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Calculate SBI Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

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

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 8.05%
  • ₹0
  • 30
Updated:

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.

Additional Info: Also check Indiabulls Home Loan

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 in 2022. 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.

Additional Info: Also check Kotak Home Loan

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. 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.

SBI Home Loan Eligibility Calculator

In order to get a home loan, the bank will first assess your financials in order to confirm whether you are able to pay the EMI on time. Since it is also a debt, SBI takes into account the salary or income of the applicant before deciding the loan amount. 

You can also look at the general eligibility criteria for a home loan which includes the minimum age criteria, income, and the work experience for both salaried and self-employed individuals.

  • The age of the applicant or co-applicant should be between 18-70 years at the time of applying for the home loan.
  • The minimum Net Monthly Income (NMI) required for a salaried person is Rs. 10,000 and the minimum Net Annual Income for a self-employed is Rs. 2,00,000 (p.a.).

Home Loan Eligibility for SBI

The general eligibility criteria based on which SBI accepts home loan applicants for both salaried and self-employed individuals are as follows:

Eligibility CriteriaFor SalariedFor Self-employed
Minimum Age18 Years18 Years
Maximum Age70 Years70 Years
Minimum IncomeRs. 1,20,000 (p.a.)Rs. 2,00,000 (p.a.)
Loan Amount OfferedAs per financial profileAs per financial profile
Maximum Loan Tenure30 Years30 Years
Work Experience2 Years3 Years

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 in 2022.

Name of BankLoan AmountLoan TenureInterest RateTotal EMIEMI per lakh
SBI BankRs. 50 lakh20 years8.05% p.a.Rs. 41,978Rs. 840
ICICI BankRs. 50 lakh20 years8.10% p.a.Rs. 42,134Rs. 843
HDFC BankRs. 50 lakh20 years8.10% p.a.Rs. 42,134Rs. 843
IDFC First BankRs. 50 lakh20 years9.05% p.a.Rs. 45,147Rs. 903
IDBI BankRs. 50 lakh20 years7.50% p.a.Rs. 40,280Rs. 806
Yes BankRs. 50 lakh20 years8.95% p.a.Rs. 44,826Rs. 897

Also Read - LRD Loans

How much Interest Will I Have to Pay for a Home Loan of Rs. 50 lacs?

7 out of 10 times, people ask us this question. So, here we are answering it right here.

Currently the lowest home loan interest rate is 7.90%. But, this is the most ideal rate which is mostly offered to govt officials or individuals who are in top companies. For people who are working in a decent organization or running their own businesses, this SBI home loan interest rate can somewhere be around 7.90%.

So assuming your tenure to be 30 yrs, below are the details about the interest payable along with the monthly EMI details on your SBI home loan.

Loan AmountRs. 50,00,000
Interest Rate7.90%
Tenure360 months
Monthly EMIRs. 36,340
Total Interest OutgoRs. 80,82,497
Total Amount (Principal+Interest)Rs. 1,30,82,497

Additional Info: Also Check AnyRoR Gujarat Land Record

What is the EMI of Rs. 20 Lakhs Home Loan?

Let’s see the difference between the EMI, interest outgo and total payable for a tenure of 20 and 30 yrs.

DetailsFor 20 yrsFor 30 yrs
Loan Amount (in Rs.)20 Lakh20 Lakh
Interest Rate (in %)7.907.90
Tenure (in months)240360
Monthly EMI (in Rs.)Rs. 16,605Rs. 14,536
Total Interest Outgo (in Rs.)Rs. 19,85,091Rs. 32,32,999
Total Amount (Principal+Interest) (in Rs.)Rs. 39,85,091Rs. 52,32,999

Additional Info: Also check Home Loan for Salaried Employees

How Much Home Loan Can I Get on a Rs. 50000 Salary?

You can usually get a home loan of upto 60 times your salary. However, lenders use 2 basic methods to assess your eligibility after factoring your income and expenditure statement

Checking Home Loan eligibility using Multiplier method 

This is the simplest method to calculate the Home loan eligibility. In this method, the lender applies a multiplier to your net take home salary. This multiplier is actually a function of your company profile (reputation, stability, size and annual turnover) and the take-home salary. If you earn a good salary and work in a company with a good reputation, this multiplier will be high enough and it will impact your home loan eligibility in a positive way. It will also mean that you will be able to get the best home loan rates too.

FOIR or Fixed Obligation to Income Ratio method: 

In this method, the lender considers the ratio of your fixed income to obligations. It ascertains the maximum EMI you can spend, with regard to your net monthly income and expenses (such as existing EMIs and rents). Usually, the lenders accept about 50% of your monthly income to be consumed by EMIs or other fixed obligations. If such obligations exceed further, the bank may either reduce the loan amount or may increase the loan tenure. You may also pay back some of the existing short-term loans so that the FOIR gets improved.

So the loan amount for a person earning Rs. 50000 salary can be somewhere around Rs. 30 lacs.

Additional Info: Check 35 Lakh Home Loan EMI.

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 in 2022 from different lending institutions. Thus, the borrower can choose the best home loan deal.

Additional Info: Also Apply for Home Construction Loan

Amortization Table

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

SBI Home Loan EMI Calculator FAQs

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

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By using the SBI home loan EMI calculator SBI for 20 years, the EMI for Rs. 50 lakh loan for 20 years @ 7.90% p.a. is Rs. Rs. 41,511.

✅ Will loan prepayment affect my EMI?

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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?

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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?

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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?

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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.