Mar 2017
23rd Mar 17 New subsidy scheme on home loans to bring down EMI by Rs. 2,000
Prominent banks including ICICI, SBI etc and leading housing finance companies such as PNB and HDFC Ltd have signed memorandum of association (MoU) with National Housing Bank for the implementation of new interest subsidy scheme for home loans under PM Awas Yojna (PMAY). As per new scheme, home loan borrowers is likely to see a decline of Rs. 2,000 in home loan EMIs for the home purchased under PM Awas Yojna and if their annual household income is up to Rs. 18 lakh. Under the new subsidy scheme, government will offer an interest subsidy of up to 4 percent on loans of up to Rs. 9 lakh and above to the middle class borrowers of urban areas.
07th Mar 17 PNB likely to sell 7 percent stake in PNB Housing Finance
Punjab National Bank is planning to sell its 7 percent stake in PNB Housing Finance. As per sources, the bank is likely to raise Rs. 1,200 crore from the deal. PNB currently holds 39 percent stake in PNB Housing Finance.
09th Feb 17 PNB plans to sell its stake in PNB housing finance and PNB Gilts
Punjab National Bank is planning to sell its stake in PNB Housing Finance and PNB Gilts in FY18. The bank expects to increase its capital base via selling. PNB holds stake in various entities such as UTI, PNB Housing Finance and PNB Gilts.
11th Oct 16 PNB makes home, auto loans attractive for government staff
PNB has launched a new scheme named PNB Pride for government employees. Under this scheme, the bank will offer home loans at an interest rate of 9.3 to 9.8 per cent and auto loans at 9.55 per cent effective from October 1, 2016. PNB will also offer loans without any processing fee and documentation charges.
01st Oct 16 PNB revises lending rates
Punjab National Bank has revised its Marginal Cost based Lending Rates by 5 basis points effective from October 1. The overnight, 1 month, 3 month, 6 month, 1 year, 3 year, 5 year MCLR has reduced by 5 bps to 9.05, 9.10, 9.20, 9.25, 9.30, 9.45, 9.60 percent. For borrowers who have taken a home loan from PNB after 1st April 2016, the reduction in MCLR will translate into a reduction in their home loan rates and hence their interest outgo.
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