Calculate SBI Home Loan EMI

5 Lac 40 Lac 80 Lac 120 Lac 160 Lac 200 Lac
148121620
1612182430
Total Payments

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

EMI payment starting from

Balance
EMI Payment/Year
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 6.7%
  • ₹0
  • 30

EMI payment starting from

About SBI Home Loan EMI Calculator

SBI Bank is the largest public sector bank in India. It offers dependable housing schemes at affordable and competitive lending rates for Home Loans. The SBI Home Loan EMI Calculator allows the borrower to estimate the monthly instalment and thus make an informed decision regarding the loan principal and loan tenure.

How to use SBI Home Loan EMI Calculator?

SBI Bank Home Loan EMI Calculator is a vital financial tool. It is helpful in decision-making as it helps the borrower calculate the monthly loan instalments before applying for the loan. It is easy to use and promises accurate results. To use the SBI Home Loan EMI Calculator online, the steps involved are:

  • Visit the official home loan website of the SBI Bank www.homeloans.sbi
  • Click on the ‘Calculators’ tab in the header bar
  • Enter the values of ‘home loan amount’, ‘loan tenure’ and ‘interest rate.’

On submission of the above parameters, the SBI Bank Home Loan EMI Calculator will calculate the EMI value corresponding to the inputs. The EMI value, along with the break-up of the total amount in terms of interest and principal, will be shown graphically and in a tabular form.

SBI Home Loan Interest Calculator Formula

SBI Bank is known for the competitive rate of interest offered on home loans. But despite being the lowest and the most affordable, there remains the need for being aware of the absolute amount of EMI value payable and the total interest component for the selected principal amount and loan term.

This information can be effectively sought through SBI Home Loan Interest Rate 2022 EMI calculator. The SBI Bank Home Loan EMI Calculator works on the mathematical formula EMI = P x r x (1 + r) n / ((1 + r) n - 1).

P = Home loan principal amount

r = rate of interest offered on SBI home loan

n = the loan term expressed in a number of months.

By entering the values of the three parameters (P, r, and n) in the SBI Bank home loan EMI formula, the borrower can gauge the corresponding EMI value. The result will also show the total interest component of the home loan. This is the total cost of the loan. The borrower can make adjustments to the entered value to get different EMI results for various situations. This can enable the borrower to know the principal amount and the loan term to apply for.

Know in detail: Simple Interest Formula Calculation.

Benefits of SBI Home Loan EMI Calculator

SBI home loan EMI calculator is an ally both for the loan borrower and lending company. The online financial tool apprises the prospective borrower to be aware of the amount that is to be paid monthly to repay the entire loan. The use of the SBI home loan interest rate 2022 EMI calculator benefits the borrower as he is aware of the total cost of the loan and the monthly EMI. Likewise, it benefits SBI Bank as there will be lesser delayed payments and fewer defaults if the borrower makes a well-informed decision. This will help build healthy business relations between the lender and the borrower. Apart from these basic benefits, other benefits of using the SBI Bank Home Loan EMI Calculator are:

Easy Calculation - The mathematical formula of the Home Loan EMI Calculator is complex. The use of the SBI Bank home loan EMI calculator makes this calculation easy. All one needs is the information of the principal loan amount, rate of interest, and loan tenure.

Accurate Calculation – The use of the SBI home loan EMI calculator ensures accuracy. This aids the user in the decision-making process.

Better Financial Planning - Repaying a loan without defaulting requires careful planning. The use of the SBI home loan EMI calculator helps in achieving this. The borrower is aware of the monthly instalment amount and, therefore, carefully plans his inflows and outflows to avoid delays and defaults. Through prudent use of the SBI home loan EMI calculator, the borrower can also figure out the required values for principal amount and loan tenure.

Anytime, Anywhere Access - The SBI home loan EMI calculator is available online. Thus, the online EMI calculator can be used round the clock from anywhere. This adds to customer convenience. Furthermore, the tool can be used any number of times until the ideal EMI amount as per repayment capacity is reached.

Cost of Loan – In addition to the EMI value, SBI home loan interest rate 2022 EMI calculator also apprises the user of the total interest outflow on the home loan amount. As longer loan tenures have higher interest implications, the borrower can reduce the loan tenure or principal amount to reduce the loan cost.

Amortisation Schedule - The SBI home loan EMI calculator provides the useful bifurcation of the principal amount and the interest component of the home loan. The amortisation schedule proves especially helpful during loan repayments.

Easy Comparison – By using the home loan EMI Calculator, the borrower can easily compare the EMI values of home loans from different lending institutions. Thus, the borrower can choose the best home loan deal.

Why should you use SBI Home Loan EMI Calculator?

The home loan is repaid through EMIs. Thus, the use of the SBI Bank Home Loan EMI Calculator is an integral part of availing of a loan. It makes the borrower aware of the monthly instalment required to pay back the loan. Furthermore, as the value of the EMI is based on three variables - principal amount, loan tenure, and rate of interest, the EMI calculation can help the borrower figure out the values of principal amount and loan tenure. By using the SBI Bank Home Loan EMI Calculator, the borrower can reach the ideal EMI amount which is neither too high nor too low. Very high EMIs are difficult to sustain and can lead you to loan default. Very low EMI will make the loan uselessly expensive.

Additional Info: Check Banglarbhumi West Bengal Land Record in detail

Comparison of SBI Home Loan EMI with other Popular Banks

The following table shows the Home Loan EMIs for different banks.

Name of BankLoan AmountLoan TenureInterest RateTotal EMIEMI per lakh
SBI BankRs. 50 lakh20 years6.80% p.a.Rs. 38,167Rs. 764
ICICI BankRs. 50 lakh20 years6.75% p.a.Rs. 38,108Rs. 762
HDFC BankRs. 50 lakh20 years6.75% p.a.Rs. 38,108Rs. 762
IDFC First BankRs. 50 lakh20 years6.90% p.a.Rs. 38,465Rs. 769
IDBI BankRs. 50 lakh20 years7.80% p.a.Rs. 41202Rs. 824
Yes BankRs. 50 lakh20 years9.60% p.a.Rs. 46,934Rs. 939

SBI Home Loan EMI Calculator to Estimate the EMI That Fits Your Budget

By using the SBI home loan EMI calculator, the borrower is aware of the EMI amount that is to be paid every month. This is useful in planning the monthly budget. It is important that the EMI value easily fits into the monthly budget. 

If the monthly EMI is too high, it may lead to financial distress which increases the risk of defaults. On the other hand, if the EMI is too low as compared to the borrower’s repayment capacity, it increases the cost of the loan. At this point, the borrower must again use the SBI Bank Home Loan EMI Calculator and recalculate a higher amount of EMI by lowering the loan term.

Thus, by prudently using the SBI Bank Home Loan EMI Calculator, the borrower can estimate the EMI that fits the budget perfectly.

Factors Affecting SBI Bank Home Loan EMI

SBI home loan EMI calculator 2022 will help you estimate that perfect EMI that will help you own your dream home. But how does the SBI home loan EMI calculator work and what are the factors that affect its results? Let’s take a look at the various factors that impact the outcome of the SBI home loan EMI calculator 2022.

  • Principal - The principal loan amount that you borrow will directly impact your EMI. The higher the principal amount, the higher will be the loan EMI.
  • Interest Rate - The rate of interest at which the loan is offered also has a direct bearing on the EMI. It is the cost of the loan, and therefore loans at a higher rate of interest will have a higher EMI.
  • Loan Period - The time period in which the loan will be repaid is the loan tenure. It has an inverse relation with the EMI. The longer the loan tenure, the lower will be the loan EMI. 

In addition to the three main factors listed above, another factor that affects the EMI is loan prepayments. If the borrower makes a part prepayment of the loan, this will reduce the loan principal. While some lenders may re-calculate the EMI with the reduced principal, others simply reduce the repayment term with the same EMI payout.

Additional Info: Also Check AnyRoR Gujarat Land Record

What the Home Loan EMI calculator cannot Tell You?

Use of a home loan EMI calculator is imperative when considering applying for a home loan. It helps calculate the ideal EMI, which helps in budgeting. Given the long duration of the loan, availing of a home loan will not be possible without proper planning. 

But despite the advantages, there are a few aspects that an SBI Home Loan EMI Calculator cannot tell you. These are: 

Loan Eligibility – The SBI Home Loan EMI Calculator works on a mathematical algorithm and generates results based on input. It cannot help the borrower gauge their home loan eligibility. For this, the use of a home loan eligibility calculator becomes crucial. Filing a home loan application only after calculating EMI may lead to loan rejection on the basis of eligibility. 

Loan Comparison - SBI Home Loan EMI Calculator, will provide results of the values entered. It cannot help the borrower with the EMI offers offered by other lenders. The borrower must have a clear knowledge of the rate of interest offered by other lenders to get the corresponding EMI.

Borrower’s Repayment Capacity – The use of the SBI Home Loan EMI Calculator will generate an absolute figure. Whether or not the borrower is capable of repaying the EMI for the opted loan term is purely a personal judgment.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

FAQs

✅ What is the EMI for a Rs 50 lakh home loan taken for 20 years from SBI Bank?

By using the SBI home loan EMI calculator SBI for 20 years, the EMI for Rs. 50 lakh loan for 20 years @ 6.80% p.a. is Rs. Rs. 38,167.

✅ Will loan prepayment affect my EMI?

Yes, loan prepayments affect the EMI. The prepaid amount reduced the loan principal. Thus, EMI will be re-calculated using the outstanding loan principal. However, some lenders do not re-calculate the EMI but reduce the loan term.

✅ What is the SBI bank home loan interest calculator formula?

The SBI Bank Home Loan EMI Calculator works on the mathematical algorithm 

EMI = P x r x (1 + r) n / ((1 + r) n - 1).

P = Home loan principal amount

r = rate of interest offered on SBI home loan

n = the loan term expressed in a number of months.

✅ Which factors affect SBI Home Loan EMI calculator results?

SBI Home Loan EMI calculator results depend upon the values of loan principal, loan term, and rate of interest offered by SBI Bank on home loans.

✅ Is SBI Home Loan EMI Calculator the same as SBI Home Loan Eligibility Calculator?

No, SBI Home Loan EMI Calculator is not the same as SBI Home Loan Eligibility Calculator. The SBI Home Loan EMI Calculator tells you about the EMI value. It is dependent upon loan principal, loan term, and the rate of interest. Whereas the SBI Home Loan Eligibility Calculator tells you about the maximum amount of home loan the borrower is eligible for. It is dependent upon the income, job profile, age, and credit score of the applicant.