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  • SBI Home Loan EMI Calculator

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    SBI Home Loan EMI Calculator

    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.

    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.

    SBI Home Loan EMI Calculator (BankBazaar):

    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:

    • Choose the loan amount you wish to borrow.
    • Choose the loan tenure.
    • Opt for prepayment if you wish to prepay the loan.
    • Finally, click on ‘Calculate’ to find out details of the Home Loan.
    Sbi Home Loan EMI Calculator

    State Bank of India Home Loan EMI Calculator (Official):

    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:

    • Enter the loan amount you wish to avail in the box located beside ‘Amount’.
    • Enter the loan tenure in the box located beside ‘Duration’.
    • In the third box, enter the interest rate of the Home Loan.
    • Click on ‘Calculate’.
    • The tool will then inform you about the EMI, interest rates, etc..

    Example of SBI Home Loan EMI Per Lakh:

    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
    2016 1,44,424 2,17,123 3,61,547 38,55,577
    2017 2,66,803 3,52,993 6,19,796 35,88,774
    2018 2,93,137 3,26,659 6,19,796 32,95,637
    2019 3,22,069 2,97,724 6,19,793 29,73,567
    2020 3,53,859 2,65,937 6,19,796 26,19,708
    2021 3,88,785 2,31,008 6,19,793 22,30,923
    2022 4,27,158 1,92,635 6,19,793 18,03,763
    2023 4,69,321 1,50,475 6,19,796 13,34,441
    2024 5,15,642 1,04,150 6,19,792 8,18,797
    2025 5,66,541 53257 6,19,798 2,52,257
    2026 2,52,257 5,991 2,58,248 0

    State Bank of India (SBI) Maturity Value Calculator:

    Follow the steps mentioned below to calculate the Maturity Value:

    • Visit: https://www.sbi.co.in/portal/web/home/maturity-value-calculator
    • On the left side of the calculator, there are a few of boxes that you must fill up.
    • Enter the principal amount on the first box.
    • Enter the annual rate of interest in the second box.
    • Enter the duration in the third box. You can also choose day, month or year.
    • Click on ‘Calculate’.
    • On the right side of the calculator tool you will find the interest value rounded off to the nearest rupee. You will also find the maturity value here.
    • If you wish to change any of the values that you entered, just click on ‘Reset’ to re-enter values.
    • The interest is compounded on quarterly basis.

    Factors Affecting SBI Home Loan EMI:

    1. Interest Rate: One of the prevalent factors influencing the EMI of a Home Loan is the interest rate. The rate of interest offered by a particular bank plays a very significant role in determining the Equated Monthly Instalment. These two factors, the interest rate and Equated Monthly Instalment, are in direct proportion to each other. The higher the rate of interest, the higher will be the EMI payable towards the loan.
    2. Principal: The principal, i.e. the loan amount initially borrowed from the bank, also affects the EMI payable towards the Home Loan. Quite naturally, the higher the loan amount, the higher the EMI payable towards the housing loan.
    3. Loan Tenure: The term or tenure of the housing loan is yet another factor that determines Equated Monthly Instalment. These two factors are inversely proportional to each other. The higher the loan tenure, the lower the EMI payable towards the Home Loan. Conversely, a lower tenure will attract high Equated Monthly Instalments. A point to keep in mind, however, is that a long loan tenure will result in a higher amount of interest paid. Whereas, a shorter tenure will translate to lesser interest paid back to the bank.

    Why Should You Calculate EMI Before Taking a Loan?

    Calculating your EMI before acquiring for a Home Loan has several benefits:

    • Managing your monthly expenses becomes easier once you ascertain the Equated Monthly Instalment that is payable towards the loan availed. One must always keep a steady cash flow to support the standard of living you wish to lead.
    • You can accurately assess the EMI payable, helping you stay within your budget.
    • Planning prepayments and pre-closures can be done easily and effectively with the EMI Calculator tool.

    Will Home Loan EMIs Change in Case of Prepayment?

    • State Bank of India allows you to prepay your Home Loan without any charges.
    • In case of a prepayment, the principal outstanding will reduce. This allows you to either opt for a lower EMI while keeping the loan tenure the same. Or, you can maintain the monthly instalment and reduce the tenure of the loan. You can either reduce the monthly instalments or keep the tenure of the loan same or you can keep the instalments same and reduce the tenure of the loan. It is advisable to maintain the same EMI and reducing the tenure of the loan as this brings down the rate of interest considerable over the long run.

    Home Loan EMI Calculator Formula:

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

    P*r* (1+r)^n/([(1+r)^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 EMI Calculator FAQ

    1. Do I use the same EMI calculator for all banks?

      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.

    2. Does SBI bank have an EMI calculator?

      Yes. SBI has its own EMI calculator too.

    3. How accurate is an EMI calculator?

      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

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