SBI Bank Home Loan
EMI Calculator
The State Bank of India (SBI) is one of India's leading public sector banks, offering various financial services to eligible applicants. One of the key services it provides is SBI home loans at an affordable rate of interest, starting at 8.40% per annum. If applying for a home loan from SBI, we recommend you to use the SBI EMI calculator that can quickly provide you with your Equated Monthly Installment for a home loan. The online SBI Home Loan EMI Calculator is an easy-to-use tool that needs information like tenure, interest rate, and principal amount to estimate your monthly home loan EMI. Here, we aim to enlighten you on how to use the SBI home loan calculator, its benefits, and much more, so continue reading.How to Calculate SBI Home Loan EMI?Eminent banks like SBI do not want borrowers to stress to calculate home loan EMI. Just by inputting factors like tenure, loan amount, and interest rate, the borrower can easily get the EMI results on this online tool that uses a simple mathematical formula.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
SBI Home Loan EMI Calculator Formula
As we mentioned earlier, using the SBI home loan EMI calculator online, a borrower can easily get an estimate of monthly expenses for a home loan EMI. You may use this online tool or calculate the EMI yourself using the SBI home loan calculation formula given below:
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting SBI Home Loan EMI
Interest Rate: The higher the interest rate for a home loan, the higher would be its monthly EMI, and vice versa. So, the interest rate on which you get a home loan plays a crucial role in deciding your home loan EMI.
Tenure: The home loan tenure or duration is the second crucial criterion that can determine your EMI every month. Generally, the thumb rule is that the longer the tenure, the lower would be the EMI, and the shorter the tenure, the higher would be the EMI.
Loan Amount: Most importantly, the loan amount taken by the borrower has a direct impact on the home loan EMI. The higher the loan amount, the higher would be its monthly repayment EMI and the lower the loan amount, the lower would be its monthly EMI.
Benefits of Using the SBI Home Loan Calculator
Wondering why are we talking so much about the home loan EMI calculator. By using the SBI Home Loan EMI Calculator, borrowers gain clarity and confidence, ultimately facilitating a smoother path toward realizing their dream of homeownership.
Quick Results: The ultimate benefit of using the online SBI home loan EMI calculator is that it offers quick results. Feel free to access the online EMI calculator available at the official website of the BASIC Home Loan.
Precise: Whether you agree or not, but there is always a scope for some errors in manual calculations of home loan EMI. This may lead to wrong budget planning for the entire month. So, it is advisable to use the online SBI home loan EMI calculator for precise accuracy.
Educational Tool: Another hidden benefit of using the online EMI calculator is that it serves as an educational tool, helping users understand how different factors like the interest rate, loan amount, and tenure can impact the monthly repayment of EMIs.
SBI Home Loan Interest Calculator Formula
The SBI housing loan interest rate calculator uses a simple formula to determine the monthly interest paid on a home loan by the borrower. Have a look at the SBI Bank home loan interest rate calculation formula to understand it better:
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
SBI Home Loan Eligibility Criteria
Comparison of SBI Home Loan EMI with Other Popular Banks
It is always a good idea to do some comparison with other competitors offering home loans. Therefore, below we are presenting a table to show you a comparison of SBI Home Loan EMI with the EMI of other leading banks and housing finance companies for a tenure of 10 years:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
SBI | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
Bank of India | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
LIC | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
SBI Home Loan Amortization Schedule
Borrowers can easily check out what they are paying for which component of the home loan with an SBI Home Loan Amortization Schedule. In other words, the SBI home loan amortization schedule allows the borrower to track the progress of their loan repayment and understand the financial implications of each payment made in the form of a home loan EMI.
Steps to Calculate SBI Home Loan Amortized Interest:
1. Divide your SBI home loan interest rate by the total number of EMIs you will make in a year. For instance, 8.40% p.a. and you make monthly payments, then you would divide 8.40% by 12 0.007
2. Multiply the number you got in Step 1 with your outstanding loan, and you will get the monthly interest payable. For instance, if your loan balance is Rs. 5,500,000, your first month's interest would be 5,500,000 x 0.007 Rs. 38,500
3. Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 53,839, you will pay Rs. 53,839 - Rs. 38,500 Rs. 15,339 as the principal amount, and this amount will be deducted from your outstanding loan to calculate the outstanding for the subsequent month
4. Continue repeating these steps to calculate the interest, principal, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 1,91,322.61 | Rs. 4,54,745.39 | Rs. 5,500,000.00 | Rs. 646,068 |
| 1st Month | Rs. 15,339.00 | Rs. 38,500.00 | Rs. 5,500,000.00 | Rs. 53,839 |
| 2nd Month | Rs. 15,446.37 | Rs. 38,392.63 | Rs. 5,484,661.00 | Rs. 53,839 |
| 3rd Month | Rs. 15,554.50 | Rs. 38,284.50 | Rs. 5,469,214.63 | Rs. 53,839 |
| 4th Month | Rs. 15,663.38 | Rs. 38,175.62 | Rs. 5,453,660.13 | Rs. 53,839 |
| 5th Month | Rs. 15,773.02 | Rs. 38,065.98 | Rs. 5,437,996.75 | Rs. 53,839 |
| 6th Month | Rs. 15,883.43 | Rs. 37,955.57 | Rs. 5,422,223.73 | Rs. 53,839 |
| 7th Month | Rs. 15,994.62 | Rs. 37,844.38 | Rs. 5,406,340.29 | Rs. 53,839 |
| 8th Month | Rs. 16,106.58 | Rs. 37,732.42 | Rs. 5,390,345.68 | Rs. 53,839 |
| 9th Month | Rs. 16,219.33 | Rs. 37,619.67 | Rs. 5,374,239.10 | Rs. 53,839 |
| 10th Month | Rs. 16,332.86 | Rs. 37,506.14 | Rs. 5,358,019.77 | Rs. 53,839 |
| 11th Month | Rs. 16,447.19 | Rs. 37,391.81 | Rs. 5,341,686.91 | Rs. 53,839 |
| 12th Month | Rs. 16,562.32 | Rs. 37,276.68 | Rs. 5,325,239.72 | Rs. 53,839 |
Frequently Asked Questions
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