SBI Home Loan EMI Calculator

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. Even though, throughout the loan period, the EMI pay-out remains the same, the proportion of interest and principal amount changes. With every EMI that is paid to the bank, the interest component reduces. Also, longer tenure reduces the EMI amount; see the table below for reference.

Calculating SBI Housing Loan EMI at Different Loan Tenures

Housing loan EMI in SBI depends upon loan amount, loan tenure and interest rate.

The table below gives you an idea of the EMIs for various tenures and loan amounts @8.40% interest rate

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 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.

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.

To use Paisabazaar’s Home Loan EMI Calculator, input 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 Sep 2019

The Amortisation Schedule for Rs 40 lakh at 10% per annum for the tenure of 15 years is given as below:

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.

What is the current SBI Home Loan interest rate?

In June, SBI had announced to link its home loan interest rate with Repo Rate Linked Lending Rate (RLLR). As per the announcement, the linking of SBI home loan interest rate with RLLR has come into effect from 1 July 2019.  The current RLLR-linked SBI Home Loan interest rate is 8.05% onwards and the MCLR-linked current SBI Home Loan interest rate is 8.35% onwards.

Also check the 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 in a fraction of seconds.

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

The EMI value for Rs. 30 lakh home loan will depend on two other 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.