Urban Money
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

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

Frequently Asked Questions (FAQs)

How accurate is the SBI home loan calculator?

The SBI Home Loan Calculator is the first step you take in applying for a home loan. Simply enter the loan amount, interest rate and loan tenure, and it’ll give you an estimation of the monthly EMIs against your home loan.

What amount of Home loans can I avail of from SBI?

SBI offers its borrowers a home loan eligibility of Rs 25 Lakhs to Rs 7 Crore.

Does SBI give pre-approved home loans?

You can avail pre-approved loans from SBI through their YONO App. It is to be noted that only pre-selected applicants who check off certain parameters are eligible to avail of this option.

What are the processing fees for SBI home loans?

SBI charges anywhere between 0.3% to 1% of the total loan amount as their fees.

How can I pay my SBI home loan EMI online?

You can repay your EMIs online with the help of Net banking. Although you are required to have an online SBI account to avail of this option.