Purchasing the house of your dreams may seem like a daunting task at first due to the various intricacies involved with the loan procedure. But, it all becomes a cakewalk as soon as you understand the loan parameters and its procedure.
Whether it is the required eligibility or offered tenure, the loan parameters are connected that can be experienced in real-time through a loan EMI calculator.
Primary eligibility conditions associated with a loan usually involve the borrower’s age, income, and credit score as it determines the interest rate offered by banks.
One of India’s most trusted financial institutions, PNB housing.
PNB housing home loan gives affordable interest rates at 80-90% of the property’s market price and with flexible repayment terms.
Read on to know about the tips to calculate home loan interest rates from PNB Housing.
Before applying for a loan, one should perform intensive research and be aware of the multiple factors that affect the lender’s interest rate. Various parameters which determine the rate of interest of a PNB Housing home loan are:
Credit Score
A three-digit number that summarizes an individual’s credit history, a CIBIL score validates the creditworthiness of the borrower by evaluating their previous and existing debts.
The higher the credit score, the lower the interest rate will be offered to the applicant. One can improve the CIBIL by paying credit card bills on time, monitoring the CUR frequently, and checking the credit report regularly for discrepancies.
Loan Amount
Another critical parameter that helps in determining the interest rate is the required money. If the loan amount is more than INR 35 lakhs, the borrower is levied a higher rate of interest due to an increased risk factor after considering their credit score and other parameters.
Nature of Employment
A crucial factor that impacts the home loan interest rate offered by PNB Housing is the employment type of the borrower.
If the applicant is a salaried individual or self-employed professional (SEP), the charge rate of interest is less than the self–employed non–professional (SENP) candidates.
This is because the former employment type is a more stable source of income more relied upon for timely payment of the EMIs.
Using Home Loan EMI calculator
Easily accessible from anywhere in the world and simple to operate, the home loan interest rate calculator of PNB Housing accurately determines the monthly installment amount based on your inputs. It also helps save a lot of time and energy for an individual.
One can compute the approximate EMI amount by entering the following parameters:
- Required loan amount upon checking your requirements and eligibility factors.
- Loan tenure, i.e. the duration for which can afford to pay the EMIs.
- Rate of interest charged by the financial institution depending upon the above-discussed parameters.
With certain clarity about the interest rate influencing factors as well as the estimated EMI amount you shall have to submit upon loan disbursal, you can plan the finances in advance and live a stress-free life in your perfect abode with the help of a PNB Housing home loan.
