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SBI Home Loan EMI Calculator

SBI home loan EMI calculator is a financial tool that allows the prospective borrowers to calculate their home loan EMIs and interest cost payable throughout the loan tenure. Thus, individuals can compare loan options, plan their finances better and opt for a home loan that is budget-friendly.

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Principal Amount₹0
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HDFC Bank
Min Loan Amt. ₹15L
Rate of Interest7.2% - 13.2%
Tenure uptoUpto 30 Years
Processing Fee₹ 10,000
ICICI Bank
Min Loan Amt. ₹15L
Rate of Interest7.65% - 9.80%
Tenure uptoUpto 30 Years
Processing Fee₹ 10,000
Axis Bank
Min Loan Amt. ₹30L
Rate of Interest8.35% - 11.90%
Tenure uptoUpto 30 Years
Processing Fee₹ 14,000
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How Can I Apply for a Home Loan Online?

Step 1: Enter your mobile number in the application form.

Step 2: Verify using the OTP sent to your mobile number.

Step 3: Enter details related to your loan requirements.

Step 4: Provide your personal and employment details.

Step 5: Compare offers and apply for the best-suited loan.

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SBI Home Loan EMI Calculator - Features

  • The calculator evaluates the total loan cost instantly.
  • The tool is available online and is free of cost.
  • One can adjust the loan parameters (interest rate, loan amount and tenure).
  • The tool is easy to operate, and no manual labour is  involved.
  • The results are accurate.

Working of SBI Home Loan EMI Calculator

The SBI home loan EMI calculator works in the following manner:

  • Click on the SBI EMI Calculator option on Paisabazaar.
  • Enter the loan amount, interest rate and loan tenure and click on “Enter”
  • The calculator shows the EMI and total interest cost instantly.
  • You can explore and check eligibility for an SBI home loan directly from the calculator.

Factors Affecting SBI Home Loan EMI

SBI home loan EMI depends on the following factors:

  • Interest Rate- The EMI increases with the increase in the interest rate.
  • Loan Amount- The higher the loan amount, the higher the EMI.
  • Tenure- Longer tenure means lower EMI, and vice versa.
  • Partpayments- The amount paid as part payment is deducted from the principal amount. This reduces the principal and eventually the EMI.
  • Balance Transfer- Existing borrowers can transfer their home loan accounts to SBI at lower interest rates and reduce their EMIs.

Benefits of SBI Home Loan EMI Calculator

  • Applicants can estimate their financial stability using a home loan EMI calculator.
  • They can plan their EMIs as per their budget.
  • The calculator saves time and efforts which is otherwise consumed in manual calculations.
  • The results are error-free.
  • Applicants can know their affordable loan limit even before the loan application and make informed decisions accordingly.

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Example Scenarios with SBI Home Loan EMI

Loan Amount (Rs.) Loan Tenure Interest Rate (p.a.) EMI (Rs.)
50 lakh 30 years 7.25% 34,109
30 lakh 20 years 7.25% 23,711
20 lakh 10 years 7.25% 23,480

How Interest Type Affects SBI Home Loan EMI>

SBI offers home loans at floating interest rates. Floating rates are variable in nature and change with the change in the repo rate set by the RBI. Hence, every time the RBI resets its repo rate, SBI adjusts its home loan interest rate. If the interest rate increases, the EMI also increases, and vice-versa.

Fixed rates are not variable and hence, remain the same throughout the loan tenure. Therefore, the EMI remains the same throughout the loan tenure, provided the borrower makes part payment or opts for switching the home loan either to a lower rate or to a floating rate.

SBI Home Loan EMI v/s Total Interest Cost

EMI is the total amount paid monthly towards the principal and interest payment, whereas total interest cost is the total amount paid as interest over the entire loan tenure. Let us see the difference between home loan EMI and interest cost under the following scenarios:

  • If you opt for a longer tenure, the home loan EMI reduces, but the overall interest cost increases, provided the loan amount and interest rate remain the same.
  • Keeping the loan tenure and interest rate constant, the EMI and total interest cost increase with the increase in loan amount.
  • As the interest rate increases, so does the EMI and total interest cost, provided the loan tenure and loan amount remain the same throughout.

Effects of Prepayment on EMI and Tenure

Whenever you have surplus, you can pay a lump sum amount towards your outstanding loan amount even before the loan maturity. This amount reduces your principal and eventually your EMI and interest cost.

However, the lender provides two options to the borrower during part-payment-

  • Reduce the EMI
  • Reduce the tenure

If the borrower opts for EMI reduction, the tenure remains the same, but the EMI keeps reducing with every part payment. However, if the borrower opts for a reduction in tenure, the EMI remains the same, but the tenure decreases.

How to Reduce the SBI Home Loan EMI

  • Maintain a strong credit score.
  • Negotiate with the lender.
  • Make part payments.
  • Opt for a balance transfer.
  • Check for pre-approved offers.
  • Make a higher down payment.

Related Links

Calculators Interest Rates
Axis Home Loan EMI Calculator Axis Bank Home Loan Interest Rate
SBI Bank Home Loan Eligibility Calculator Bank of Baroda Home Loan Interest Rate
HDFC Home Loan EMI Calculator Canara Bank Home Loan Interest Rate
HDFC Home Eligibility Calculator HDFC Home Loan Interest Rate
Home Loan Eligibility Calculator LIC Housing Home Loan Interest Rate
ICICI Bank Home Loan EMI Calculator PNB Home Loan Interest Rate
YES Bank Home Loan EMI Calculator SBI Home Loan Interest Rate
Why Choose Paisabazaar?
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Compare & Choose the Best Offer

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Pre-approved Offers with Instant Disbursals

image of Know Your <strong>Chances of Approval</strong>

Know Your Chances of Approval

image of End-to-End <strong>Digital Process</strong>

End-to-End Digital Process

How Can I Apply for a Home Loan Online?

Step 1: Enter your mobile number in the application form.

Step 2: Verify using the OTP sent to your mobile number.

Step 3: Enter details related to your loan requirements.

Step 4: Provide your personal and employment details.

Step 5: Compare offers and apply for the best-suited loan.

Apply Now

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FAQs

What is the interest rate of SBI home loan?

SBI offers home loans at interest rates depending on the credit profile of the applicants.

What is the EMI of Rs. 20 lakh home loan availed from SBI for a tenure of 10 years?

The EMI of Rs. 20 lakh home loan availed from SBI for a tenure of 10 years Rs. 23,480.

What is the overall interest cost of Rs. 20 lakh home loan availed from SBI for a tenure of 10 years?

The overall interest cost of Rs. 20 lakh home loan availed from SBI for a tenure of 10 years is Rs. 8,17,625.

Can I calculate EMI for fixed and floating interest rates?

Yes, you can calculate EMIs for fixed and floating interest rates.

Can I calculate EMI for a balance transfer with this calculator?

Yes, you can calculate EMI for a balance transfer with this calculator. All you need to do is enter the reduced interest rate, outstanding loan amount, and the loan tenure opted for in the EMI calculator.

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