Punjab and Sind Home Loan EMI Calculator

Home Loan EMI Calculator Punjab and Sind Bank

Punjab and Sind Home Loan EMI

• Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Punjab and Sind Bank 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 Punjab and Sind Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 787 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Punjab and Sind Bank on Home Loan is 8.75%.

	Loan Tenure
Loan Amount (Rs.)	15 years	20 years	30 years
2,500,000	24,986	22,093	19,668
5,000,000	49,972	44,186	39,335
7,500,000	74,959	66,278	59,003
10,000,000	99,945	88,371	78,670

• 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.

Punjab and Sind Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Punjab and Sind Bank Home Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000

r = Rate of interest per month. Current rate is 8.75%, which is linked to Punjab and Sind 1 Year MCLR, which is currently 8.75%. Last revised on 07th Jun 17

n = tenure in month. For Punjab and Sind Bank, this can be 360 months

Will the Punjab and Sind 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 Punjab and Sind Bank 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, Punjab and Sind Bank 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 Punjab and Sind Bank, 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?

• Punjab and Sind Bank 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.