SBI Home Loan EMI Calculator

EMI or Equated Monthly Instalment is paid every month on a specific date throughout the loan tenure or till it gets completely repaid. The amount is the sum of the principal amount and the interest amount. With every EMI payment, the interest component reduces. Also, tenure plays an important role in deciding the EMI amount. Longer the tenure, lower the EMI. Let us understand the relationship between the two through the table given below:

How Loan Tenure Affects SBI Housing Loan EMI

The home loan EMI for SBI depends on 3 factors – loan amount, loan tenure and interest rate. Here, we will see how loan tenure affects the instalment amount when the interest rate is 8.40%.

As per the table, for different loan amounts taken at the lowest rate of interest, the EMIs changed as per different loan tenures. This proves that your loan tenure greatly influences your monthly pay-outs. Your EMIs become higher when you take loan for a shorter tenure. That is why the EMIs calculated for 15 years are lower than the EMIs calculated for 20 and 30 years.

What is home loan EMI calculator? Home loan EMI calculator is an online tool that calculates the monthly instalments (EMIs) that you pay towards your SBI home loan. 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 instantly. 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 without a charge.

Home Loan EMI Calculator gives an estimated value of the amount that requires to be paid towards the 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.

To use Paisabazaar’s Home Loan EMI Calculator, provide values for the following:

• Loan Amount: It is the amount that a customer wants to borrow from the bank.
• Loan Tenure: It is the period till when you will repay the entire loan amount. Longer tenure results in lower housing loan EMIs.
• Interest Rate (% P.A.): It is the rate at which the bank is lending you money. Higher rate of interest leads to higher home loan EMIs. Compare different interest rates before availing home loan.

Click here to know the prevailing SBI Home Loan Interest Rates.

Some of the ways to reduce your SBI Home Loan EMIs are:

• Increase the loan repayment tenure
• Opt for a Step-down EMI Plan
• Choose loan offer with lowest interest rate
• Prepay your loan as soon as possible
• Consider home loan balance transfer

Home Loan Amortisation Schedule is a table, which provides information regarding the following:

• Outstanding Balance before payment of each EMI
• EMI
• Contribution towards principal repayment
• Contribution towards interest payment
• Outstanding balance after payment of each EMI

SBI Home Loan EMI Calculator (Oct 2019)

Amortisation Schedule for Rs 40 lakh loan @10% pa for a tenure of 15 years. 

Why should I calculate EMI before applying for SBI Home Loan?

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.

Check interest rate of other banks and lending institutions

How is Home Loan EMI Calculated?

You can calculate your home loan EMI manually using mathematical formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month. But calculating home loan EMI manually may give you inaccurate results due to human errors. To get an accurate value of your home loan EMI, use Home Loan EMI Calculators. It is easy to use and gives you accurate results instantly.

What will be the EMI for a home loan of Rs. 30 lakh?

The EMI value for Rs. 30 lakh home loan will depend on two factors – loan tenure and interest rate. Once you get those values, enter them in an online EMI calculator and get your home loan EMI in less than a second. Click here to calculate your home loan EMI.