Navi Calculator SBI Home Loan EMI Calculator
Calculating your home loan EMI in advance would help you better plan your repayments. Though manual calculations are possible, they are complex, time consuming and may leave room for errors. To calculate your home loan EMI in a quick and accurate way, a better alternative would be to use our SBI Home Loan EMI Calculator. Carrying a user-friendly interface, SBI home loan calculator is the friend you need to simplify complex EMI calculations.
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Your home loan EMI depends on three factors – the loan amount, the interest rate and tenure. You can use three components and employ a home loan EMI formula to calculate your monthly instalments. The formula used to calculate the EMI for a home loan is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P = Principal or loan amount, R = Rate of interest per month (annual rate of interest divided by 12) and N = Number of monthly installments or loan tenure in months
For example, let’s say you have taken a home loan of ₹50 lakh for a tenure of 20 years with an interest rate of 7.5% p.a. Using the above formula, the EMI calculation would be as follows:
EMI = [50,00,000 x 0.625 x (1+0.625)^240]/[(1+0.625)^240-1]
= ₹38,031 (approximately)
So, your EMI for the home loan would be ₹38,031 per month.
It helps you plan your finances by providing an estimate of your monthly repayment obligations. This can help assess your financial capacity to afford a particular loan and plan your expenses accordingly.
Let’s face it - manual calculations are extremely taxing and complicated. A home loan calculator can help you save time by providing quick and accurate calculations of loan payments, total interest payable, and total amount payable.
With the help of a home loan EMI calculator, you can plan your loan repayment better by determining the total interest payable and the total amount to be repaid over the loan tenure.
Years | Opening Balance | EMI * 12 | Interest | Principal | Closing Balance |
---|
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
Jan 1
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
A fixed deposit (FD) is a type of savings scheme that provides higher interest rates compared to a bank savings account.
Feb 18
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
SBI offers home loans of up to 90% of the property value at competitive rates starting from 9.15% p.a. The bank offers a wide range of home loan schemes including SBI Regular Home Loan, SBI NRI Home Loan, SBI Flexipay Home Loan and SBI Realty Home, among others.
Different home loan schemes | Interest rate range (p.a.) |
SBI Regular Home Loan | 9.15% – 10.05% |
SBI Flexipay Home Loan | 9.15% – 10.05% |
SBI NRI Home Loan | 9.15% – 10.05% |
SBI Privilege Home Loan | 9.15% – 10.05% |
SBI Shaurya Home Loan | 9.15% – 10.05% |
SBI Home Loan to Non-Salaried – Differential Offerings | 9.15% – 10.05% |
SBI Commercial Real Estate (CRE) Home Loan | 9.35% – 10.15% |
SBI Home Top Up Loan | 9.75% onwards |
SBI Realty Home Loan | 9.45% – 10.05% |
SBI Tribal Plus | 9.25% onwards |
SBI Loan against Property (P-LAP) | 10.90% – 11.30% p.a. |
Apon Ghar | 9.15% – 10.05% |
*Disclaimers: All data from SBI website wef Feb 15, 2023. Interest rates are floating and linked to the repo rate. Bank to ascertain applicable rate based on applicant’s income, CIBIL score, property value among other factors
Concessions
A home loan EMI calculator accurately calculates the monthly Equated Monthly Installment (EMI) payable towards the loan. This helps borrowers plan their finances and budget accordingly.
Calculating the EMI manually can be time-consuming and prone to errors. A home loan EMI calculator saves time and provides accurate results within seconds.
With the help of a home loan EMI calculator, borrowers can plan their finances better by determining how much EMI they need to pay each month and how much loan amount they can afford.
Using a home loan EMI calculator, borrowers can compare the EMI for different loan amounts, interest rates, and tenures. This helps them choose the best loan offer that fits their budget.
With the help of a home loan EMI calculator, borrowers can plan their loan repayment better by determining the total interest payable and the total amount to be repaid over the loan tenure.
You can use Excel to calculate the EMI for a home loan by following these steps:
The EMI for the home loan will be displayed in cell D2 and the total interest paid will be displayed in cell E2.
The amount of the home loan that you borrow can affect the interest amount. Generally, a higher loan amount will attract a higher interest rate.
The tenure of the home loan can also affect the interest amount. A longer loan tenure will attract a higher interest rate compared to a shorter loan tenure.
Your credit score plays a crucial role in determining the interest rate on your home loan. A high credit score can help you get a lower interest rate, while a low credit score can attract a higher interest rate.
Your income can also affect the interest amount on a home loan. Lenders generally offer lower interest rates to borrowers with higher incomes as they are considered less risky.
The type of interest rate you choose for your home loan can also affect the interest amount. A fixed interest rate may offer more stability, but it may be higher compared to a floating interest rate.
Fixed Rate | Floating Rate |
The EMI and remains the same throughout the loan tenure irrespective of monetary policy changes | The EMI or tenure may change based on fluctuations in the interest rate, which is linked to market conditions |
The interest rate remains the same even if the market interest rate rises or falls | The interest rate changes based on market conditions and can either rise or fall, which can affect the EMI |
May attract penalties for preclosure of loan | Generally no penalty fee is levied for loan foreclosure |
The total interest cost is fixed and can be calculated upfront, making it easier to plan for | The total interest cost may vary depending on the fluctuations in the interest rate, which can be difficult to predict |
A good credit score is crucial to getting a home loan at a lower interest rate. A credit score of 750 or above is generally considered good by lenders.
Lenders often offer lower interest rates to borrowers who can make a higher down payment. Aim to save at least 20% of the property value as a down payment.
Shorter loan tenures are associated with lower interest rates. If you can afford higher EMIs, consider choosing a shorter loan tenure.
SBI may offer special discounts or offers on home loans from time to time. Keep an eye out for such offers and take advantage of them if they align with your financial goals.