SBI Home Loan EMI Calculator

Home loans are financial assistance offered by the banks that can be availed by an individual who wishes to acquire real estate. The property acquired is offered as collateral to the bank and is repaid through monthly EMIs. Under Pradhan Mantri Awas Yojana (PMAY), the subscription of these loans saw exponential growth as it provided subsidies to first-time borrowers and other eligible applicants on home loan interest rates. SBI, the largest multinational bank in India, sanctioned many home loans under this scheme. The SBI home loans are availed by many businessmen, self-employed and salaried individuals across the country. The SBI home loan calculator will help you calculate the total monthly EMI and interest amount you would have to bear even before applying for the loan. The calculator helps you to plan your repayment process in advance. It clarifies to the borrower to assess and determines monthly EMIs they’ll bear against the loan.  

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.  

Factors Affecting SBI Home Loan EMIs 

The SBI Home Loan 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. 

How to Calculate SBI Housing Loan EMI Online

The SBI has established a simple online process so that the interested individual can easily check the different EMI options that they can avail of against their home loans:

STEP 1: Click on the SBI Home Loan Page STEP 2: Write in the loan amount you wish to borrow from the bank to purchase your desired property

STEP 3: Mention the number of years in which you plan to repay the loan, i.e. the loan tenure

STEP 4: Enter the interest rate that would be levied on the loan. It is advisable to keep the interest rate around the current rate for more accuracy.

STEP 5: 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. 

SBI  Home Loan EMI Calculator Formula

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.

How does a Home Loan SBI EMI Calculator work?

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

Comparison of SBI Home Loan with other Banks 

The above table highlights the different interest rates and their comparison between SBI and other banks:

Bank Name	Current Interest Rate on Home Loan (Annual)	Loan Amount (Rs10 Lakhs)	Loan Amount (Rs 30 Lakhs)	Loan Amount (Rs 50 Lakhs)	Processing Fees
SBI	7.05%	6,687	20,060	33,433	0.35%-1% of Loan Amount
Axis Bank	6.70%	6,453	19,358	32,264	Rs 10,000
HDFC Bank	7.00%	6,653	19,959	33,265	0.5% or Rs 3000 (whichever is higher)
ICICI Bank	6.95%	6,619	19,858	33,097	0.5% to 2% of Loan Amount
LIC Housing Finance	6.95%	6,619	19,858	33,097	Rs 10,000 to Rs 15,000

The State bank of India is offering an interest rate of 6.9% p.a. on home loans upto 30 Lakhs and 7% p.a. on loans whose amount exceed 30 Lakhs.

You can avail an additional interest rate concession of five basis points when applied from the YONO mobile application of the SBI. Applicants would receive interest rate concessions of twenty basis points on loans up to Rs 3 crores. This offer is exclusive to the eight major cities of the country. The rest of the country can avail of this offer on home loans in the bracket of  30 Lakhs and  2 crores.

Interest rate concession of 25 basis points would be provided to borrowers with more than 75 Lakhs home loans. It is to be noted that the interest rate concessions are directly linked to the applicants' credit scores. 

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 Home Loan of Rs 10,00,000 over 10 Years (120 Months)

Month	Loan Balance	EMI	Principal	Monthly Interest	Outstanding Balance
1	1000000	11637	5762	5875	994238
2	994238	11637	5795	5841	988443
3	988443	11637	5830	5807	982613
4	982613	11637	5864	5773	976750
5	976750	11637	5898	5738	970851
6	970851	11637	5933	5704	964918
7	964918	11637	5968	5669	958951
8	958951	11637	6003	5634	952948
9	952948	11637	6038	5599	946910
10	946910	11637	6074	5563	940836
11	940836	11637	6109	5527	934727
12	934727	11637	6145	5492	928582
13	928528	11637	6181	5455	922401
14	922401	11637	6218	5419	916183
15	916183	11637	6254	5383	909929
16	909929	11637	6291	5346	903638
17	903683	11637	6328	5309	897311
18	897311	11637	6365	5272	890946
19	890946	11637	6402	5234	884543
20	884543	11637	6440	5197	878103
21	878103	11637	6478	5159	871626
22	871626	11637	6516	5121	865110
23	865110	11637	6554	5083	858556
24	858556	11637	6593	5044	851963
25	851963	11637	6631	5005	845332
26	845332	11637	6670	4966	838661
27	838661	11637	6709	4927	831952
28	831952	11637	6749	4888	825203
29	825203	11637	6789	4848	818414
30	818414	11637	6828	4808	811586
31	811586	11637	6869	4768	804717
32	804717	11637	6909	4728	797809
33	797809	11637	6950	4687	790859
34	790859	11637	6990	4646	783869
35	783869	11637	7031	4605	776837
36	776873	11637	7073	4564	769765
37	769765	11637	7114	4522	762650
38	762650	11637	7156	4481	755494
39	755494	11637	7198	4439	748296
40	748296	11637	7240	4396	741056
41	741056	11637	7283	4354	733773
42	733773	11637	7326	4311	726447
43	726447	11637	7369	4268	719078
44	719078	11637	7412	4225	711666
45	711666	11637	7456	4181	704211
46	704211	11637	7499	4137	696711
47	696711	11637	7543	4093	689168
48	689168	11637	7588	4049	681580
49	681580	11637	7632	4004	673948
50	673948	11637	7677	3959	666271
51	666271	11637	7722	3914	658548
52	658548	11637	7768	3869	650781
53	650781	11637	7813	3823	642967
54	642967	11637	7859	3777	635108
55	635108	11637	7905	3731	627203
56	627203	11637	7952	3685	619251
57	619251	11637	7999	3638	611252
58	611252	11637	8046	3591	603207
59	603207	11637	8093	3544	595114
60	595114	11637	8140	3496	586974
61	586974	11637	8188	3448	578785
62	578785	11637	8236	3400	570549
63	570549	11637	8285	3352	562265
64	562265	11637	8333	3303	553931
65	553931	11637	8382	3254	545549
66	545549	11637	8432	3205	537117
67	537117	11637	8481	3156	528636
68	528636	11637	8531	3106	520105
69	520105	11637	8581	3056	511524
70	511524	11637	8631	3005	502893
71	502893	11637	8682	2954	494211
72	494211	11637	8733	2903	485478
73	485478	11637	8784	2852	476693
74	476693	11637	8836	2801	467857
75	467857	11637	8888	2749	458969
76	458969	11637	8940	2696	450029
77	450029	11637	8993	2644	441036
78	441036	11637	9046	2591	431991
79	431991	11637	9099	2538	422892
80	422892	11637	9152	2484	413740
81	413740	11637	9206	2431	404534
82	404534	11637	9260	2377	395274
83	395274	11637	9314	2322	385960
84	385960	11637	9369	2268	376591
85	376591	11637	9424	2212	367166
86	367166	11637	9480	2157	357687
87	357687	11637	9535	2101	348152
88	348152	11637	9591	2045	338560
89	338560	11637	9648	1989	328913
90	328913	11637	9704	1932	319209
91	319209	11637	9761	1875	309447
92	309447	11637	9819	1818	299629
93	299629	11637	9876	1760	289752
94	289752	11637	9934	1702	279818
95	279818	11637	9993	1644	269825
96	269825	11637	10051	1585	259774
97	259774	11637	10110	1526	249663
98	249663	11637	10170	1467	239494
99	239494	11637	10230	1407	229264
100	229264	11637	10290	1347	218974
101	218974	11637	10350	1286	208624
102	208624	11637	10411	1226	198213
103	198213	11637	10472	1165	187741
104	187741	11637	10534	1103	177207
105	177207	11637	10596	1041	166612
106	166612	11637	10658	979	155954
107	155954	11637	10720	916	145234
108	145234	11637	10783	853	134450
109	134450	11637	10847	790	123603
110	123603	11637	10910	726	112693
111	112693	11637	10975	662	101718
112	101718	11637	11039	598	90679
113	90679	11637	11104	533	79575
114	79575	11637	11169	468	68406
115	68406	11637	11235	402	57172
116	57172	11637	11301	336	45871
117	45871	11637	11367	269	34504
118	34504	11637	11434	203	23070
119	23070	11637	11501	136	11569
120	11569	11637	11569	68	0