SBI Home Loan EMI Calculator

SBI Home Loan Calculator helps borrowers to calculate their monthly EMI instalments even before applying for a home loan. SBI is well-known for sanctioning home loans at competitive interest rates. The SBI Housing Loan Calculator can help borrowers with financial planning and helps in borrowing the exact amount they need to buy their dream home. Therefore, this calculator helps make the loan affordable and helps decrease the individual's financial burden.

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

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

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,

Home Loan Amount₹50,00,000
Loan Tenure20 Years
Rate of Interest8.40% p.a
Home Loan EMI₹43,075
Interest Payable₹53,38,000
Total Amount Payable₹1,03,38,000

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)

Month Loan BalanceEMI Principal Monthly Interest Outstanding Balance 
110000001163757625875994238
29942381163757955841988443
39884431163758305807982613
49826131163758645773976750
59767501163758985738970851
69708511163759335704964918
79649181163759685669958951
89589511163760035634952948
99529481163760385599946910
109469101163760745563940836
119408361163761095527934727
129347271163761455492928582
139285281163761815455922401
149224011163762185419916183
159161831163762545383909929
169099291163762915346903638
179036831163763285309897311
188973111163763655272890946
198909461163764025234884543
208845431163764405197878103
218781031163764785159871626
228716261163765165121865110
238651101163765545083858556
248585561163765935044851963
258519631163766315005845332
268453321163766704966838661
278386611163767094927831952
288319521163767494888825203
298252031163767894848818414
308184141163768284808811586
318115861163768694768804717
328047171163769094728797809
337978091163769504687790859
347908591163769904646783869
357838691163770314605776837
367768731163770734564769765
377697651163771144522762650
387626501163771564481755494
397554941163771984439748296
407482961163772404396741056
417410561163772834354733773
427337731163773264311726447
437264471163773694268719078
447190781163774124225711666
457116661163774564181704211
467042111163774994137696711
476967111163775434093689168
486891681163775884049681580
496815801163776324004673948
506739481163776773959666271
516662711163777223914658548
526585481163777683869650781
536507811163778133823642967
546429671163778593777635108
556351081163779053731627203
566272031163779523685619251
576192511163779993638611252
586112521163780463591603207
596032071163780933544595114
605951141163781403496586974
615869741163781883448578785
625787851163782363400570549
635705491163782853352562265
645622651163783333303553931
655539311163783823254545549
665455491163784323205537117
675371171163784813156528636
685286361163785313106520105
695201051163785813056511524
70511524116378631 3005502893
715028931163786822954494211
724942111163787332903485478
734854781163787842852476693
744766931163788362801467857
754678571163788882749458969
764589691163789402696450029
774500291163789932644441036
784410361163790462591431991
794319911163790992538422892
804228921163791522484413740
814137401163792062431404534
824045341163792602377395274 
833952741163793142322385960
843859601163793692268376591
853765911163794242212367166
863671661163794802157357687
873576871163795352101348152
883481521163795912045338560
893385601163796481989328913
903289131163797041932319209
913192091163797611875309447
923094471163798191818299629
932996291163798761760289752
942897521163799341702279818
952798181163799931644269825
9626982511637100511585259774
9725977411637101101526249663
9824966311637101701467239494
9923949411637102301407229264
10022926411637102901347218974
10121897411637103501286208624
10220862411637104111226198213
10319821311637104721165187741
10418774111637105341103177207
10517720711637105961041166612
1061666121163710658979155954
1071559541163710720916145234
1081452341163710783853134450
1091344501163710847790123603
1101236031163710910726112693
1111126931163710975662 101718
112101718116371103959890679
11390679116371110453379575
11479575116371116946868406
11568406116371123540257172
11657172116371130133645871
11745871116371136726934504
11834504116371143420323070
11923070116371150113611569
120115691163711569680

FAQs About SBI Home Loan Calculator

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.

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