SBI Loan Against Property EMI Calculator

SBI Loan Against Property is an excellent product that allows customers to procure funds to meet family and business emergencies. A personal loan can also do that but in a comparatively smaller measure. The Loan Against Property enables borrowers to raise funds in crores. Therefore, if your requirements are high, a Loan Against Property is the ideal product.

Additional Info: Also Apply for Home Construction Loan

SBI offers three types of Loan Against Property to its customers:

• Loan Against Property
• Loan Against Mortgage of Immovable Property
• Rent Plus - Scheme for a Loan Against Rent Receivables

You can also Apply for 50 Lakh Home Loan

Following are some attractive features of the loan:

• Available for meeting all kinds of individual and business emergencies
• Similar to a personal loan, the borrower need not list out the purpose of the loan
• Loans available up to 65% of the value of the property, subject to a maximum of 7.50 Crores.
• Relaxed eligibility norms
• Loans available against residential and commercial property
• Loan Against Property is also available on leased out properties
• Attractive rates of interest that are substantially lower than the personal loan interest rates
• Extended repayment tenure up to 15 years
• Simplified documentation
• Facility to calculate your EMI online using the SBI Loan Against Property EMI Calculator
• Quick turnaround time

Additional Info: Best Home Loan Interest Rates @6.70%

The USP of SBI Loan Against Property is the flexible eligibility norms. Following are the eligibility factors considered by SBI for Loan Against Property:

• Salaried employees earning a minimum net monthly income of 25,000 are eligible for a Loan Against Property.
• Self-employed individuals are also eligible if they earn a minimum annual net income of 3 Lakhs.
• Non-resident Indians are also eligible for a SBI Loan Against Property. The property can be in their names, or the names of resident Indian spouse, children, parents, and siblings.
• The Loan Against Property should be liquidated before the borrower reaches the age of 70 years.
• The prime condition is that the borrower should be the owner of an unencumbered residential or commercial property in India.

Additional Info: Also check 75 Lakh Home Loan EMI

SBI provides the facility to apply for the Loan Against Property online.

• Visit the webpage of SBI Loan Against Property on the official website of the bank
• Click on the Apply Now option
• It will direct you to a new page where you have to submit specific details
• Enter the type of loan you are looking for
• Indicate whether you are an existing customer of SBI. If yes, enter the account number and mobile number to get the OTP.
• Proceed with checking out the loan offers and complete the application
• If you are not an existing customer of the bank, you can open an account in SBI and then apply for the loan.
• Alternatively, you can register on the website and apply for the loan. Subsequently, you will have to open a savings account in the bank.

Before applying for the loan, you can calculate the tentative EMI using the SBI Loan Against Property EMI Calculator.

Additional Info: Also check Pan Number for Banks

The EMI Calculator is available on the Quick Links menu at the right side of the SBI webpage. Click on this link and select the EMI Calculator and then follow the steps mentioned below:

• Enter the loan amount that you are looking for
• Enter the rate of interest applicable to your loan
• Provide details of the loan repayment tenure

You get your EMI instantly. On the right-hand top corner of the webpage, you will find the EMI Repayment Schedule option. Clicking on this option will give you the entire repayment schedule, also known as the amortisation chart.

The SBI Loan Against Property EMI Calculator provides details of the interest amount payable throughout the tenure of the loan.

Additional Info: Also check ICICI Home Loan EMI Calculator

The EMI Calculator is the same for home loans, personal loans, and loans against property. This calculator can prove useful for calculating the EMI of loans that do not have any moratorium period. If there is a moratorium period in the loan sanction terms, this calculator will not serve the purpose. Borrowers can use the Student Loan EMI Calculator with moratorium calculations to determine the EMI.

Here are some alternate methods for calculating the EMI.

Through MyMoneyMantra

MyMoneyMantra offers the facility of an . Borrowers can access this calculator to determine their loan EMIs.

• Visit the MyMoneyMantra webpage and proceed to Financial Tools
• Select EMI Calculator
• Enter the data required such as loan amount, rate of interest, and tenure
• Click on the Calculate EMI option
• Get the EMI amount for your range of data
• This calculator also provides the graphical representation of breakup of interest and principal amount repayment.

Using MS Excel Tables

MS Excel provides you with a smooth formula to calculate the EMI.

The formula is =PMT(rate,nper,pv), where

• PMT - Resultant figure (EMI amount)
• Rate - rate of interest (12% = 12%/12 = 1% = 0.01)
• Nper - Number of months in the repayment tenure
• PV - Present value of the principal loan amount

Additional Info: Also check HDFC Home Loan EMI Calculator

Following are some key benefits of using the EMI Calculator:

• Knowing your EMI in advance helps you plan your finances better
• Using the EMI Calculator, you can determine the monthly outgo accurately, thereby helping you to focus on the appropriate amount of loan.
• The EMI Calculator is also an affordability calculator
• The SBI Loan Against Property EMI Calculator helps you to determine whether the bank has stipulated the correct EMI.
• The calculation also helps you to understand the total amount of interest you would have to pay on loan for the entire period.
• The EMI repayment schedule gives you the breakup of the principal and the interest repayment component of the loan.
• The SBI Loan Against Property EMI Calculator is a multipurpose calculator. Customers can use the same calculation for determining the EMIs of other loans.

Usually, one associates EMI with repayment. However, the SBI Loan Against Property is different because the prospective EMI plays a vital role in deciding the eligibility of the loan amount.

The EMI/NMI (Equated Monthly Income/Net Monthly Income) ratio plays a vital role in calculating eligibility.

When calculating the eligibility for a Loan Against Property, the EMI/NMI calculation has its significance. The loan eligibility should be such that it should not infringe upon the EMI/NMI ratio.

This calculation will help you to understand things better.

Let us assume the following data:

• Gross Monthly Income: 50,000
• Net Monthly Income: 40,000
• Value of Property: 70 Lakhs

Let us calculate the loan eligibility.

The loan eligibility amount is the lowest of the following calculations.

• Four times the gross annual income: 24 Lakhs --------------------------------------------A
• The maximum as per the scheme: 7.50 Crores --------------------------------------------B
• LTV ratio stipulation: 65% - 45 Lakhs --------------------------------------------------------C
• EMI/NMI requirement: Maximum EMI can be 50% of NMI = 20,000.

Now we calculate what would be the loan amount for an EMI amount equal to 20,000. The rate of interest applicable is 9.30%, and the tenure is 15 years.

The EMI cannot be more than 20,000. Therefore the maximum amount that can fit into these figures is 19.37 Lakhs. The EMI comes to 19,994. ------------------------------------D

SBI Loan Against Property conditions says that the maximum eligibility will be the lowest of the figures A to D. In this case, the maximum eligibility comes to 19.37 Lakhs.