Document

SBI Home Loan EMI Calculator

SHARE
MONTHS
%
Yearly/monthly repayment schedule
2024
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Dec20,00,00062,99649,07913,91719,50,921
2025
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan19,50,92162,99649,42113,57519,01,500
Feb19,01,50062,99649,76513,23118,51,735
Mar18,51,73562,99650,11112,88518,01,624
Apr18,01,62462,99650,46012,53617,51,164
May17,51,16462,99650,81112,18517,00,353
Jun17,00,35362,99651,16511,83216,49,188
Jul16,49,18862,99651,52111,47615,97,667
Aug15,97,66762,99651,87911,11715,45,788
Sep15,45,78862,99652,24010,75614,93,548
Oct14,93,54862,99652,60410,39314,40,944
Nov14,40,94462,99652,97010,02713,87,974
Dec13,87,97462,99653,3389,65813,34,636
2026
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan13,34,63662,99653,7099,28712,80,927
Feb12,80,92762,99654,0838,91312,26,844
Mar12,26,84462,99654,4598,53711,72,385
Apr11,72,38562,99654,8388,15811,17,547
May11,17,54762,99655,2207,77610,62,327
Jun10,62,32762,99655,6047,39210,06,723
Jul10,06,72362,99655,9917,0059,50,732
Aug9,50,73262,99656,3816,6168,94,351
Sep8,94,35162,99656,7736,2238,37,578
Oct8,37,57862,99657,1685,8287,80,410
Nov7,80,41062,99657,5665,4307,22,844
Dec7,22,84462,99657,9665,0306,64,878
2027
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan6,64,87862,99658,3704,6266,06,508
Feb6,06,50862,99658,7764,2205,47,732
Mar5,47,73262,99659,1853,8114,88,547
Apr4,88,54762,99659,5973,3994,28,950
May4,28,95062,99660,0112,9853,68,939
Jun3,68,93962,99660,4292,5673,08,510
Jul3,08,51062,99660,8492,1472,47,661
Aug2,47,66162,99661,2731,7231,86,388
Sep1,86,38862,99661,6991,2971,24,689
Oct1,24,68962,99662,12986862,560
Nov62,56062,99662,5614350
EMI payable
Payable amount
Total Interest
Loan amount

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.

Loan Amount (Rs)

10 years (Rs)

20 years (Rs)

30 years (Rs)

15,00,000

19,451

14,031

12,668

30,00,000

38,901

28,062

25,335

50,00,000

64,836

46,770

42,225

75,00,000

97,254

70,156

63,338

1,00,00,000

1,29,671

93,540

84,450

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.

Month

Principal

 (Rs)

Interest

(Rs)

EMI

(Rs)

Balance

 (Rs)

Apr

4,867

79,583

84,450

99,95,133

May

4,905

79,544

84,450

99,90,227

Jun

4,944

79,505

84,450

99,85,282

July

4,984

79,466

84,450

99,80,298

Aug

5,023

79,426

84,450

99,75,274

Sept

5,063

79,386

84,450

99,70,210

Oct

5,104

79,346

84,450

99,65,106

Nov

5,144

79,305

84,450

99,59,961

Dec

5,185

79,264

84,450

99,54,775

Jan

5,227

79,223

84,450

99,49,548

Feb 

5,268

79,181

84,450

99,44,279

Mar

5,310

79,139

84,450

99,38,969

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.

Other Loan EMI Calculator:
1. Home Loan EMI Calculator
2. HDFC Home Loan EMI Calculator
3. ICICI Home Loan EMI Calculator
4. Axis Bank Home Loan EMI Calculator
5. Canara Bank Home Loan EMI Calculator
6. PNB Home Loan EMI Calculator
7. BOB Home Loan EMI Calculator
8. LIC Home Loan EMI Calculator

Frequently Asked Questions

Why should I use SBI Home Loan Calculator?

Calculating the EMI before applying for a home loan will ensure better financial planning through the identification of future costs that are associated with a loan. Depending on your financial condition, you can take stock of the various loan options by changing the maximum loan amount and tenure.

How can I reduce SBI home loan EMIs?

A few of the steps that can be adopted to help you reduce EMIs on your SBI home loan are as follows: Initiate part prepayments: When you prepay your home loan partially, you pay a portion of the outstanding principal early. This way, you get an option to either reduce EMI or tenure. However, go in lower EMI only when rising home loan interest rates increase your EMI load.  

Opt for home loan balance transfer: In this, transfer your outstanding loan amount to lenders offering lower home loan interest rates, longer loan tenure, or both. However, before opting for a home loan balance transfer, do a cost-benefit analysis to ensure that your interest savings outweigh the transfer costs. Additionally, use an online SBI home loan calculator to gain insight into how much your EMIs can reduce on a lower home loan rate.

Can I repay my SBI home loan ahead of schedule?

Yes, this can be done by making lump sum part or full prepayments. However, this is subject to the applicable prepayment charges.

How can I pay my SBI home loan EMI online?

This can be initiated by transferring the funds from your savings account to the loan account through the National Electronic Funds Transfer (NEFT).

What happens if SBI home loan EMI is missed?

SBI charges a penalty fee in case you missed paying your home loan EMI. However, the amount charged could vary and can range from 1% to 2% of the due EMI amount.

Is SBI Home Loan EMI Calculator the same as SBI Home Loan Eligibility Calculator?

No, while the SBI Home Loan EMI Calculator highlights the EMI value while the SBI Home Loan Eligibility Calculator tells you about the maximum amount of home loan the borrower is eligible for.  The SBI Home Loan EMI Calculator is dependent upon loan principal, loan term, and the rate of interest, while SBI Home Loan Eligibility Calculator relies on the income, job profile, age, and credit score of an applicant.

Are NRIs eligible for SBI home loans?

Yes, SBI provides home loans to NRIs.

How will I know if my eligibility criteria have been met for SBI home loans?

An intimation in this regard will be given via the in-principle sanction that will be provided through the bank’s official website during your application process or through the bank’s official mobile application.

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Company PolicyTerms of use

ISO

ISO 27001

Data Center

SSL

SSL Certified Site

128-bit encryption