PNB Housing provides loans against mortgages of existing residential/commercial immovable property at our branch locations. The end use of the loan can be for business expansion, foreign travel, personal needs like education, wedding of children, family functions, medical expenses, home furnishings, purchase of high cost consumer durables etc. However, the money should be used only for a lawful purpose.
₹
500000
36
months
10
%
Monthly EMI
₹
₹ 32,124.56
Total Interest
₹
10,622.78
Principal Amount
₹
500000
Payable Amount
₹
160,622.78
| Pay No. |
Begining Balance | EMI | Principal | Interest | Ending Balance |
|---|---|---|---|---|---|
| 1 | 150000.00 | 32124.56 | 28637.06 | 3487.50 | 121362.94 |
| 2 | 121362.94 | 32124.56 | 29302.87 | 2821.69 | 92060.07 |
| 3 | 92060.07 | 32124.56 | 29984.16 | 2140.40 | 62075.91 |
| 4 | 62075.91 | 32124.56 | 30681.30 | 1443.26 | 31394.61 |
| 5 | 31394.61 | 32124.56 | 31394.64 | 729.92 | -0.03 |
The following is the minimum amount to contribute:
On the annual reducing balance method, you will continue to pay interest on the amount you repay during the coming year as the interest for the year is determined based on the amount outstanding at the beginning of the year.
In case of daily reducing balance, which is the method we use, your interest is calculated only on the outstanding loan amount, which is paid every time you pay your EMIs or make any prepayments So it decreases. This in essence significantly lowers your effective interest rate.
Before choosing the house you wish to buy, we give you an in-principle approval based on your income and repayment capacity. This makes the entire process of home identification and buying easier and more flexible. You will not be under pressure to identify the house as you know the amount that the bank will provide to you.
This in-principle approval is valid for 6 months to give you enough time to choose the flat/house of your choice.
Your loan can be approved in 3 to 7 working days after you complete all the desired formalities.
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