Use BeforeNavigate Event and NavigateComplete Event.
Ex.
Draw a Command Button (Command1) and PictureBox (Picture1)
Draw WebBrowser Control (WebBrowser1) inside PictureBox
Private Sub Command1_Click()
WebBrowser1.Navigate ("www.google.co.in")
End Sub
Private Sub WebBrowser1_BeforeNavigate2(ByVal pDisp As Object, URL As Variant, Flags As Variant, TargetFrameName As Variant, PostData As Variant, Headers As Variant, Cancel As Boolean)
Picture1.Enabled = False
End Sub
Private Sub WebBrowser1_NavigateComplete2(ByVal pDisp As Object, URL As Variant)
Picture1.Enabled = True
End Sub
Instead of PictureBox u can use Frame Control
Unsolved 
