Is PNB HFL Home Loan Interest Rate That of a Floating One?

PNB Housing Finance Finance provides home loans at a floating rate of interest rate instead of fixed rate of interest. So this is good news for you as home loans provided on floating rate of interest are cheaper than  the ones given on fixed rate; it is 1-2.5 percent higher than floating rate. This increase makes a huge difference because the tenure for which home loans are taken are long. A floating PNB HFL Home Loan Interest Rate generally puts you at an advantage when the home loan market is down due to which rates come down.

What is the PNB HFL Home Loan Interest Rate like?

Generally, the interest rates offered by public sector banks are lesser as compared to the private sector bank. So, PNB Housing Finance being a public sector undertaking, the interest rates are quite affordable. These interests won’t seem like a burden at the time of making EMI payments. As discussed earlier, PNB home loan interest rate is given on a floating rate ranging between 9.25% – 11.50% per annum. Interest rate offered to salaried individuals are slightly less than self-employed individuals. Salaried individuals are offered the loan somewhere between 9.25% to 11.25%. Whereas, self employed individuals are offered the home loan at 9.50% – 11.50%.

How can you Secure the Lowest Possible PNB HFL Home Loan Interest Rate?

Below mentioned are some tricks and trade that you can use to avail the lowest possible interest rate. However, it is totally upto PNB Housing Finance’s discretion whether what rate it will offer you. But you can still give it a try:

Credit Score: Having a good credit score always helps. A score of 750 and above is considered to be a good credit score. So, if you maintain a good credit score, chances are PNB Housing finance will give you the loan at the lowest possible PNB HFL home loan interest rate. Credit score plays a vital role as it establishes a trust factor between the borrower and lender.

Healthy Relationship: Say, if you have taken an earlier loan with PNB or any of its subsidiaries, this can help you procure the lowest home loan interest rate by HFL. Only if you have serviced the previous loan well, there are chances that you will get the lowest possible interest rate.

How to use PNB HFL Home Loan EMI Calculator?

It is no rocket science. It was designed for the convenience of the customer. Thus, very easy to use. First, decide the loan amount you want and then, enter the same on the EMI calculator by moving the slider. Second, choose the interest rate you desire by adjusting the slider. Lastly, choose a comfortable tenure period for you by which you’ll be able to pay the loan. And boom, you’ll have the result in front of your screen. 

How can the PNB HFL Home Loan EMI Calculator help you?

PNB HFL home loan EMI  calculator was built with the idea to help you. It lets you know how much EMI you have to pay every month so that you can plan well-in-advance. It cuts down the efforts that you would have to make by getting into complex calculations. By just adjusting a few sliders present in the PNB HFL home loan EMI calculator, you can have the result on your screen within milliseconds. Managing home loan EMIs can be very tricky, sometimes. This generally happens when you are not aware about how much EMI you have to pay. Home loan EMIs take away a major chunk of you salary. So, it is very important to know how much your EMI is going to be basis which you can plan out your expenses and savings per month. Home loan monthly installments are affected mainly by three factors: the loan amount you desire, interest rates and repayment tenure of the loan. Any movement in these factors can increase or decrease your monthly payments. Keeping in mind these three variables, PNB has developed a home loan calculator that helps a borrower determine the EMI they’ll have to pay.