Punjab & Sind Bank Home Loan EMI Calculator

Have you decided to avail a home loan from Punjab and Sind Bank (PSB)? Like the rates offered by the bank? Despite the attractive rates offered, it won’t be any harm to give a look at the EMI calculator that computes the future of your repayment days. This will only help plan your budget better.

What is EMI?

The EMI constitutes both principal and interest portions payable on a home loan. To calculate the EMI, you need three variables – loan amount, tenure, and rate of interest. Just enter these values into the EMI calculator and see the results it draws on the screen. Keeping loan amount and tenure the same, it’s the interest rate differential that will dictate the shape of repayment.

How to Use Wishfin Punjab and Sind Home Loan EMI Calculator?

The Wishfin home loan EMI calculator is easy to use, always available, and free of charge. To get an idea of your monthly repayments, all you need to do is enter:

• Loan amount
• Interest rate
• Tenure

After entering the required details, the tool will calculate your monthly EMI and show the total interest due over the life of the loan. It also offers a yearly breakdown of principal and interest payments. Moreover, you can view the remaining balance of the loan at the end of each year.

EMI Calculation Formula

The calculator computes the EMI based on a simple formula shown below.

E = P x R x (1+R)^N/((1+R)^N – 1),

E = EMI
P = Principal Loan Amount
R = Rate of Interest
N = Monthly Loan Tenure

Below is an example to give you a brief idea of the repayment. Take a look.

For instance, Sheetal Seth, a software designer, applies for a home loan of Rs. 35,00,000 at PSB, which offers the same at an interest rate of 8.40% per annum. The loan tenure chosen by her is 20 years. Let’s glance at the table below which gives a break-up of the repayment.

Here’s how the EMI will be calculated:

• Principal Amount (P): ₹35,00,000
• Interest Rate (R): 8.40% per year, (which is equal to 8.40/12/100 = 0.007 per month)
• Loan Tenure (n): 20 years, or 240 months

Using the EMI calculation formula:
[35,00,000 x 0.007 x (1 + 0.007) ^ 240]/[(1+0.007 ^240 -1] = 30,153

This calculation yields a monthly EMI of ₹30,153

Punjab and Sind Bank Home Loan Amortisation Schedule

Refer to the EMI table and the amortization schedule below to understand the monthly installments for your home loan based on the example provided.

The Minimum EMI Offered by Punjab and Sind Bank on Home Loans

Punjab and Sind Bank offers home loans at interest rates beginning at 8.95%, which may rise to 11.30%, influenced by factors such as the borrower's income, the specific home loan product, and their credit history.

Here are the minimum and maximum monthly EMIs for various home loan sums, calculated at annual interest rates of 8.95% and 11.30% for 25 years:

Why Use Punjab and Sind Bank Home Loan Calculator?

Using Punjab and Sind Bank Home Loan Calculator has several advantages:

1. Simplified Financial Planning : It helps you calculate your monthly EMI payments easily, so you can plan your budget effectively without any surprises.
   
2. Time-Saving : Instead of manually calculating EMIs which can be prone to errors, the calculator provides quick and accurate results.
   
3. Loan Comparison : Allows you to adjust different variables like loan amount, interest rate, and tenure to see how each factor affects your monthly payments, helping you compare various loan options.
   
4. Transparency : Provides detailed insights into how much you'll be paying towards principal and interest over the loan's tenure, helping you understand the total cost of the loan.
   
5. Accessibility : Available online 24/7, the calculator can be used at your convenience to make informed decisions about home financing.

Punjab and Sind Bank Home Loan Eligibility

Here are the eligibility criteria set by Punjab and Sind Bank for different types of home loans offered by them:

For PSB Apna Ghar- Sahaj:

• Eligibility includes permanent employees of State/Central Government, PSUs, or recognized educational institutions as approved by the bank.
• Age criteria are 21-60 years for employees without a pension and 21-70 years for those with a pension or NPS.

For PSB Apna Ghar:

• This category is open to individuals, groups of individuals, and members of housing societies.
• Age requirements are 18-60 years for salaried applicants without a pension, and 18-70 years for both salaried applicants with a pension and other non-salaried applicants.
• The net take-home salary, after all deductions including the home loan EMI, should be at least 40% for incomes up to Rs 10 lakh p.a., 30% for incomes between Rs 10 lakh and Rs 25 lakh p.a., and 20% for incomes above Rs 25 lakh p.a.

For PSB Apna Ghar Top-Up:

• The financed property must be complete and owned by the applicant.
• Minimum repayment records required vary: 6 months for government/PSU employees with a salary account at Punjab & Sind Bank, 12 months for government/PSU employees without a salary account at the bank, and 24 months for all other cases.

PSB Kisan Home Loan:

• Applicants should be aged between 21-60 years.
• The net income requirement is not less than 40% of the gross income after deductions for EMI and other liabilities, considering the income of a son, spouse, or daughter-in-law.

Punjab and Sind Bank Home Loan Fees and Charges

Here are the fees and charges associated with home loans offered by Punjab and Sind Bank:

PSB Apna Ghar

• Processing Fee:

• For loans up to Rs 25 lakh: 0.15% of the loan amount (ranging from Rs 1,000 to Rs 3,750).
• For loans between Rs 25 lakh and Rs 50 lakh: 0.25% of the loan amount (up to Rs 12,500).
• For loans between Rs 50 lakh and Rs 75 lakh: 0.25% of the loan amount (up to Rs 15,000).
• For loans over Rs 75 lakh: 0.25% of the loan amount.
• Documentation Charges: Based on actual expenses.
• Prepayment Charges: None.

2. PSB Apna Ghar Top-Up

• Processing Fee: For loans up to Rs 10 lakh, 0.15% of the loan amount (ranging from Rs 1,000 to Rs 3,750).
• Documentation Charges: Based on actual expenses.
• Prepayment Charges: None.

3. PSB Kisan Home Loan

• Processing Fee: Up to Rs 10 lakh- 0.15% of the loan amount (Rs 1,000-Rs 2,000)

What are the Limitations of Using PSB Home Loan EMI Calculator?

Here are the main disadvantages of utilizing a home loan calculator:

• The calculator offers basic calculations that may not reflect specific financial nuances or future changes in market conditions.
  
• It relies on static inputs for interest rates and loan tenure, which might not account for rate fluctuations over time.
  
• Essential costs like stamp duty, registration fees, and other miscellaneous expenses related to home purchasing are not included.
  
• The accuracy of the outputs is only as good as the data input, which can lead to misleading results if not entered correctly.
  
• If the loan product has variable rates, the calculator might not accurately predict fluctuations affecting the repayment amount.