PNB Home Loan Interest Rates Jan 2019

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Loan under this scheme is not given for the purchase of land or plots. With each successive payment, you'll pay more towards the principal and less in interest.

For all the other individuals: The last three year income tax return or assessment order and the statement of computation of income with the Bank statements for the last 6 months. Please understand that I am not advocating the fixed rate option for this loan product. Punjab National Bank Home Loan Interest Rate Calculator Interest Rate 8.

PNB Home Loan Calculator for EMI & Eligibility Calculations 2019

Young salaried employees are target customers for all the banks. Therefore, you can expect them to come with schemes to lure such prospects to their fold. The loan amount is amortized or recovered over the remaining tenure of the loan. For loans above Rs 75 lacs, margin shall be 25%. Typically, most banks insist on such insurance. As discussed, in anpurchase pnb home loan emi calculator term insurance on your own, rather than purchasing through the bank. You can have the policy assigned in favour of the bank How Much Can I Get and What Is the Loan Tenure. The bank first arrives at your loan amount as per regular home loan calculation method. You are eligible for 1. Loan tenure is flat 30 years. I did not see any cap linked to borrower age. This is a bit strange since if a person takes a loan at the age of 40, the loan repayment shall go on till the age of 70 years. However, most home loan borrowers try to square off their home loans much before the contracted schedule. In any case, the bank has your house as the security. Therefore, you should be worried more than the bank. Moratorium Reduces Loan Eligibility If you avail moratorium, the loan eligibility goes down. When I introduced principal moratorium of 3 years, loan eligibility went down from Rs 35. Moratorium of 5 years reduced the eligibility to Rs 34. How does the repayment schedule work. This is subject to a maximum of 5 years. Principal moratorium is for 3 years. Now this is quite bizarre. If Rs 25,000 per month was the threshold, how can the borrower pay or afford Rs 29,674 per month. This is also as per on Punjab National Bank website. Conclusion To be honest, this loan structure makes little sense to me.

Further the charges like stamp duty, registration fees, and other documentation charges are to be borne by the borrower and can by no means be included in the margin money. My loan amount was approved earlier, I got the disbursement amount within a week. Employees of smaller establishments can also avail this loan facility. How bizarre for a loan insurance product? Clearly, if your income is lower, the loan eligibility will also be lower.