What is SBI Home Loan EMI Calculator?

SBI Home Loan Interest EMI Calculator aids in calculating equated monthly installments  (EMI), interest cost and the total amount payable concerning various loan amounts, interest rates, and loan tenures. You can determine the optimum tenure and EMI for your SBI home loan basis the  EMI affordability and financial scenarios.

How to Calculate SBI Home Loan EMI?

The SBI Bank Home Loan EMI  Calculator can provide the estimated value of EMI in an instant.  

A potential borrower needs to enter the offered loan amount and choose the interest rate and the loan tenure, and the calculator will display the accurate EMI amount.

The online tool is free to use and there is no limitation on the number of times you can use the EMI calculator.

Let’s have a look at the different EMI values a borrower will have to pay for a specific example. Let’s assume that an individual is looking for a home loan from the SBI Bank. The interest rate offered is 9.55%. Here’s a look at how the EMIs will change for a borrower depending on the chosen loan amount and the tenure.

SBI Loan EMI Calculation Formula

The following formula is used by the SBI Bank EMI Calculator Home Loan:

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

In which,

P = loan amount

r = monthly interest rate

n = loan duration in months

Example for SBI Home Loan EMI Calculator

Let’s assume that an individual borrows a home loan of Rs 50 lakh for a duration of 20 years or 240 months at an interest rate of 9.55% per annum. 

Using the formula for EMI calculation:

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

EMI = [ 50,00,000  x  0.0955/12 x (1+ 0.0955/12)^240]/[(1+0.0955/12)^240 -1]

EMI = [ 50,,00,000 x 0.00795 x (6.70222)]/ {5.70222]

EMI =  46,770 (approximately)

How can the SBI Home EMI Calculator Help You?

SBI Bank Home Loan EMI calculator helps you to calculate home loan EMI in advance, this ensures better financial planning for your repayments.

While manual calculations can be undertaken, they are complex, time-consuming, and carry a scope for errors. To calculate your home loan EMI in an instant and accurate manner, the SBI Home Loan EMI Calculator remains a suitable alternative.

With a user-friendly interface, the SBI home loan calculator is an easy-to-use online tool to compute complex EMI calculations.

SBI Amortization Schedule

Let’s assume, you have taken a home loan of Rs 1 crore for 30 years or 360 months. The interest rate is fixed at 9.55% every year. The following is the amortization schedule.

How to use SBI Bank's Home Loan EMI Calculator?

To use the SBI Home Loan EMI Calculator online, the following steps are involved:

• Visit the official website of the SBI Bank
• Click on the ‘Calculators’ tab along the header bar
• Enter the variables such as home loan amount, loan tenure, and interest rate

After this, the SBI Bank Home Loan EMI Calculator will compute the EMI value based on the inputs. The EMI value and a the break-up of the total amount in terms of interest and principal will be displayed graphically and in a tabular format.

How to calculate home loan eligibility in SBI?

SBI Bank does not have a home loan eligibility calculator of its own. An applicant looking forward to determining their SBI home loan eligibility can use online eligibility calculators available online to get an estimate on their eligible home loan amount. A few of the factors that may impact your eligibility for SBI home loan includes your age, income, existing EMI obligations, employment type, etc.

Benefits of using SBI Loan EMI calculator

The benefits of using the SBI Home Loan Interest Rate 2024 EMI calculator is as follows:

Financial planning: You can determine the right amount that can help you estimate the EMIs payable. It also enables you to choose the correct tenure to ensure the EMIs are easily manageable in the long run. 

Accurate estimates: Eliminates the need for manual calculation, which could be prone to inaccuracies and can be a time-consuming exercise as well. You are assured of accurate estimation of your EMIs using an SBI Bank home loan EMI calculator.

Easy accessibility: The SBI Home Loan interest rate EMI calculator can be operated from anywhere and across a wide range of devices such as a computer, mobile, tablet, etc.

Factors affecting SBI Home Loan EMI

The factors affecting SBI Home Loan EMI are as follows:

Interest rate: The rate of interest offered by SBI Bank on a new home loan is 9.55% to 10.05%. This plays a pivotal role in determining the EMI. Generally, the interest rate and EMI, are in direct proportion to each other. This means, the higher the rate of interest, the higher will be the EMI payable towards the home loan.

Principal: This is the loan amount initially borrowed from a bank or financial institution and also affects the EMI payable towards a home loan. As a result, the higher the loan amount, the higher the EMI payable towards a home loan.

Loan tenure: The tenure and EMI are inversely proportional to each other. This means, that the higher the loan tenure, the lower the EMI payable towards a home loan. Conversely, a lower tenure will attract high EMIs. A point to note is that a long loan tenure will result in a higher amount of interest paid. Whereas, a shorter tenure will translate into lesser interest paid back to a bank. The maximum loan tenure offered by SBI Bank on home loans is 30 years.

SBI Bank's Repayment Plans

There are various flexible options that an individual can avail of for home loan repayments. Here’s the lowdown on a few such  repayment plans:

EMI moratorium: Simply put, an EMI moratorium is a holiday for three to six months, so you have time to get your budget in place before your EMIs start. However, banks can offer only three months of tax holiday. This is needed in case the authorised bank is not funding the registration, stamp duty, and other related charges.

Step-up EMI repayment: This entails small EMIs in the beginning and larger EMIs at a later phase. For instance, in case the normal EMI is calculated to Rs 30,000 per month, then the lending bank structures the EMI starting at Rs 20,000 per month and stepping up every three years or so. 

Step-down EMI repayment: An individual can opt for step-down home loan repayment to complete the liability at the earliest; the reverse of step-up repayment. In this case, initial EMIs are large while subsequent EMIs are smaller. 

Prepayment of home loan: A windfall of monetary gains could be diverted towards prepayment of your home loan; either in full or in part. Also, ensure no prepayment charges for loan closure. There is also an option of partial closure of the loan. 

Balloon repayments: A bank can structure a balloon repayment. In this case, there are assured balloon payments, this could  be in one or more tranches. Depending on this balloon payment, the initial EMI will be maintained at low. 

Refinancing of loan: An individual can opt for refinancing if rates in the new loan are comparatively much lower. In this case, the new lending bank or financial institution will first repay the old loan principal and the balance will be disbursed to an individual.

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