SBI Home Loan EMI Calculator is a financial tool that helps to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the home loan taken from State Bank of India for a specified period.
(Calculate the EMI against the Home Loan taken from State Bank of India by using this SBI Home Loan EMI Calculator)
SBI Home Loan equated monthly installment (EMI) is a fixed monthly installment paid by borrowers to SBI against the home loan taken for construction of a house or purchasing a flat. Every month, it is due on a fixed day of the month until your loan is fully paid back.
Use this SBI Home Loan EMI Calculator to calculate the EMI on home loan taken from SBI. This Home Loan EMI Calculator requires some data like – Your Principal Amount took from bank, Rate of Interest & Period (in No. of Months). After calculation, you will get the Equated Monthly Installments (EMI).
Information about SBI Home Loan and SBI Home Loan EMI Calculator:
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What is the SBI Home Loan?
SBI Home loans are long-term and secured financing options available for constructing or purchasing a house, flat, or land. SBI house loan is taken to purchase, construct a home, renovate your existing home.
SBI offers customised home loan interest rates and schemes for a special category of borrowers including women borrowers, senior citizens, NRIs, etc.
The largest public sector bank in India also has some of the competitive interest rates for these products. SBI Home Loan interest rates are quite competitive.
Features of SBI Home Loan:
- Loan available for both salaried and self-employed. Special rates for women borrowers.
- Borrowers within the age group of 18 and 70 years.
- Security: Mortgage of property you are planning to purchase, renovate, or construct.
- Loan to Value Ratio of 90%.
- Loan Tenure can range from 5 to 30 years.
- Interest rates in the range of 6.95% to 7.35%.
- SBI home loan EMI per lakh starts from Rs. 741. However, you can calculate your home loan EMI using the SBI home loan calculator 2020.
- Low Processing charges. No hidden costs.
- No Prepayment Penalties. Reduce your interest burden by prepaying the loan.
- The home loan also available as an overdraft. Optimally utilize your surplus funds.
Advantages of SBI Home Loan:
- Low-Interest rates. Interest calculation on a daily reducing balance.
- Low Processing charges. No hidden costs.
- No Prepayment Penalties. Reduce your interest burden by prepaying the loan.
- The home loan also available as an overdraft. Optimally utilize your surplus funds.
- Packages of exclusive benefits.
Eligibility for SBI Home Loan:
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 70 years
- Loan Tenure: up to 30 years.
Documents required for SBI Home Loan:
List of papers/ documents applicable to all applicants:
- Employer Identity Card
- Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
- Proof of Identity (Anyone): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Anyone): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Property Papers:
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Salary Slip or Salary Certificate of last 3 months
- Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- Business address proof
- IT returns for last 3 years
- Balance Sheet & Profit & Loss A/c for the last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
Types of SBI Home Loan:
State Bank of India offers customised home loan interest rates and schemes for a special category of borrowers including women borrowers, senior citizens, NRIs, etc. Some of the special home loan offers of SBI are:
- SBI Maxgain
- SBI Yuva Home Loan
- SBI Realty Home Loan
- SBI Pal Home Loan
- SBI Tribal Plus
- SBI Gram Niwas Home Loan
- Sahyog Niwas Home Loan
- SBI Flexipay Home Loan
- NRI Home Loan
- SBI Privilege Home Loan
- SBI Shaurya Home Loan
- SBI Bridge Loan
- Home Loan for Self Employed
- SBI Home Loan Top Up
- SBI Reverse Mortgage Loan
- SBI Repo Rate Linked Home Loan
SBI Home Loan EMI:
SBI Home Loan equated monthly installment (EMI) is a fixed monthly installment paid by borrowers to SBI against the home loan taken for construction of a house or purchasing a flat. Every month, it is due on a fixed day of the month until your loan is fully paid back.
SBI offers Home Loans with loan periods up to 30 years, and the lowest EMI offered by the bank. The Lowest Rate of interest offered by SBI on Home Loan is 6.95% and is one of the most popular housing loans in India.
Factors Affecting SBI Home Loan EMI:
- Home Loan amount – This is the amount borrowed by a borrower from SBI. If you apply for a higher loan amount, your monthly EMI will be high.
- Interest rate – The interest rate is the rate charged by SBI on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. The current SBI home loan interest rate starts at 6.95%. Do complete market research and compare rates and calculate EMI online using the SBI home loan calculator before you apply for a home loan.
- Loan tenure – This is the period in which you can repay your home loan in SBI. Longer loan tenure means lower housing loan EMI. The loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, SBI offers house loans for a maximum tenure of 30 years.
SBI Home Loan EMI Calculator:
SBI Home Loan EMI Calculator is a financial tool that helps to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the home loan taken from State Bank of India for a specified period.
SBI Home Loan EMI Calculator is used to calculate the EMI on home loan taken from SBI. This Home Loan EMI Calculator requires some data like – Your Principal Amount took from bank, Rate of Interest & Period (in No. of Months). After calculation, you will get the Equated Monthly Installments (EMI).
What is EMI (Equated Monthly Installment)?
Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid.
The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards payment of the principal depends on the interest rate. Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive payment, you’ll pay more towards the principal and less in interest.
SBI Home Loan EMI Calculator Variables:
This Home Loan Calculator for State Bank of India (SBI) Home Loan uses four different variables that most of the calculator requires. These Home Loan EMI calculator variables are:
Principal Loan Amount: This is the amount borrowed by a borrower from SBI. If you apply for a higher loan amount, your monthly EMI will be high. This loan amount varies from person to person and scheme to scheme.
Rate of Interest: The Rate of Interest is the variable of the home loan calculator that appears as a percentage and is different for different types of loans. The current SBI home loan interest rate starts at 6.95%.
Loan Period: This is the period in which you can repay your home loan in SBI. Longer loan tenure means lower housing loan EMI. The loan terms can be determined by your age at the time of loan sanctioning and your retirement age. Generally, SBI offers house loans for a maximum tenure of 30 years.
Equated Monthly Installments (EMI): Equated Monthly Installment or EMI is the amount payable every month to the SBI or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid.
How SBI Home Loan Calculator Works?
Anyone can calculate his EMI against the SBI Home Loan through this online SBI Home Loan EMI calculator available on this page with high accuracy.
Following are the steps to calculate the EMI through this calculator:
- Step 1: Enter the Principal Loan Amount that he wants to borrow from SBI as a home loan.
- Step 2: After this, fill the rate of interest of the loan he gets from his bank or financial institution. The rate of interest appears as a percentage and is different for different types of loans.
- Step 3: The next step that one has to follow is to select the period for a loan in months. This is the period in which you can repay your home loan in SBI. Longer loan tenure means lower housing loan EMI.
- Step 4: Thereafter putting all the above data, click the calculate button for calculation of EMI.
- Step 5: After submitting all variables required by an EMI calculator, one will get the Equated Monthly Installment or EMI against the home loan.
How to use the SBI Home Loan calculator?
To use the SBI home loan EMI calculator, by simply entering the loan amount, interest rate, and select the loan tenure.
The EMI calculator will show the EMIs based on the entered numbers instantly. It will change as per modification.
SBI Home Loan EMI Calculator Formula:
Home Loan EMIs constitute a large proportion of the household’s monthly expenditure to pay for a long period. Being a long tenure loan, the total interest you pay on a housing loan for 30 years can be more than the original loan amount you have borrowed from the bank.
Here’s the formula to calculate EMI:
where:
E is EMI
P is Principal Loan Amount
r is the rate of interest calculated on a monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)
n is loan term/tenure/duration in number of months
SBI Home Loan Interest Rate Calculator:
SBI Home Loan Interest rate Calculator online can help you calculate the interest rate you are eligible for and also, the total interest you will pay during the loan duration. Some of the factors that are used for interest rate calculation are:
- Occupation of the borrowers: Banks charge a slightly higher interest rate on home loans for self-employed as compared to that on loans for salaried borrowers.
- Amount of the Loan: SBI offers loans of up to Rs. 30 Lakh at 6.95% and loans of above Rs. 30 Lakh at rates ranging from 7.20% to 7.35%.
- Type of loan opted for: The bank also offers different rates on its various loan schemes such as fixed-rate home loan, floating rate home loan and home loan with an overdraft facility, etc.
- Existing bank customers: SBI also offers lower interest to its existing bank account holders to maintain its relationship.
Advantages of using this SBI Home Loan Calculator:
There are several advantages attached to using this online SBI home loan EMI calculator, which other such calculators may not provide.
Advantages of this EMI calculator are:
- Shows the results based on the fractional rate of interest.
- It helps you save time by showing the results immediately.
- It is more accurate compared to other EMI calculators.
- It helps you to determine the loan amount and tenor.
Using an EMI calculator is one of the first steps you take to apply for a home loan and purchase/construct your dream abode. The next steps involve arranging all the necessary documents and making sure you fulfill all the eligibility criteria.
FAQs about SBI Home Loan EMI Calculator:
Why should I calculate SBI loan EMI before taking a loan?
It is advised to calculate home loan EMI before taking a home loan. There are several benefits of calculating your SBI housing loan EMI which can be done using SBI housing loan EMI calculator as discussed below –
- In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.
- If you already know the EMI you have to pay each month, then you can plan your spending accordingly.
- Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount.
What is the EMI for a home loan in SBI?
The EMI will vary based on the loan amount, tenure, rate of interest, and can be calculated using the SBI home loan calculator. Based on the lowest rate of 6.95% and a maximum tenure of 30 years, the SBI home loan EMI for different loan amount will be:
| Loan amount | EMI |
|---|---|
| ₹ 10 Lakh | ₹ 6,619 |
| ₹ 30 Lakh | ₹ 19,858 |
| ₹ 50 Lakh | ₹ 33,097 |
You can compare home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.
How accurate is an SBI Housing Loan EMI calculator?
Online SBI housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.
Will the SBI home loan EMI remain constant or change in the future? What happens in case of an increase or decrease in the interest rate?
- Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by SBI subject to its eligibility conditions (note that nominal charges may apply for effecting a customer-initiated change in EMI)
- In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your home loan.
- For partly disbursed loans availed under the tranched EMI scheme, your loan EMI will increase with each disbursement.
- You can plan your EMIs with the SBI Home loan EMI calculator 2020.
Can I avail of income tax benefits on a home loan?
Yes. Home loans provide income tax benefits under the following sections –
| Section | Applicability and amount |
| 80C | Up to Rs. 1.5 Lakh on the home loan principal |
| 24(b) | Up to Rs. 2 Lakh on the home loan interest paid. |
| 80EEA | Additional deduction of up to Rs. 1.5 Lakh on home loan interest paid.
Only available to borrowers under the affordable housing scheme. |
Who can avail of SBI home loans?
SBI home loans are available for salaried and self-employed individuals and non-individuals.
What is the LTV of SBI home loans?
| LTV | Property value |
| 90% | Less than Rs. 30 Lakh |
| 80% | Rs. 30 Lakh to up to Rs. 75 Lakh |
| 75% | Above Rs. 75 Lakh |
What is the amount I can avail of with a home loan?
SBI provides home loans ranging from Rs. 15 Lakh to up to Rs. 10 Crore.
What is the maximum tenure of an SBI home loan?
The maximum tenure of an SBI home loan is 30 years.
You are here to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the home loan taken from State Bank of India. Calculate the home loan EMI by using this online SBI Home Loan EMI Calculator.
