Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Benefits of Using SBI Home Loan EMI Calculator
A Home Loan EMI Calculator gives an estimated value of the amount that requires to be paid towards a Home Loan. The information about this monthly pay-out when known in advance helps potential borrowers in determining the optimum tenure and EMI for your SBI home loan while factoring in your loan repayment capacity and crucial financial goals.
How is SBI Home Loan EMI Calculated?
SBI uses the monthly reducing balance method to calculate EMI payments, wherein the interest amount is calculated on the principal outstanding at the end of each month. So, every time you pay EMI on your SBI home loan, a certain portion of it goes towards repaying the outstanding principal and the remaining goes for paying the interest amount. This helps in reducing the principal amount. On this reduced principal, the State Bank of India calculates interest, thereby reducing interest cost with every EMI.
How to Pay SBI Home Loan EMI?
To pay SBI home loan EMI, you may:
- Issue post-dated cheques (PDCs)
- Issue Standing Instructions (SI) to your bank
- Opt for direct deduction of monthly instalments by your employer
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Charges Applicable on Non-payment of SBI Home Loan EMI
Non-payment of SBI housing loan EMI may attract a few changes such as late payment fee, penal interest, cheque dishonor charges (in case of issue in PDCs), etc.
| Reason | Penalty | |
| Penal Interest (if the EMI is unpaid for 30 days from the due date, for any reason, including a bounced cheque) | @2% p.a. on the irregular amount for the period of irregularity, over and above the applicable rate | |
| Failed / Non Payment of EMI | Rs 500 + GST per EMI missed | |
| Cheque returned (for insufficient funds only) | For cheques up to Rs 1 Lakh | Rs 225 + GST |
| For cheques above Rs 1 Lakh | Rs 350 + GST | |
| Failed SI | Rs 225 + GST per failed SI | |
Click to check other home loan fees and charges.
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FAQs
1. How can I reduce SBI home loan EMIs?
Ans. Some of the few practices which can help you reduce EMIs on your SBI home loan are:
- Make part prepayments: When you prepay your home loan partially, you pay a portion of the outstanding principal early; thus, giving you an option to either reduce EMI or tenure. Choose lower EMI only when rising home loan interest rates increases your EMI burden.
- Choose home loan balance transfer: You can transfer your outstanding loan amount to lenders offering lower home loan interest rates, longer loan tenure, or both. But, before going for home loan balance transfer, do a cost-benefit analysis to ensure that your interest savings outweigh the transfer costs. Also, use an online EMI calculator to know how much your EMIs can reduce on a lower home loan rate.
2. What will be the EMI for an SBI home loan of Rs. 30 lakh?
Ans. The EMI value for Rs. 30 lakh home loan will depend on two factors – loan tenure and interest rate. For example, if you’re availing SBI home loan at 9% p.a. for tenure of up to 20 years, then your home loan EMI will be Rs. 26,992.
Also Check:- How much home loan can a salaried individual get?
3. Can I repay my SBI home loan ahead of schedule?
Ans. Yes, you can repay your SBI housing loan ahead of schedule by making lump sum part or full prepayments, subject to the applicable prepayment charges.
4. Will SBI housing loan EMI change in case of prepayment?
Ans. Prepayment impacts your home loan EMIs. When you make partial prepayment on your home loan, you get a choice to either reduce EMI for the same loan tenure or reduce loan tenure and keep the EMIs constant. The latter is more beneficial as it will incur lower interest. Use the home loan EMI calculator to how much you will save on your interest payout.