PNB Home Loan: Loan interest rates have declined significantly this year compared to last year. Common people are getting a lot of relief due to reduction in EMIs due to fall in interest rates. While people’s monthly expenses have reduced due to reduced EMI, their savings have also increased. Punjab National Bank is offering home loans to its customers at attractive interest rates. Punjab National Bank is offering home loans to its customers at introductory rates of only 7.20 percent. Here we will know what should be the monthly salary to take a home loan of Rs 50 lakh at an interest rate of 7.20 percent for 30 years and what will be the EMI every month.
What should be the salary to take a home loan of Rs 50 lakh from PNB?
Home loan interest rates of Punjab National Bank are starting from 7.20 percent. To take a home loan of Rs 50 lakh for 30 years at an interest rate of 7.20 percent, your monthly salary should be at least Rs 68,000. According to this calculation, there should not be any other loan active in your name. If you take a home loan of Rs 50 lakh for 30 years from PNB at an interest rate of 7.20 percent, you will have to pay an EMI of around Rs 34,000 every month. Let us tell you that in case of home loan, almost half of your salary goes towards the EMI of the loan.
Banks check the credit score and old loan account of the customer to give loan.
Home loan is a long term loan. Therefore, any bank strictly checks the credit score and loan history of the customers before giving them a home loan. To take a home loan, your credit score should be good. If your credit score is not good then the bank may reject your loan request. If your credit score is good then you can also talk to the bank for discount in interest rates. Many times, due to good credit score, banks give you good interest rates. Therefore, instead of going to just one bank for a home loan or any other loan, one should visit different banks and look for the best offer.