SBI Home Loan EMI Calculator

How to Calculate SBI Home Loan EMI Online?

Below is the step by step process to calculate SBI Home loan EMI by using the above SBI housing loan EMI calculator:

STEP 1: Fill in the home loan amount you wish to borrow from the bank to purchase your desired property.

STEP 2: Mention the number of years in which you plan to repay the loan, i.e. the loan tenure.

STEP 3: Enter the interest rate that would be levied on the home loan. It is advisable to keep the interest rate around the current rate for more accuracy.

STEP 4: As soon as you enter these values, you’ll find the following:

• EMI accrued every month
• Total Interest Payable over the Loan Term
• Total Payment accrued over the Loan Term

You’ll also find a table below that’ll give you a brief on how the repayment process will work against your loan balance.

By using the above SBI home loan EMI calculator, we have compiled a table for your reference only,

Disclaimer: This above table is for your reference only. The interest rate mentioned as per November 2023.

Benefits of SBI Home Loan Calculator

SBI is one of the largest Indian banks holding ¼ of the market share and providing service to over forty-five crore account holders through a network of 22,000 branches across the country. It is one of the most reputable financial institutions in the country. The bank offers its customers the most sought-after home loan options among its competitors and offers attractive interest rates. Find below the following benefits of utilising the SBI Home Loan Calculator:  

Clarity

The SBI home loan calculator provides utmost clarity to the potential borrowers on their EMI payments. This enables the borrowers to pre-plan and assess the EMI payment before deciding to take the home loan. 

Comparability

The SBI home loan calculator provides an option to compare multiple EMIs, which may vary because of different combinations of the loan amount, interest rate and tenures the borrower may log into the calculator. This allows the borrower to discover an EMI amount that aligns with their budget.

Accuracy

The calculator is based on a mathematical formula that provides you with an approximate figure that you may use as a reference point. This eliminates significant inaccuracies that might arise from manual calculations, which tend to be extremely time-consuming and inefficient. 

Accessibility

The SBI Home Loan calculator is available online and easily accessed from all electronic devices. The interested individual can easily access the calculator from the comfort of their homes utilising their free time. 

Don't miss to check: SBI Home Loan Eligibility Calculator

Factors Affecting SBI Home Loan EMIs 

The SBI Home Loan EMI Calculator considers the following factors while calculating the monthly EMIs against your home loan: Amount The loan amount you’ll borrow from the bank to purchase the property would reflect on your monthly EMI payments.

SBI has established its borrowing limit from 25 lakhs to 7 crores to cater to diverse customers with varying needs across the country.

Interest Rate

The Interest rate also significantly impacts the monthly EMIs. If the interest rate on the home loan increases, it will add to the EMI and ultimately escalate the loan cost. It is advisable to do meticulous research on the interest rates to avail yourself of the best offer. 

Tenure 

The loan tenure plays a significant role in determining the monthly EMIs. The borrower can opt for a longer tenure to diminish the impact of expensive EMIs. Many individuals prefer to pay EMIs over a more extended period than doesn’t dent their monthly budget.

SBI Home Loan EMI Calculator Formula with Example

The SBI Home Loan Calculator employs the standardized formula to calculate the monthly EMIs 

E= {P * R* (1+R)^ N} / {(1+R)^ (N-1)}

where

• E = Monthly EMI payment
• P = Principal (Loan Amount); SBI Home Loan Amount ranges from  Rs 25,00,000 to Rs 7,00,00,000
• R = Rate of Interest per month ( Annual Rate of Interest/12); currently, the interest rate on SBI Housing Loan is 7.05% p.a.
• N = Loan Tenure (In Months); The maximum tenure for a Home Loan is 360 months.

The SBI Home loan calculator provides an accurate projection of the EMIs.

For a better understanding, let us take an example:

Suppose you take a home loan of INR 50,00,000 at an annual Interest rate of 9%. So, the monthly interest rate is going to be 0.75%. And the loan tenure you’ve decided upon is 20 years (240 months).

EMI= {50,00,000* 0.75%* (1+0.75%)^240} / {(1+0.75%)^ (240-1)}

After the calculation you’ll find:

• Monthly EMI on your Loan =  INR 44,986
• Total Interest Payable over the term = INR 5,796,711
• Total Payments made over the Term Loan = INR 10,796,711

SBI Home Loan Amortisation Schedule

The SBI Home Loan Amortisation schedule gives a monthly breakdown of the repayment process. The detailed amortisation schedule gives clarity to the borrower on the number of principal payments and interest rate that will be levied every month until the completion of the loan tenure. The SBI Home loan calculator gives you an accurate brief on monthly EMI payments.

Let’s glance over the Loan Amortisation Schedule on a home loan of Rs 10,00,000 at a 7.05% interest rate to be paid in ten years.

Amortisation Schedule for a SBI Home Loan of Rs 10,00,000 over 10 Years (120 Months)