PNB Home Loan EMI Calculator: In a bid to provide a boost to PM Narendra Modi's 'Housing for All' mission, Punjab National Bank Housing Finance (PNB Housing Finance) has come forward and offered up to 90 per cent of the property value as home loan amount to the salaried individuals. The maximum home loan amount promised by PNB Housing Finance is Rs 35 lakh while the minimum home loan amount is Rs 8 lakh in Tier-1 cities. PNB Housing Finance is offering this home loan under 'Unnati Home Loan' title. The home loan is being offered to both salaried and self-employed individuals and the lending institution has customized its offer for both types of home loan applicants.

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Speaking on the Home Loan offer; Hardayal Prasad, MD & CEO at PNB Housing Finance said, “We launched Unnati Home Loan as part of our constant effort to offer quick, affordable and customer-friendly financial solutions to those aspiring to buy their dream home and fulfil an important life goal. The loan is tailor-made for low and medium income groups, and will give a big push to the government’s broad vision of ‘Housing for All by 2022’. Unnati Home Loan will play a significant role in not only empowering individuals to own their homes but will also lift the socio-economic wellbeing of our Society.”  

PNB Home Loan Offer in Detail
PNB Housing Finance is offering customer-friendly Unnati Home Loan of up to Rs. 35 lakh, or up to 90 per cent of the property’s market value for salaried individuals and up to 80% of the property’s market value for self-employed individuals. The minimum home loan amount is as low as Rs. 8 lakhs for Tier-1 cities or Rs. 6 Lakhs for Tier-2 cities. Also, PNB Housing Finance provides such loans for a property of minimum size measuring 225 sq. ft. or 40 square yards in case of a construction loan within the city’s geographical limits.

This makes Unnati from PNBHFC a smart investment choice for young-entrepreneurs and aspirant salaried class of the millennial generation from mid-sized towns and cities of India who would like to invest in an asset class early on in their career life-span. Additionally, the extended 30-year repayment plan reduces the EMI burden on the borrowers.

Source: pnbhousing.com

PNB Home Loan EMI Calculator

So, on the basis of the PNB offerings, if a loan applicant gets Rs 35 lakh home loan (maximum amount) for 20 years tenure, the salaried individual with credit score more than 750 will be levied a minimum 7.8 per cent home loan interest rate. As per the PNB Housing Finance home loan calculator, the monthly EMI of the home loan would be Rs 28,841.

Source: pnbhousing.com

So, at the monthly loan repayment of Rs 28,841, one can get Rs 35 lakh home loan (which is 90 per cent of the net property value). So, in short, Punjab national Bank Housing Finance is offering a home buyer to own a home worth Rs 38,88,888.88 or around Rs 39 lakh at the home loan EMI of Rs 28,841.