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| SBI Home Loan 2019 Details | |
| Interest Rate | 8.70% onwards |
| Loan Amount | Up to Rs. 3 crore |
| Loan Tenure | Up to 30 years |
| Processing Fees | To be paid by actuals |
Note: The figures given in the table are indicative and are subject to change at the banks’ or NBFCs’ discretion without prior information.
Home loan EMI calculator is an online tool that calculates the monthly instalments (EMIs) that you will pay towards your SBI home loan repayment. It is easy to use and provides accurate results in just a second. Depending on the loan amount, interest rate and loan tenure, customers can get an estimate of the repayment amount every month. Manual calculation of Home Loan EMI for different combinations of principal amount, interest rate and tenure using the above EMI formula is time consuming and prone to more errors. To avoid all these things, Paisabazaar offers Home Loan EMI calculator. It automates the Home Loan EMI calculation and gives result in a split second. Customers seeking for an accurate SBI Home Loan EMI Calculator can visit Paisabazaar.com and use its Home Loan EMI Calculator to get precise results quickly and without a charge.
EMI is an acronym for Equated Monthly Instalments. These instalments are paid every month on a specific date throughout the loan tenure or till it gets completely repaid. The amount is a sum of principal amount and interest amount. Longer tenure reduces the EMI amount.
Home Loan EMI Calculator gives an estimated value of the amount that requires to be paid towards Home Loan. The information about this monthly pay-out when known in advance helps potential borrowers to make an informed decision about how much they can afford to shell out towards the housing loan each month. It also helps in preparing monthly budget in advance to ensure timely payment and avoid home loan default.
The formula used to calculate a loan EMI is given below
EMI = [P* R * (1+R)^N]/[(1+R)^N-1]
Where,
‘P’ = Loan amount or principal
‘N’ = Number of monthly instalments
‘R’ = Monthly rate of interest
Note: If the rate of interest per annum is 10%, then the value of ‘R’ will be 10/(12 x 100).
Example: “Anil” avails SBI Home Loan of Rs 40 lakh at 10% per annum for a period of 15 years (i.e., 180 months), then EMI = Rs 40 lakh * 0.0083 * (1 + 0.0083)^ 180 / ((1 + 0.0083) ^180 – 1) = Rs 42,984.
“Anil” will be required to pay Rs 42,984 for 180 months to repay the entire loan amount. The total amount payable will be Rs 42,984 * 120 = Rs 77,37,120 which includes the interest amount of Rs. 37,37,120.
Home Loan Amortisation Schedule is a table, which provides information regarding the following:
The Amortisation Schedule for Rs 40 lakh at 10% per annum for the tenure of 15 years is given as below:
| Year | Opening Bal. | EMI*12 | Interest Paid (each yr.) | Principal Paid (each yr.) | Closing Balance |
| 1 | 40,00,000 | 5,15,810 | 3,94,542 | 1,21,269 | 38,78,731 |
| 2 | 38,78,731 | 5,15,810 | 3,81,843 | 1,33,967 | 37,44,764 |
| 3 | 37,44,764 | 5,15,810 | 3,67,815 | 1,47,995 | 35,96,769 |
| 4 | 35,96,769 | 5,15,810 | >3,52,318 | 1,63,492 | 34,33,277 |
| 5 | 34,33,277 | 5,15,810 | 3,35,198 | 1,80,612 | 32,52,665 |
| 6 | 32,52,665 | 5,15,810 | 3,16,286 | 1,99,524 | 30,53,140 |
| 7 | 30,53,140 | 5,15,810 | 2,95,393 | 2,20,417 | 28,32,723 |
| 8 | 28,32,723 | 5,15,810 | 2,72,313 | 2,43,498 | 25,89,225 |
| 9 | 25,89,225 | 5,15,810 | 2,46,815 | 2,68,995 | 23,20,230 |
| 10 | 23,20,230 | 5,15,810 | 2,18,648 | 2,97,163 | 20,23,067 |
| 11 | 20,23,067 | 5,15,810 | 1,87,531 | 3,28,279 | 16,94,788 |
| 12 | 16,94,788 | 5,15,810 | 1,53,156 | 3,62,654 | 13,32,134 |
| 13 | 13,32,134 | 5,15,810 | 1,15,181 | 4,00,629 | 9,31,504 |
| 14 | 9,31,504 | 5,15,810 | 73,230 | 4,42,580 | 4,88,924 |
| 15 | 4,88,924 | 5,15,810 | 26,886 | 4,88,924 | 0 |