A "low interest" loan shouldn't mean you have very little interest in paying it back!
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.662.
| Loan Amount | Based on eligibility |
| Interest Rate | 6.95% p.a. - 7.50% p.a. |
| Max Tenure | 30 Years |
| Processing Fees | 0.35% of the loan amount Minimum: Rs.2,000 Maximum: Rs.10,000 |
In adherence with RBI's COVID-19 regulatory measures, SBI is currently offering up to 3 months of moratorium to its existing home loan customers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.
You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.
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.
The table below gives you an idea of the EMIs for various tenures and loan amounts at an interest rate of 6.95% p.a.
| Amount→ Tenure↓ |
Rs.10 Lakh | Rs.20 Lakh | Rs.40 Lakh | Rs.50 Lakh |
| 10 years | Rs.11,585 | Rs.23,170 | Rs.46,340 | Rs.57,925 |
| 20 years | Rs.7,723 | Rs.15,446 | Rs.30,892 | Rs.38,615 |
| 30 years | Rs.6,619 | Rs.13,239 | Rs.26,478 | Rs.33,097 |
Suppose you are applying for the SBI Regular Home Loan scheme at an interest rate of 6.95% p.a and a loan amount of Rs.10 lakh, Rs.20 lakh, Rs.40 lakh or Rs.50 lakh. Using SBI 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 Calculation Formula: EMI = [P x R x (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.
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:6.95% p.a.
Tenure:10 years
Processing fee: Rs.3,500 (0.35% of the loan amount)
EMI:Rs.11,585
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.) |
|---|---|---|---|---|
| 2020 | 35,268 | 34,242 | 69,510 | 9,64,732 |
| 2021 | 74,309 | 64,712 | 1,39,021 | 8,90,423 |
| 2022 | 79,641 | 59,379 | 1,39,020 | 8,10,781 |
| 2023 | 85,356 | 53,665 | 1,39,021 | 7,25,424 |
| 2024 | 91,482 | 47,538 | 1,39,020 | 6,33,942 |
| 2025 | 98,047 | 40,976 | 1,39,023 | 5,35,896 |
| 2026 | 1,05,082 | 33,941 | 1,39,023 | 4,30,814 |
| 2027 | 1,12,622 | 26,399 | 1,39,021 | 3,18,192 |
| 2028 | 1,20,703 | 18,317 | 1,39,020 | 1,97,488 |
| 2029 | 1,29,364 | 9,656 | 1,39,020 | 68,123 |
| 2030 | 68,123 | 1,389 | 69,512 | 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.
Calculating your EMI before taking a loan can help you in the following ways:
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.
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.
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.
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.
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