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 |
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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.