If you are planning on buying a house, an affordable EMI will be among your top priorities for you. You might be buying it for the first time, but you might also have done it before.
Is this a financial move, or do you want to spend your golden years there?
Whatever the case, a home purchase calls for preparation and saving. As long as you have an effective EMI management plan, it’s not as hard as it seems. It will make things clear to you. When you select an affordable EMI, you won’t feel the pinch on your finances.
Consider the following suggestions to avoid any problems with paying off your PNB Home Loan EMI.
Timely Payment of EMIs
The payment of EMIs on or before the due date can make your home loan repayment experience smooth and hassle-free. A little bit of research planning can really go a long way in this respect.
Make sure you have the amount required to cover your home loan EMI on its due date. Consistently missing EMI payments can result in a bad credit score and your lender charging you with default.
A good credit score (more than 750, for example) indicates to the lender that you are a responsible borrower and will have your next loan application processed more quickly.
PNB Housing considers applicants with a credit score of more than 611.
Don’t Just Pay, Pay More
By increasing your monthly EMI payments, you can pay off your Home Loan sooner than you and the lender agreed. As a result, the total time spent repaying the loan will be reduced.
So will the total amount of interest be paid? Using the PNB home loan EMI calculator can greatly help in this respect.
A higher down payment can help reduce the EMI, but this is something you need to consider before taking the loan.
Choose Automatic Payment
If you pay your EMI using a check, there is a chance that you could miss a payment because of a typo, a mismatched signature, or an incorrect due date. Allowing the monthly home loan payment to be automatically deducted from your bank account can be an easier option.
The most straightforward approach to ensure you never miss an EMI payment is to set up automatic withdrawals from your regular checking or payroll account through ECS (Electronic Clearing Service).
Make the Most of an EMI Calculator
Owning a home is one of the most significant accomplishments most want to make. Most borrowers think that a home loan is a difficult process. But it doesn’t have to be in the present time of online services.
The PNB home loan EMI calculator is a tool that considers your current income to help you decide how much of a loan you can afford.
The numerous home loan alternatives your lender provides will have varying interest rates and down payment requirements. The EMI calculator simplifies this calculation for you. You’ll be able to choose the best Home Loan for your needs.
It can also give you a fair idea of how soon you can repay the loan if you choose to increase the EMI payment.
How to Use Housing Loan EMI Calculator?
You need to feed different variables, and it will use the applicable interest rate and work out the EMI.
The three main components of an online EMI calculator are:
- Principal amount
- Rate of Interest
- Repayment tenure
The EMI calculator is a free tool that can be used without restrictions or limits.
To be able to manage your home loan EMI well, you should borrow only as much as you need and can afford. A higher amount of down payment will make you reduce the home loan amount and the EMI.
While making these decisions, you should think about your other financial obligations. Using an EMI calculator and talking to or reading reviews of other home loan beneficiaries can make things easy for you.
You can check out some PNB housing finance customer reviews to know their home loan and repayment experience.