Mumbai: Proper planning is essential, when you want to avail a home loan for constructing or buying a house. Generally, borrowers evaluate the actual cost of a home loan before signing any contract. And lenders like PNB Housing provide various free tools to simplify loan cost calculation.

PNB Housing home loan EMI calculator is an innovative, easy-to-use online tool that makes calculations more convenient for borrowers. It gives you a near-accurate estimate of the amount you need to pay every month to fulfill the most cherished dream of your life. Read on to know the best way to use the PNB Housing home loan EMI calculator and the benefits of using it.

What is the PNB Housing Home Loan EMI Calculator?

As the name suggests, the PNB Housing home loan EMI calculator is a simple online tool that lets you calculate the loan costs like a professional. It saves you from the hassles of using a physical calculator or learning the formula to calculate home loan EMI. Instead, all you need to do is enter the principal or loan amount, the home loan interest rate, and the repayment term. After entering these values, you can hit ‘Submit’ and get a near-accurate estimate of the EMI amount.

Why Does a Home Loan EMI Calculator Show Near-Accurate Results?

A home loan calculator, such as the PNB Housing home loan EMI calculator, shows near-accurate and not accurate results. But why does this happen?

Home loan EMI depends on the borrower’s eligibility. Home loan eligibility depends on a wide range of factors, including the borrower’s credit score, age, monthly income, debt-to-income ratio, total liabilities, property location, etc. The calculator does not consider all these factors while displaying the results. After applying the EMI calculation formula on the values you enter, it simply shows a value. Hence, there might be a little disparity between the figures you see on the calculator and the actual EMI amount. However, the results are trustworthy.

What are the Benefits of the PNB Housing Home Loan EMI Calculator?

Many borrowers prefer the PNB Housing Home Loan EMI Calculator because of the following reasons:

1.Simplicity and Accuracy- Calculating home loan EMI manually is no less a challenge. They are also prone to errors. In contrast, the PNB Housing Home Loan EMI Calculator gives you accurate results. Hence, you can mention the amount during negotiating with the lender.

2.Instant Result – Whether you calculate home loan EMI manually or visit a lender, you will waste precious time discovering the EMI amount. In contrast, the PNB Housing Home Loan EMI Calculator gives you a quick estimate of the loan amount. You can use the time thus saved on productive activities.

3.Plan Finances Better – A home loan is a big liability. Thankfully, the PNB Housing Home Loan EMI Calculator helps you plan your payments wisely. As you know the amount you need to pay every month, you can modify your budget accordingly. Proper planning can save you from many issues like legal notices, property liquidation etc.

4.Compare Lenders – Since the PNB Housing Home Loan EMI Calculator is totally free, you can use it multiple times to compare home loan interest rates. Apt knowledge can help you choose the best lender.

Conclusion

PNB Housing Home Loan EMI Calculator enables you to understand the actual meaning of home loan interest rates. You can get a near-accurate estimate of the home loan EMI amount to decide the best loan amount and tenure.