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Although useful for buying a house of your dreams, Home Loans can be a financial burden if the monthly payment is not assessed accurately. It is of utmost importance that you comprehend the EMI (Equated Monthly Instalment) associated with the Home Loan. Online EMI calculators come in handy in this scenario. Not only does it accurately tell you the financial output to be borne by you, but also helps you assess preclosure and prepayment options. The EMI calculator offered by the State Bank of India is a unique tool that allows you to calculate the monthly instalments that must be paid towards your Home Loan.
Bank Wise Home Loan EMI Calculator
To use this, one must enter basic details into the tool, such as interest rate, loan amount, tenure of the loan, etc. The EMI calculator will then accurately inform you of the EMI payable, interest rate, the excess amount you would have to pay towards the loan, etc.
You can also use BankBazaar EMI calculator to understand the Equated Monthly Instalment you need to be paying towards the loan. This can be very useful to compare offers from several banks simultaneously on BankBazaar’s website. This will in turn help you know the most suitable Home Loan for you. You can use BankBazaar’s online EMI calculator by logging in to its website.
The BankBazaar’s Home Loan EMI calculator helps you to calculate monthly instalments payable towards your loan easily and effectively. Once you’ve opened the EMI Calculator i.e /home-loan-emi-calculator.html
Follow the steps mentioned below:
State Bank of India’s Home Loan EMI calculator allows you to calculate the EMI towards your housing loan easily and effectively. Visit the official website of State Bank of India, go to the Home Loan EMI calculator: https://www.sbi.co.in/portal/web/home/emi-calculator
Follow the steps mentioned below:
Tenure: 10 Years
Rate of Interest: 9.40%
Processing Fee: 0.35%
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance|
Follow the steps mentioned below to calculate the Maturity Value:
Calculating your EMI before acquiring for a Home Loan has several benefits:
The formula used for calculation of Home Loan EMI is mentioned below:
In this formula, P is the loan amount, r is the rate of interest and n is the tenure of the loan in months.
|Top SBI Related Pages|
|SBI Home Loan||SBI MCLR Base Rate||Check SBI Home Loan Eligibility||SBI Home Loan Processing Fees And Other Charges|
|SBI Home Loan Application Status||SBI Home Loan Procedure||SBI Home Loan Interest Rate||SBI Home Loan Application Form|
|SBI Home Loan Balance Transfer||SBI NRI Home Loan||SBI Home Loan Customer Care||SBI Plot Loan|
|SBI Home Loan Documents Required||SBI Home Loan Statement|
Yes. The EMI Calculator is a common tool that is not tied with any particular bank or financial institution. The important thing is that you must know the interest rate and processing charge of the bank/s that you are considering for home loans.
Yes. SBI has its own EMI calculator too.
You have to keep in mind that an EMI calculator estimates your loan amortization details based on the data you input through it. The banks may have other hidden charges that might add into the loan amount. In addition, if yours is a floating home loan, then the interest rate changes every year based on the MCLR or Base Rate change. Even fixed-rate loans are fixed only for 2-5 years and then reverts to floating rate. Even a slight change in interest rate will make a difference to the total loan amount you repay the bank, because of the longer duration of the loan. These variables limit the accuracy of an EMI calculator