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SBI Home Loan EMI Calculator

Home Loan Bank Information

Bank Name
Interest
Tenure
Processing Fees
Kotak Mahindra Bank
6.55%
1 - 20
YEARS
Rs 20000
+ GST
HDFC
6.7%
1 - 30
YEARS
Rs 3000
+ GST
Bajaj Housing Finance
6.8%
1 - 20
YEARS
0.3 %
+ GST
LIC Housing Finance
6.9%
0 - 30
YEARS
Rs 10000
+ GST
See More Offers

State Bank of India is a financial and banking service provider. One of its financial services is home loans. These home loans can be attained for purchasing or constructing a property. The repayment of these loans is done through regular EMIs. But directly jumping into getting a home loan can be risky. Thus it is better to use an SBI Home Loan EMI Calculator to get a prior idea of how much the borrower will have to pay.

About the online SBI Home Loan EMI Calculator

The EMIs of an SBI Home Loan is the fixed amount that the borrower needs to pay monthly till the entire loan principal amount is repaid. Many factors determine the loan amount and the EMI amount is calculated mostly based on the tenure, loan amount, and interest rate.

The borrower can use the SBI Home Loan EMI Calculator to calculate this EMI amount before the EMI payments begin or even before taking the loan. The calculator has a specific algorithm that calculates the EMI value and is always accurate with its results. Since it is online, anyone can access it, and makes home loan planning hassle-free.

Reasons to use the SBI Home Loan EMI Calculator

For an individual who is planning their future finances and wants to see how to fit the monthly EMIs in it, the SBI Home Loan EMI Calculator will be helpful. It helps in calculating the following:

  • To calculate the SBI Home Loan EMI- the borrower can freely use the SBI Home Loan EMI Calculator to calculate the monthly EMI of an SBI Home Loan with different tenure. Refer to the bank to get the interest rate estimate and then calculate the EMI of different loan amounts and tenure. This way, the borrower will be able to compare different EMIs. It can help with finding the loan amount and tenure with the lowest EMI.
  • Calculate the remaining tenure to pay the outstanding balance- the borrower can use the outstanding balance of the loan to know how long they will have to pay the EMI to clear the debt. If the tenure still seems long, try transferring the outstanding loan balance to a different bank that allows repayment at lower rates.
  • Get an amortization schedule- the SBI Home Loan EMI Calculator can provide a detailed amortization schedule that consists of the breakdown of the EMI amount into interest and principal. This way the borrower can clearly keep track of the interest and principal repayment throughout the tenure.
  • Easy to compare- the SBI Home Loan EMI Calculator is also helpful to compare the EMI of SBI home loans with other bank loans, which have the same tenure and loan amount. The varying interest rate and the calculator will help in finding the cheaper bank loan.

SBI Home Loan EMI

SBI provides this home loan to both self-employed and salaried individuals. The age bracket to be eligible for this loan is from 18 to 70 years. The loan amount depends on the financial status of the borrower, their age, the loan tenure, etc. The maximum tenure of the SBI Home Loan is 30 years. For women, the interest rates have a special discount. The EMI starts at Rs. 645 for per lakh home loan. The borrower can use the SBI Home Loan EMI Calculator to further calculate the EMI for any loan amount and tenure.

Factors affecting the SBI Home Loan EMI

To calculate the EMI amount, the borrower needs to put the following details in the online SBI Home Loan EMI Calculator:

  • Interest rate- the cost for taking a loan is the interest rate paid on it. The higher the interest rate, the higher will be the cost of the loan and the higher the EMI amount. Thus, before taking the SBI Home Loan, make sure to compare various interests so that the borrower can get a loan at a lower EMI. The calculation and comparison of EMI can be done with the SBI Home Loan EMI Calculator. Currently, the lowest SBI Home Loan interest rate is 6.70 percent.
  • Loan amount- the EMI amount directly depends on the loan amount. If the loan amount is high then the EMI amount will also be high, and this can be checked using the online SBI Home Loan EMI Calculator. The minimum loan amount sanctioned by the SBI Home Loan is 25 lakhs, and the maximum amount is 7 crores.
  • Loan tenure- this tenure is the period within which the borrower needs to pay back the loan amount. The longer the tenure of the loan, the lesser will be the EMI amount. Thus, if the borrower takes a loan of 30 years then, compared to a 5-year loan, the EMI will be lower.

Formula to calculate the SBI Home Loan EMI

To calculate the monthly EMI amount, the SBI Home Loan EMI Calculator uses the below-mentioned formula-
EMI= [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
Where,
R is the interest rate of the loan
P is the principal amount of the loan
N is the tenure or the number of months in the tenure
For better understanding, follow the below example-
Say, the principal amount is Rs.50 lakhs and is taken at an interest rate of 8% per annum. The tenure of the loan is 20 years.
P= 50,00,000
R=8/12= 0.67%
N= 20*12= 240 months
EMI= [50,00,000x 0.67%x (1+0.67%)^240]/[(1+0.67%)^ (240-1)]
EMI= Rs. 41,822

Calculating EMI using SBI Home Loan EMI Calculator

To correctly get the EMI amount using the online SBI Home Loan EMI Calculator, the borrower will have to accurately put different tenures with eligible interest rates of the SBI home loan, along with the loan amounts.

This table shows the various EMI amounts at different loan amounts and tenure at a rate of 6.70 percent.

Loan Amount Tenure
  30 years 20 years 15 years
Rs. 1 crore Rs. 64,528 Rs. 75,739 Rs. 88,214
Rs.75 lakhs Rs. 48,396 Rs. 56,805 Rs. 66,160
Rs.50 lakhs Rs. 32,264 Rs. 37,870 Rs. 44,107
Rs.25 lakhs Rs. 16,132 Rs. 18,935 Rs. 22,053

This table can be used as a reference on how the EMI is calculated. Just this way, the borrower can apply for a home loan that seems to fit their budget after calculating different EMIs with the SBI Home Loan EMI Calculator.

SBI Home Loan Amortization Calculation

If the loan has a fixed interest rate, then it will have the same EMI amount throughout the tenure. The only difference will be in the interest amount and principal repayment. With time, in the total EMI amount, the principal portion will increase, and the interest portion will decrease. The below table of the first 12 payments will make this clear.

Months Principal (in Rs) Interest (in Rs) EMI (principal + interest) (in Rs) Outstanding Loan Balance
1 8,488.67 33,333.33 41,822 49,91,511.33
2 8,545.26 33,276.74 41,822 49,82,966.07
3 8,602.23 33,219.77 41,822 49,74,363.84
4 8,659.58 33,162.43 41,822 49,65,704.26
5 8,717.31 33,104.70 41,822 49,56,986.95
6 8,775.42 33,046.58 41,822 49,48,211.53
7 8,833.93 32,988.08 41,822 49,39,377.60
8 8,892.82 32,929.18 41,822 49,30,484.78
9 8,952.10 32,869.90 41,822 49,21,535.68
10 9,011.79 32,810.22 41,822 49,12,520.89
11 9,071.86 32,750.14 41,822 49,03,449.03
12 9,132.34 32,689.66 41,822 48,94,316.69

The SBI Home Loan EMI Calculator provides such an EMI amortization schedule. This schedule breaks down the entire repayment and the borrower can see if they can afford to pay the monthly EMIs. This schedule can also be emailed to the borrower for record-keeping.

Benefits of using SBI Home Loan EMI Calculator

Apart from being easy to use, there are some more reasons that the borrower can benefit from using the SBI Home Loan EMI Calculator. They are:

  • Accurate results: the calculation takes a few moments, and the result provided by the calculator is 100 percent accurate. Because it is so simple and fast to operate, it makes it easy to use it multiple times to compare various EMI structures.
  • Detailed information: the function of the SBI Home Loan EMI Calculator is not just limited to calculating EMIs but is also present with detailed amortization schedules. And if needed by the borrower, the schedule and calculated EMI can be sent to their Email. Having easy access to such information may help with making the final decision related to the loan application.
  • Easy to access: the calculator is an online platform. Thus it can be accessed from anywhere with any device. Provide the borrower with flexibility in using the SBI Home Loan EMI Calculator.
  • Eliminates manual calculation: the online SBI EMI calculator reduces the hassle of manually calculating the EMI amount. If done manually, then, the above-mentioned formula will have to be used with every loan amount, tenure, and interest rate. It can become a bit tedious, and accuracy is not guaranteed. Thus, the SBI Home Loan EMI Calculator makes the entire process easy and less time-consuming.

Conclusion

SBI Bank has been in the financial service providing industry for a very long time. They are trusted service providers, therefore, getting an SBI Home Loan at a favorable interest rate will be a good decision. But for comparison purposes, use the SBI Home Loan EMI Calculator to compare various EMIs using different interest rates, loan amounts, and tenures. The comparison can be done between different banks too.

FAQs

How is the SBI Home Loan treated in case of prepayment?

The SBI bank does not charge any extra fees for opting for prepayment in case of a floating interest rate. With every prepayment, the principal amount reduces. The decision to change the loan tenure or the SBI Home Loan EMI Calculator EMI is for the borrower to choose in case of prepayment.

Is an online payment option available to pay the SBI Home Loan EMI?

Yes, the borrower can pay the SBI Home Loan EMI Calculator calculate EMI amount using an online payment option. They will require to log in to their net banking account and pay the amount using a credit/debit card or a savings account. For the offline method, visit the nearest SBI branch and deposit the check of the EMI amount.

Why is it necessary to calculate the EMI before getting a loan?

The online SBI Home Loan EMI Calculator provides an accurate estimate of the EMI amount that needs to be paid to clear eth debt. Knowing this amount beforehand can help with planning the monthly budgets and see if the borrower will be able to pay the amount timely without any defaults. This is why it is recommended to use the SBI Home Loan EMI Calculator before getting the loan.

What is the treatment of the loan in case of changes in the SBI interest rates?

With floating rates, the interest rate of the home loan will change. If the repo rate increases, then both the interest rate and EMI will increase. Similarly, if the repo rate decreases, then the interest rate and EMI will also decrease. So, to calculate the EMI using SBI Home Loan EMI Calculator, check with the SBI bank to find the current interest rate.

Does the loan EMI amount change in future periods?

If the borrower has a floating rate home loan then, the change of benchmark repo rate will lead to a change in the interest rate of the loan and the corresponding EMI amount. But, if the interest rate is rather fixed then unless a request is filed for tenure change or prepayment is made, the EMI amount calculated using SBI Home Loan EMI Calculator will remain the same throughout the tenure.

What is the loan-to-value ratio in SBI Home Loans?

The LTV refers to the ratio of the loan amount to the property value. The remaining value which is not covered by the loan amount is called the “own contribution”. The LTV schedule of SBI Home Loan is:

Loan-To-Value Property value
75% More than 75 lakhs
80% 30 lakhs to 75 lakhs
90% Less than 30 lakhs

What are the extra charges levied by SBI Home Loan?

The loan document contains all the information regarding the processing fees, default charges, cheque dishonor charges, etc. The loan procedure is kept transparent by the SBI Bank without any hidden charges. In case of any confusion, the borrower can contact the loan officer and get more details about all the applicable charges.

What is the EMI structure for an Rs.25 lakhs SBI Home Loan?

Using an interest rate of 6.70 percent, the EMI amount calculated with the SBI Home Loan EMI Calculator at various tenures is:

Loan amount Tenure Interest Rate  EMI Amount
Rs. 25 lakhs 20 years 6.70% p.a Rs. 18,935
Rs. 25 lakhs 15 years 6.70% p.a Rs. 22,053
Rs. 25 lakhs 10 years 6.70% p.a Rs. 28,642

What is the EMI structure for an Rs.30 lakhs SBI Home Loan?

The EMI amounts calculated by the SBI Home Loan EMI Calculator for a loan amount of Rs. 30 lakhs with different tenures is:

Loan amount Tenure Interest Rate  EMI Amount
Rs. 30 lakhs 20 years 6.70% p.a Rs. 22,722
Rs. 30 lakhs 15 years 6.70% p.a Rs. 26,464       
Rs. 30 lakhs 10 years 6.70% p.a Rs. 34,370

What is the EMI structure for an Rs.50 lakhs SBI Home Loan?

With an interest rate of 6.70% per annum and a loan amount of Rs. 50 lakhs, the borrower will have to pay the following EMI at different tenures:

Loan amount Tenure Interest Rate  EMI Amount
Rs. 50 lakhs 20 years 6.70% p.a Rs. 37,870
Rs. 50 lakhs 15 years 6.70% p.a Rs. 44,107
Rs. 50 lakhs 10 years 6.70% p.a Rs. 57,284
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