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.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate SBI Bank 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.
SBI Bank 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]
In the above formula:
P stands for the Principal Amount
R stands for the Rate of Interest
N stands for the Number of Monthly Repayment Instalments
Factors Affecting SBI Bank Home Loan EMI
Your SBI bank home loan may be influenced by several factors, such as the interest rate, tenure, and principal amount. Let us help you understand how these three different SBI Bank home loan criteria impact the 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 SBI Bank 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: EMI.
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 Bank 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
In the above formula:
P stands for Principal Amount
R stands for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments
SBI Bank Home Loan Eligibility Criteria
Although getting a housing loan has become easy these days, not everyone is considered eligible to get one. Therefore, it is important to use the online SBI home loan eligibility calculator to check your eligibility for a home loan from SBI housing loan. This online tool will ask for some information such as your age, income, employment status, citizenship, and credit score to acquaint you with whether or not you are eligible to get an SBI home loan.
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Comparison of SBI Bank 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 |
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SBI Bank 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 Bank Home Loan Amortized Interest
Step 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
Step 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
Step 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
Step 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 |
FAQs
You can easily access the SBI Home Loan EMI Calculator on the official website of the bank. Alternatively, you may try using the best online home loan EMI calculator available at the official website of BASIChomeloan.
To calculate the EMI for an SBI home loan of Rs. 30 lakh, you must enter the loan tenure and the loan interest rate in the online calculator. Alternatively, you may use the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1] and check your home loan EMI.
Yes, you can easily repay the SBI home loan amount ahead of the schedule through the prepayment facility. However, sometimes, some banks may charge a prepayment fee for that, so please confirm the same from SBI before opting for a prepayment.
Yes, the SBI home loan EMI will change in case of a prepayment done by you. It will directly reduce your outstanding loan amount, and hence, the EMI will also reduce.
Yes, the SBI home loan EMI calculator is accurate, provided you enter the right data to calculate the home loan EMI in it.
Not paying the home loan EMI on time may negatively impact your credit score. Therefore, it is important to pay your home loan EMIs on time to maintain a positive credit score.