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SBI Home Loan EMI calculator – Calculate SBI Housing Loan EMI Online
Home loans are long-term and secured financing options available for constructing or purchasing a property. In recent years, home loans have seen a considerable rise, one of the primary factors for which is the Pradhan Mantri Awas Yojana (PMAY). Under the Credit Linked Subsidy Scheme (CLSS) of this Yojana, first-time and eligible borrowers can avail subsidies on their home loan interest rate.
State Bank of India has played a key role in sanctioning home loans under the PMAY. The largest multinational bank in India also has some of the competitive interest rates for these products. Using an SBI home loan EMI calculator, borrowers can calculate their monthly installments before applying.
How Can SBI bank home loan EMI calculator be beneficial?
SBI is one of the reputed banks in India with more than 50 Crore customers in more than 25,000 branches. Whether it is deposits or loans, SBI ranks among the top in the list of banks and financial institutions in this country.
Home loans are one of the sought-after financing options from SBI since this bank offers the most attractive rate of interest.
Hence, an online home loan EMI calculator SBI can help you out significantly by providing the following benefits –
- Help you determine the right amount that can make your EMIs affordable.
- It enables you to choose the correct tenor to ensure the monthly installments are easily manageable.
- Eliminates the need for manual calculation, which can deliver inaccurate results and be time-consuming.
- Use anywhere – computer, mobile, tablet, etc.
How does a Home Loan SBI EMI Calculator work?
An SBI home loan monthly EMI calculator works on the following formula – EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)].
In the above formula –
- P is your principal or the loan amount.
- R is your rate of interest calculated per month.
- N is your loan tenure in months.
For example, let’s consider you have availed a home loan of Rs. 60 Lakh at 9% (0.75% per month) rate of interest with tenure of 20 years (240 months).
Then, EMI = [60,00,000 x 0.75% x (1+0.75%)^240]/[(1+0.75%)^ (240-1)].
EMI = Rs. 53,984
Amortization schedule
Your loan EMIs will remain the same throughout your loan tenor if you have availed the home loan on a fixed rate of interest. However, the principal and interest portion in each of them differs per month. This process of calculating EMIs is known as amortization.
Following is the amortisation schedule of the above loan for the first 12 months –
| Month | Principal (Rs) | Interest (Rs) | Principal + interest (Rs) | Outstanding balance (Rs) |
| 1 | 8,984 | 45,000 | 53,984 | 59,91,016 |
| 2 | 9,051 | 44,933 | 53,984 | 59,81,966 |
| 3 | 9,119 | 44,865 | 53,984 | 59,72,847 |
| 4 | 9,187 | 44,796 | 53,984 | 59,63,659 |
| 5 | 9,256 | 44,727 | 53,984 | 59,54,403 |
| 6 | 9,326 | 44,658 | 53,984 | 59,45,078 |
| 7 | 8,984 | 45,000 | 53,984 | 59,91,016 |
| 8 | 9,395 | 44,588 | 53,984 | 59,35,682 |
| 9 | 9,466 | 44,518 | 53,984 | 59,26,216 |
| 10 | 9,537 | 44,447 | 53,984 | 59,16,679 |
| 11 | 9,608 | 44,375 | 53,984 | 59,07,071 |
| 12 | 9,681 | 44,303 | 53,984 | 58,97,391 |
According to the above table, the interest portion is higher in the initial months compared to the principal. As you repay, the principal increases while the interest decreases.
How to use Groww SBI Home Loan EMI Calculator?
To use the SBI home loan EMI calculator, by simply entering the loan amount, interest rate and select the loan tenure from drop down.
The EMI calculator will show the EMIs based on the entered numbers instantly. It will change as per modification.
Advantages of using Groww SBI Housing Loan EMI calculator
There are several advantages attached to using a Groww SBI housing loan EMI calculator, which other such calculators may not provide.
For instance –
- 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.
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FAQs
Who can avail 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 Lak |
What is the amount I can avail 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.
Can I avail 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 |