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
Following are some attractive features of the loan:
|Loan Product||Ideal for||Maximum Loan||Interest Rate||Maximum tenure|
|Loan Against Property||Meeting the business and individual requirements||7.50 Crores||9.30% to 10.85%||15 years|
|Loan Against Mortgage of Immovable Property||Meeting all kinds of personal and business needs||5 Crores||9.30% to 10.85%||15 years|
|Rent Plus||Loans for business expansion and meeting the individual needs||7.50 Crores||9.30% to 10.85%||10 years|
The USP of SBI Loan Against Property is the flexible eligibility norms. Following are the eligibility factors considered by SBI for Loan Against Property:
Additional Info: Also check 75 Lakh Home Loan EMI
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 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:
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.
MyMoneyMantra offers the facility of an . 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
Additional Info: Also check HDFC Home Loan EMI Calculator
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 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.
Yes, the SBI Loan Against Property 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:
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 EMI 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 EMI 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, this calculator cannot calculate the EMI in the case of a simple rate of interest loans. Such loans include agricultural loans. These loans have a different repayment concept where the borrower pays the principal loan amount in a specific number of instalments. They repay the interest separately along with the instalments.
No, the SBI Loan Against Property EMI Calculator is strictly for calculating the EMI alone. You cannot use this calculator for any other purpose.