SBI Home Loan EMI Calculator 2023
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
How To Use SBI Home Loan Calculator?
- Step 1 : Select the loan amount
- Step 2 : Select the interest rate
- Step 3 :Select the loan tenure
SBI Home Loan EMI Calculation Formula
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.
Benefits of SBI Home Loan Eligibility Calculator
Better Management of Finances
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.
Saves Time
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.
Helps in Loan Repayment Planning
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.
SBI Home Loan Amortisation Schedule
| Years | Opening Balance | EMI * 12 | Interest | Principal | Closing Balance |
|---|
Frequently asked questions
Other Calculators
- Personal Loan EMI Calculator
- Home Loan EMI Calculator
- Mutual Fund Calculator
- SIP Calculator
- PF/EPF Calculator
- PPF Calculator
- Fixed Deposit (FD) Calculator
- Recurring Deposit (RD) Calculator
- Lumpsum Calculator
- NPS Calculator
- SWP Calculator
- Simple Interest Calculator
- Compound Interest Calculator
- Car Loan EMI Calculator
- Bike loan EMI Calculator
- Gratuity Calculator
- ROI Calculator
- HRA Calculator
- NSC Calculator
- CAGR Calculator
- APY Calculator
- SSY Calculator
- Post Office Income Calculator
- NPV Calculator
Blogs
Jan 1
Income Tax On Interest Earned From Fixed Deposits
Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.
Jan 22
Fixed Deposit 101: Should You Invest In FDs?
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 in India: Tax Deductions Through Section 80C Of Income Tax Act
Tax-saver FDs are fixed deposits that offer tax deductions through Section 80C of the Income Tax Act.
Explore our videos
What is SBI Home Loan Interest Rate 2023
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
- Premium of 10 bps to card rate (loan value up to ₹30L; LTV >80% & <=90%)
- 5 bps concession for Privilege/Shaurya/Apon Ghar HL if maintaining salary account with SBI
- 5 bps concession to women borrowers subject to minimum of 9.15%*
How SBI Housing Loan EMI Calculator Can Help You
Accurate Calculation of EMI
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.
Saves Time
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.
Helps in Loan Planning
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.
Comparison of Loan Offers
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.
Helps in Loan Repayment Planning
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.
How to Calculate SBI Home Loan EMI Using Excel?
You can use Excel to calculate the EMI for a home loan by following these steps:
- Open Microsoft Excel on your computer
- Create a new workbook
- In the first row, create the following headings in cells A1, B1, C1, D1, and E1: “Loan Amount”, “Interest Rate”, “Loan Tenure”, “EMI”, and “Total Interest Paid”
- In cell A2, enter the loan amount
- In cell B2, enter the interest rate
- In cell C2, enter the loan tenure in months
- In cell D2, enter the formula =PMT(B2/12,C2,-A2)
- In cell E2, enter the formula =D2*C2-A2
- Drag the formulas down to the bottom row to fill in the rest of the cells in the columns.
The EMI for the home loan will be displayed in cell D2 and the total interest paid will be displayed in cell E2.
Factors that Affect Home Loan Interest Amount
Loan Amount
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.
Tenure
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.
Credit Score
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.
Income
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.
Type of Interest Rate
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.
Difference Between SBI Fixed Rate and Floating Rate Home Loan EMIs
| 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 |
Tips to Get SBI Home Loan at Lower Interest Rate
Maintain a Good Credit Score
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.
Save for a Higher Down Payment
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.
Choose a Shorter Loan Tenure
Shorter loan tenures are associated with lower interest rates. If you can afford higher EMIs, consider choosing a shorter loan tenure.
Check for Special Offers
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.