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SBI Home Loan EMI Calculator

Published on May 2, 2022
Loan Amount
Rate Of Interest (p.a) %
Loan Tenure Yr
Monthly EMI 0
Principal Amount 0
Total Interest 0
Total Amount 0

Home loans are a consummate financing option to secure investments to procure the desired products or construct a property. The SBI home loans are accessible to all the self-employed, salaried, and young businessmen.

The banks also give special privileges like discounted home loan interest rates to women borrowers. 

If customers are hesitant about the monthly instalments, utilising the SBI home loan calculator would be highly instrumental. This tool allows the clients to pre-plan the repayment process and EMI payments.

Benefits of SBI Home Loan Calculator

SBI is one of India's most reputed and largest banks that gained customer acquisition over the recent years. It ranks amongst the top list in deposits and home loans sector, and is the pre-eminent financial institution of the nation.

Borrowers would instead choose to check the affordability of the loan using the SBI home loan EMI calculator before requesting because of its proffers and benefits, which are given below.

  1. It gives the most attractive rate interests to the customers with the provision of an online home loan calculator

  2. Aids in determining a suitable tenure and amount to make the EMIs economical and inexpensive.

  3. Avoids manual and improper calculation of EMI and provides a precise critique based on the amount.

  4. Monthly Instalment payments are flawlessly managed by helping the customer select a suitable tenure.

  5. It is device-friendly and feasible to use and can be easily accessed from any device like smartphone, tab or computer.

SBI Home Loan EMI Calculator Formula

SBI home loan calculator is an efficient way to quantify and compute monthly EMI. It works on a simple and standardised formula given below:

E = [P.r. (1+r)^n]/[(1+r)^n-1]

In the above formula,

P = Principal or Loan Amount

E = applicable amount of EMI

r = rate of interest per month (annual rate of interest divided by 12)

n = tenure (in months)

So for example, if the borrower has availed a home loan of 50 lakh for a tenure of 5 years (60 months) at an interest rate of 5% per annum, the applicable EMI would be,

EMI= [50,00,000*0.4166*(1+0.4166)^60]/(1+0.4166)^(60-1)

EMI= Rs 94,356

SBI Home Loan EMI Calculation

The amortisation schedule would help the customer analyse different types of loan options and make it simpler to distinguish the benefits, compare lenders, choose an appropriate loan tenure, and resolve by figuring out a wiser refinancing loan plan.

It helps to ascertain the savings and pays back the debt quickly. The EMI would remain consistent throughout the loan tenure, which is employed at a predetermined interest rate.

For example, if the borrower has taken a loan of 20 lakh rupees for an 8-year tenure at 6.80% annual interest, then the monthly home loan EMI would equate to Rs 27,069 as calculated above.

The total rate of interest will be Rs 5,98,606. The amortisation schedule for the above inputs will be as follows:

Year

Initial Loan Balance

EMI*12

Yearly paid interest

Principal paid yearly

Outstanding Balance

1

20,00,000

3,24,826

1,30,002

1,94,823

18,05,177

2

18,05,177

3,24,826

1,16,334

2,08,492

15,96,685

3

11,96,685

3,24,826

69,299

2,55,526

8,79,264

4

6,05,811

3,24,826

32,186

2,92,639

3,13,171

5

3,13,171

3,24,826

11,655

3,13,171

0

SBI Home Loan eligibility & documents

The criteria for accessing SBI home loans are as follows

1. Age factors

  • The applicant's minimum age of an applicant for SBI home loan must be 18 and should not exceed 70.

2. Eligibility criteria

  • Both permanent residents of India and Non-resident Indians NRIs are eligible to apply for a SBI home loan.

Essential documents needed for the application are stated below 

1. The format for applying for securing home loans:

  • A Loan application form should be filled in with precise information for a home loan.

  • 3  passport-size photographs along with employer ID proof

  • Latest electricity bill/driving licence/Aadhaar card/voter ID/PAN card

2. Income proofs required for the salaried employee:

  • Salary certificate of the last three months 

  • Photo copy of Income Tax Returns in the last two years 

3. Income proof for non-salaried employees:

  • IT Returns, Balance Sheet, and income statements of the last three years

  • Proof of business address/licence

  • Certificate of qualification for professionals only

4. Bank statements:

  • All the bank balance credentials of the last six months held by the applicant

  • Previous year loan statement if it’s currently in use.

5. Legal Property proofs:

  • Approved blueprint along with occupancy Certificate

  • Conveyance Deed applicable for latest property and approval letter for construction.

  • Copy of agreement or invoice of maintenance 

  • Electricity bill and income tax bill

  • Registered concord of the construction site/sale and their payment receipts to seller

  • Share certificate applicable to only Maharashtra

What are the benefits of using the SBI Home Loan EMI Calculator?

Availing SBI Home loan calculator would help the customers in the following ways:

  1. Compute SBI home loan EMI - Customers get the advantage to estimate the EMI with other competitive banks in India at the same loan amount with different interest rates.

  2. Display Amortisation schedule - Detailed distribution of total EMIs into interest and repayments on the given loan inputs at varying periods throughout the tenure is displayed for better analysis.

  3. Quantify the outstanding balance - It helps the customers to compute the residual loan tenure for the outstanding amount at any period during the tenure. Further, home loan balance transfer aids to reduce the loan tenure since other leading banks would allow customers to pay back home loans at cut-price

  4. Compute EMIs for varying tenures - Customers can regularly check the bank to get the details of an interest rate for the applied SBI home loan to get the best and low EMI on loans.

Factors Affecting SBI home loan EMI

A home loan can be computed using the SBI loan calculator available on the official website of SBI. It takes the following factors into consideration on which customers have availed loan.

  1. Loan Amount

    If the customer applies for a higher and substantial loan, they have to pay high EMI accordingly. SBI provides a minimum loan of Rs 25,00,000 and a maximum amount up to Rs 7,00,00,000.
  1. Rate of interest

    The interest rate increases the housing loan, and EMI expands the total cost of the loan amount. SBI presently lends the rate of interest starting from 6.65%.

    Before seeking a loan, borrowers are advised to do proper research to analyse the current market trends and calculate the loan using the SBI home loan online calculator.
  1. Loan Tenure

    This is the duration where customers should repay the home loan borrowed from SBI. The EMI can be availed at a lower amount if the loan is taken for 30 years instead of short periods like 5 or 6 years.

Frequently Asked Question

Q1. When does the interest rate of SBI home loans change?

Ans. According to the reports given by the Reserve Bank of India, the interest rates of home loans would alter on the beginning day of the calendar.

Q2. What are the processing fees for SBI home loans?

Ans. The home loans provided by SBI have an integrated processing fee which is nearly 0.4% of the balance amount and GST balance in addition. It lends a minimum of Rs 10,000 with GST as supplementary and a maximum of Rs 30,000 with GST.

Q3. Does SBI give pre-approved home loans?

Ans. Yes, SBI is customer-friendly and provides pre-approved home loans, and the borrowers can approach their branch or visit the official website for detailed information.

Q4. Does an SBI home loan consider the salary of the spouse?

Ans. SBI home loans would consider a spouse's earnings if he/she is the partner or the guarantor of the property which is bought on the loan amount. Hence, by determining the home loan amount, the spouse's wages are taken into consideration.

Q5. How can one decrease the EMIs of SBI home loans?

Ans. It is simple to reduce the home loan amount by following ways

  • Customers can opt for a higher down payment which further helps to save money in the long-run

  • Choosing a longer payment tenure and negotiating with the bank for a lower interest rate.

  • Loans can be availed with the existing bank account

  • Payment via instalments would reduce the loan burden

  • A proper research about the current market before switching the lend

Ankur Aggarwal

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About the Author

Hi all, I am Ankur Aggarwal – Digital Marketer, Entrepreneur, Traveller, Blogger, and Foodie. Have been blogging since 2010. In 2016 I scored 99.2 percentile in XAT Exam for MBA, left that to pursue my Online business dreams.
The purpose of ankuraggarwal.in is to pass on 100% accurate, genuine and FREE information on Personal Finance, Entrepreneurship, Investing, Career, and Learning Digital Marketing Online. Know more about me here: About Ankur Aggarwal

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