The key details of the SBI loan against property are:
Loan amount | Rs. 10 Lakhs to Rs. 7.5 Crores |
Tenure | 5 to 15 years |
Rate of interest | 10.45% to 12% p.a. |
Processing fees | 1% of the loan amount (maximum Rs. 50,000) + Service Tax |
LTV ratio | Up to 65% |
Prepayment charges | Nil |
EMI/NMI ratio | 50% to 60% |
Properties accepted for mortgage | Residential home/flat & select commercial properties |
Lowest EMI Per Lakh |
Also Read: Looking for 50 Lakh Home Loan? Check Interest rates, Eligibility, EMI & Apply Now !
SBI offers three types of Loan Against Property to its customers:
Compare Banks to get the lowest Loan Against Property Interest Rate.
The following are some key benefits of using the SBI loan against property EMI calculator:
The USP of SBI Loan Against Property is the flexible eligibility norms. Following are the eligibility factors considered by SBI for Loan Against Property:
You can also check Loan Against Property Eligibility from Top Banks Online
SBI provides the facility to apply for the Loan Against Property online.
Before applying for the loan, you can calculate the tentative EMI using the SBI Loan Against Property Calculator.
You can also check Loan EMI through HDFC Loan Against Property EMI Calculator Online.
The SBI mortgage loan interest rate calculator or EMI Calculator is available on the Quick Links menu at the right side of the SBI webpage. Click on this link and select the SBI loan against property calculator and then follow the steps mentioned below:
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 loan against property calculator SBI provides details of the interest amount payable throughout the tenure of the loan.
You can also use Loan Against Property Interest Rate Calculator to find out how much you will save on interest and how it affects your Loan EMI.
Here are some alternate methods for calculating the SBI LAP EMI other than the SBI mortgage loan calculator.
Through MyMoneyMantra
MyMoneyMantra offers the facility of an SBI mortgage loan EMI calculator known as the EMI Calculator. Borrowers can access this calculator to determine their loan EMIs.
Using MS Excel Tables
MS Excel provides you with a smooth formula to calculate the EMI.
The formula is =PMT(rate,nper,pv), where
Following are some key benefits of using the EMI Calculator:
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.
Net Annual Income | EMI/NMI |
---|---|
Over 3 Lakhs and <= 5 Lakhs | 50% |
Over 5 Lakhs and <= 10 Lakhs | 55% |
More than 10 Lakhs | 60% |
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:
Let us calculate the loan eligibility.
The loan eligibility amount is the lowest of the following calculations.
Now we calculate what would be the loan amount for an EMI amount equal to 20,000. The rate of interest applicable is 10.10% - 11.65%, 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.
Yes. As long as you meet the eligibility criteria of the lending institution, you can get a loan against property.
Yes, the SBI property loan interest rate calculator provides accurate figures. For a given loan amount, rate of interest, and tenure, the EMI calculation is correct. You can confirm the same by using the alternate methods discussed above
The loan against property can be availed of for the following reasons:
• Funding higher education
• Purchasing/ constructing a new house (down payment)
• Renovating home
• Meeting medical expenses
• Restocking inventory
• Purchasing high-end equipment
• Consolidating debt
• Replenishing working capital
• Funding a wedding
The EMI depends on the following three variables alone:
The principal amount varies directly with the EMI. The higher the principal amount, the higher is the EMI. The rate of interest is also similar. The higher the percentage, the more is the EMI. However, the loan tenure works oppositely. The more extended the mandate, the smaller is the EMI amount.
This SBI property loan calculator cannot calculate the EMI under circumstances when there is a moratorium on the repayment.
The moratorium can be of two types. One is where the entire interest and principal repayment get a moratorium. The second case is when the borrower starts the EMI on a specific date. Until that date, the borrower has to pay the interest amount monthly.
You need a different type of SBI mortgage loan interest rate calculator to determine the EMI under such circumstances. The SBI Student Loan EMI Calculator can help you in this regard.
It depends on the loan tenure. If the loan tenure is a maximum of 15 years, every upward revision in the interest rate increases the EMI amount. In the case of a downward revision, the borrower can opt to reduce the EMI or the tenure. If the loan tenure is less than 15 years, the bank grants the concession of spreading out the same EMI over an extended tenure. Under such circumstances, the loan EMI remains the same foe the upward revision in the rate of interest. The mandate increases accordingly.
The loan amortisation schedule provides details of the EMI deduction throughout the tenure of the loan. It bifurcates the EMI amount into principal and interest repayment components. Thus, you get an idea of how the principal amount keeps reducing over the years.
Yes, this EMI Calculator is useful for calculating the EMIs of all loan products that do not have any moratorium. Therefore, you can use it for calculating the EMI for a personal loan and home loans where there is no moratorium.
A reverse calculation is when you need to find out any one of the three variables for a specific EMI amount. For example, we had discussed the loan eligibility calculation above. It envisaged calculating the principal loan amount for a fixed EMI, rate of interest, and tenure. This EMI Calculator cannot perform the reverse calculation. Some banks have such a reverse calculation calculator on their website.
No, the SBI Loan Against Property EMI Calculator is strictly for calculating the EMI alone. You cannot use this calculator for any other purpose.
Yes, the SBI property loan interest rate calculator provides accurate figures. For a given loan amount, rate of interest, and tenure, the EMI calculation is correct. You can confirm the same by using the alternate methods discussed above.
The EMI depends on the following three variables alone: