PNB is giving home loan of ₹10 lakh on salary of only ₹25,000! Know the monthly EMI and complete account

PNB Bank Home Loan: Our own house… it is not just a name of four walls and a roof, but it is the biggest dream of all of our lives. But often a wall of money stands in front of this dream.

But what if we say that even if your monthly salary is only ₹25,000, you can still take a home loan of ₹10 lakh from public sector bank PNB to build your house?

Yes, it is absolutely possible! Come, let us understand in simple language today what needs to be done for this, how much will be your monthly installment (EMI), and how much money will you have to pay in total.

Is ₹25,000 salary enough to take a loan of ₹10 lakh?

yes of course! Public sector banks like PNB usually check that you do not already have any major debt, and the loan EMI will not put too much of a burden on your salary. A rough rule of thumb is that your EMI should be less than half your monthly salary.

• Your salary: ₹25,000
• What should be the EMI: Between ₹10,000 to ₹12,000
• EMI on loan of Rs 10 lakh: Around ₹8,230 (which fits comfortably within your salary)
  So, if your salary is around ₹25,000 and your record is clean, then PNB can happily give you a loan of Rs 10 lakh.

The biggest question: How much will be the monthly EMI?

Now let’s come to the most important thing. Suppose, PNB gives you a loan of Rs 10 lakh at an interest rate of 7.75% per annum, and you choose to repay it in 20 years (so that the installment does not seem too heavy).

You saw! Your monthly installment will be only ₹8,230. If your salary is ₹25,000, then even after paying this EMI, you will be left with around ₹17,000 for your remaining expenses.

So how much money will have to be returned to the bank?
Home loan is a long term loan.

• Your monthly EMI: ₹8,230
• Total installments you will pay: Rs 240 (20 years x 12 months)
• Total you will pay in 20 years: Approximately ₹19.75 lakh.
  This includes your ₹10 lakh principal and the remaining ₹9.75 lakh interest. This amount may seem huge, but it is a small price to pay gradually to fulfill your dream of ‘owning your own home’.

So for whom is this loan best?

This home loan from PNB is a great option for all those working people, small businessmen and middle class families who want to shift from their ‘rented house’ to their ‘own house’ by paying small installments every month.

Just keep one thing in mind, before taking a loan, calculate your pocket and your expenses properly. Loan taken with proper planning proves to be the best decision of life.