Highlights
- EMIs on your fingetips courtesy calculator
- Type loan amount, ROI and tenure to compute your repayment future
About PNB Home Loan EMI Calculator
Planning a home loan from Punjab National Bank (PNB) as its rates have softened? But don’t know what’s the EMI likely to be? Start using Punjab National Bank Home Loan EMI Calculator, which is available online and best suited for the purpose. Let’s read more about the calculator below.
What is EMI?
An equated monthly installment (EMI) forms a component of both interest and principal repayments towards a home loan. The EMI is calculated using loan amount, interest rate and tenure. So, you have an easy task of entering these three variables in the calculator. Just do that and ascertain the EMI applicable.
EMI Calculation Formula
Ever imagined as to how the calculator performs its operations? Well, it does its job using the below formula.
E = P . R . (1+R)^N/((1+R)^N – 1)
E = EMI (Equated Monthly Installment)
P = Principal Loan Amount
R = Monthly Interest Rate
N = Monthly Loan Tenure
An example, however, would make things easier for you, isn’t it?
Example – Shekhar Patel, a 32-year old engineer, applied for a home loan of INR 40 lakhs at PNB. The bank offered him a loan for 20 years at 8.45% rate of interest. In that case, what’s the EMI and interest likely to stack up? Find that in the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 40,00,000 | 8.45% | 1 | ₹ 3,48,787 | ₹ 1,85,438 | ₹ 41,85,438 |
| ₹ 40,00,000 | 8.45% | 2 | ₹ 1,81,731 | ₹ 3,61,549 | ₹ 43,61,549 |
| ₹ 40,00,000 | 8.45% | 3 | ₹ 1,26,177 | ₹ 5,42,390 | ₹ 45,42,390 |
| ₹ 40,00,000 | 8.45% | 4 | ₹ 98,499 | ₹ 7,27,943 | ₹ 47,27,943 |
| ₹ 40,00,000 | 8.45% | 5 | ₹ 81,970 | ₹ 9,18,186 | ₹ 49,18,186 |
| ₹ 40,00,000 | 8.45% | 6 | ₹ 71,015 | ₹ 11,13,089 | ₹ 51,13,089 |
| ₹ 40,00,000 | 8.45% | 7 | ₹ 63,245 | ₹ 13,12,615 | ₹ 53,12,615 |
| ₹ 40,00,000 | 8.45% | 8 | ₹ 57,466 | ₹ 15,16,723 | ₹ 55,16,723 |
| ₹ 40,00,000 | 8.45% | 9 | ₹ 53,013 | ₹ 17,25,364 | ₹ 57,25,364 |
| ₹ 40,00,000 | 8.45% | 10 | ₹ 49,487 | ₹ 19,38,485 | ₹ 59,38,485 |
| ₹ 40,00,000 | 8.45% | 11 | ₹ 46,637 | ₹ 21,56,026 | ₹ 61,56,026 |
| ₹ 40,00,000 | 8.45% | 12 | ₹ 44,291 | ₹ 23,77,924 | ₹ 63,77,924 |
| ₹ 40,00,000 | 8.45% | 13 | ₹ 42,334 | ₹ 26,04,108 | ₹ 66,04,108 |
| ₹ 40,00,000 | 8.45% | 14 | ₹ 40,682 | ₹ 28,34,506 | ₹ 68,34,506 |
| ₹ 40,00,000 | 8.45% | 15 | ₹ 39,272 | ₹ 30,69,038 | ₹ 70,69,038 |
| ₹ 40,00,000 | 8.45% | 16 | ₹ 38,061 | ₹ 33,07,624 | ₹ 73,07,624 |
| ₹ 40,00,000 | 8.45% | 17 | ₹ 37,011 | ₹ 35,50,178 | ₹ 75,50,178 |
| ₹ 40,00,000 | 8.45% | 18 | ₹ 36,095 | ₹ 37,96,611 | ₹ 77,96,611 |
| ₹ 40,00,000 | 8.45% | 19 | ₹ 35,293 | ₹ 40,46,833 | ₹ 80,46,833 |
| ₹ 40,00,000 | 8.45% | 20 | ₹ 34,586 | ₹ 43,00,748 | ₹ 83,00,748 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 80,092 | ₹ 3,34,945 | ₹ 39,19,907 |
| 2 | ₹ 87,128 | ₹ 3,27,909 | ₹ 38,32,779 |
| 3 | ₹ 94,782 | ₹ 3,20,255 | ₹ 37,37,996 |
| 4 | ₹ 1,03,109 | ₹ 3,11,928 | ₹ 36,34,887 |
| 5 | ₹ 1,12,167 | ₹ 3,02,870 | ₹ 35,22,720 |
| 6 | ₹ 1,22,021 | ₹ 2,93,016 | ₹ 34,00,698 |
| 7 | ₹ 1,32,741 | ₹ 2,82,296 | ₹ 32,67,957 |
| 8 | ₹ 1,44,402 | ₹ 2,70,635 | ₹ 31,23,554 |
| 9 | ₹ 1,57,088 | ₹ 2,57,949 | ₹ 29,66,466 |
| 10 | ₹ 1,70,888 | ₹ 2,44,149 | ₹ 27,95,577 |
| 11 | ₹ 1,85,901 | ₹ 2,29,136 | ₹ 26,09,676 |
| 12 | ₹ 2,02,233 | ₹ 2,12,804 | ₹ 24,07,443 |
| 13 | ₹ 2,19,999 | ₹ 1,95,038 | ₹ 21,87,443 |
| 14 | ₹ 2,39,326 | ₹ 1,75,711 | ₹ 19,48,117 |
| 15 | ₹ 2,60,351 | ₹ 1,54,686 | ₹ 16,87,766 |
| 16 | ₹ 2,83,223 | ₹ 1,31,814 | ₹ 14,04,542 |
| 17 | ₹ 3,08,104 | ₹ 1,06,933 | ₹ 10,96,437 |
| 18 | ₹ 3,35,172 | ₹ 79,865 | ₹ 7,61,265 |
| 19 | ₹ 3,64,617 | ₹ 50,420 | ₹ 3,96,648 |
| 20 | ₹ 3,96,890 | ₹ 18,388 | ₹ 0 |
Frequently Asked Questions
1. How is EMI calculated for PNB home loans?
In case you want to calculate your PNB home loan EMI, you can use the EMI calculator. Moreover, you can use the below mentioned formula to calculate the EMI on your home loan:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
Where,
P denotes the ‘Principal Amount’,
R represents the rate of interest set by the bank, and
N stands for the number of years for which the loan has been taken. Since, the EMIs are paid every month, the duration is calculated in the number of months.
2. How can I pay my PNB home loan EMI online?
You can pay your PNB home loan EMI online by transferring via NEFT, Netbanking, etc.
3. Can we pay more than EMI in home loan PNB?
Yes, you can pay more than the EMI amount in PNB home loan.
4. What happens if PNB home loan EMI is missed?
If you miss your home loan EMI in PNB, there is a chance that PNB can charge a penalty on your missed home loan EMI. This depends on the borrower’s overall credit profile.