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Benefits of Using SBI Home Loan EMI Calculator
SBI 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 housing 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 on SBI Home Loan EMI Calculator
How can I reduce SBI home loan EMIs?
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 SBI home loan calculator to know how much your EMIs can reduce on a lower home loan rate.
What will be the EMI for an SBI home loan of Rs. 30 lakh?
The EMI value for Rs. 30 lakh home loan will depend on two factors – loan tenure and home loan 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?
Can I repay my SBI home loan ahead of schedule?
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.
Will SBI housing loan EMI change in case of prepayment?
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.
Besides SBI housing loan EMI calculator, what other housing loan calculators are available at SBI’s website?
Apart from SBI’s housing loan EMI/interest calculator, prospective borrowers can use SBI Home loan balance transfer calculator, SBI Maxgain home loan calculator and SBI Flexipay home loan calculator to make better decisions pertaining to their respective SBI home loan schemes. SBI HLBT calculator allows existing borrowers to calculate the benefit of transferring their home loans from any bank or HFC to SBI. The SBI Maxgain Home Loan Calculator enables prospective borrowers to estimate total interest savings through SBI Maxgain overdraft in comparison to the regular term loan scheme. SBI Flexipay home loan EMI calculator allows applicants to see the detailed breakup of principal and interest repayment components of EMI, for both moratorium period and subsequent period of the loan tenure.
When do my SBI home loan EMIs start?
Home loan EMIs usually start in the month following the full disbursement of your loan amount. In case of Pre-EMI home loans, the repayment of EMIs (both interest and principal component) start after the completion of the moratorium (pre-EMI) period.
Is the EMI fixed throughout the loan tenure?
In case of home loans availed at fixed interest rates, the EMI will remain fixed throughout the loan tenure. However, in case of floating rate home loans, the EMIs will change as per the changes in the linked benchmark rates such as repo rate.
What happens if I miss paying my SBI home loan EMI?
Missing an SBI Home Loan EMI payment will incur late payment fees and penal interest on the overdue EMI amount. It will also lead to a drop in your credit score, thereby reducing your eligibility to avail loan or credit card in future.
What is the EMI for Rs 40 lakh SBI Home Loan?
The EMI of a Rs. 40 lakh home loan depends on its loan tenure and interest rate. Hence, use an online home loan EMI calculator to calculate your EMI for various tenures and interest rates.
What is the EMI for Rs. 20 lakh SBI Home Loan?
The EMI calculation on a Rs. 20 lakh home loan would depend on its loan tenure and interest rate. Thus, use an online home loan EMI calculator to determine EMI for different tenure and interest rate values.