A "low interest" loan shouldn't mean you have very little interest in paying it back!
• # SBI Home Loan Calculator

• Updated as per Latest Rates on 21 Jan 2020

With the SBI Home Loan EMI Calculator, you can easily estimate the monthly repayment amount on your housing loan. The minimum EMI per lakh you get with SBI is Rs.772.

To use the calculator, you need to know the current SBI home loan interest rates, loan amount, and tenure. Enter the values and you’ll get a full break-up of your monthly repayments and the table showing the reducing balance in your loan account.

## Calculate Your SBI Home Loan Monthly Repayment

The table below gives you an idea of the EMIs for various tenures and loan amounts

 Amount→Tenure↓ Rs.10 Lakh Rs.20 Lakh Rs.40 Lakh Rs.50 Lakh 10 years Rs.12,668 Rs.25,335 Rs.50,670 Rs.63,338 20 years Rs.8,997 Rs.17,995 Rs.35,989 Rs.44,986 30 years Rs.8,046 Rs.16,092 Rs.32,185 Rs.40,231

Suppose you are applying for the SBI Regular Home Loan scheme at an interest rate of 9% p.a and a loan amount of Rs.10 lakh, Rs.20 lakh, Rs.40 lakh or Rs.50 lakh. Using the Bankbazaar Home Loan EMI Calculator, you can find the EMIs, processing fee and total interest payable on various tenures. In the above example, we’ve kept the processing fee as 0.35% and selected ‘No’ for pre-payments.

Home Loan EMI Calculator Formula:The formula used for calculation of Home Loan EMI is mentioned below:

$E=P.r.\left(1+r\right)n\left(\left(1+r\right)n-1$

In this formula, P is the loan amount, r is the rate of interest and n is the tenure of the loan in months.

SBI Home Loan Interest Rates: As of 17 June 2019, the applicable interest rate for SBI Home Loan is between 8.55% p.a. and 9.15% p.a. for women and from 8.6% to 9.25% p.a. for other customers.

SBI Home Loan Processing Fee: SBI charges a processing fee on the loan amount you apply for. This is usually 0.35% of the loan amount, subject to a minimum of Rs.2,000 and a maximum of Rs.10,000. The taxes that apply on this will be extra.

SBI Home Loan Amount and Tenure: You can apply for a housing loan from Rs.5 lakh to Rs.2 crore and choose a tenure anywhere between 5 years and 30 years in one-year intervals.

## Breaking Down SBI Home Loan EMI

Let’s look at an example of how your loan will reduce over a chosen tenure. For this, we are going to take the following figures:

Principal: Rs.10 lakh
Interest rate: 8.8% p.a.
Tenure: 10 years
Processing fee: Rs.3,500 (0.35% x 10,00,000)
EMI: Rs.12,560

The following table shows the repayment details:

Year Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
2019 54,021 71,574 1,25,595 9,45,979
2020 70,258 80,457 1,50,715 8,75,721
2021 76,698 74,020 1,50,718 7,99,025
2022 83,724 66,991 1,50,715 7,15,300
2023 91,396 59,318 1,50,714 6,23,904
2024 99,772 50,942 1,50,714 5,24,132
2025 1,08,914 41,799 1,50,713 4,15,217
2026 1,18,896 31,821 1,50,717 2,96,321
2027 1,29,793 0,926 1,50,719 1,66,530
2028 1,41,684 9,030 1,50,714 24,846
2029 24,845 273 25,118 0

Note: The figures in the table may vary from the actual figures given by the bank in case the bank charges certain other fees as well.

## SBI Home Loan EMI Calculator FAQs

1. What benefits do I get by calculating my EMI before taking an SBI property loan?

• You can manage your monthly expenses better. Once you know how much you have to pay towards your loan each month, you can then budget the other expenses accordingly.
• You will be able to determine what tenure to choose depending on how much you can afford to repay every month.
• Planning prepayments and pre-closures can be done easily, helping you pay off your loan faster.

2. Will my EMIs change in case of prepayment?

When you prepay a part of your loan, the outstanding principal will reduce. This allows you to opt for a lower EMI while keeping the loan tenure the same. Or, you can maintain the same monthly instalment as before and reduce the tenure of the loan. It is advisable to maintain the same EMI and reduce the tenure since this will reduce the amount of interest you pay in the long run.

3. Can I use the same EMI calculator for all banks?

Yes. An EMI calculator is a common tool and is not tied to any particular bank or financial institution. As long as you know your principal, interest rate, processing charges, and tenure, you should be able to generate your EMI. BankBazaar’s calculator also allows you to factor in prepayment details.

4. How accurate is an EMI calculator?

An EMI calculator estimates your loan repayment details based on the data you give it. But the EMI that your bank gives you may be a little different due to other charges involved in the calculation. Also, if your home loan is subject to a floating rate, then the interest rate changes every year based on the MCLR or base rate change. Even a slight change in interest rate will make a difference to the total loan amount you repay, depending on the duration of the loan. These variables limit the accuracy of an EMI calculator.

5. Why are the interest charges in the repayment table slightly higher during the initial months of the loan?

The interest rate of your loan is applied on the basis of “reducing balance principle”. Because of this, the interest will be slightly higher during the initial phase since the principal outstanding is higher. As this amount reduces, the incidence of interest will also come down proportionately.

## Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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