Equated monthly instalment (EMI) is a fixed amount you pay to the bank, against a loan taken. For instance, you take an SBI home loan. Now, as repayment towards the loan, every month, you need to pay an instalment amount to the bank, on a fixed date. The State Bank of India offers housing loans up to 30 years tenure, wherein the EMI can be as low as Rs. 787 per Rs. 1 lakh. The lowest SBI home loan interest rate is 8.75%.
On loanbaba.com, you will find all information about SBI EMI calculator, its features, factors affecting EMI, formula to calculate EMI, benefits of the EMI calculator, and how to use the calculator for free on our website.
Below given is the housing loan information by State Bank of India.
Purpose of the Loan
To purchase, renovate, construct a house
Rs. 15 lakhs to Rs. 10 crore
5 years to 30 years
8.75% to 9.50%
Lowest EMI for Rs. 1 Lakh
18 year to 70 years
Mortgage of the concerned property
0.50% of the loan amount
Here is how you can calculate the EMI for home loan SBI.
Formula: P*r* (1+r) ^n/ ([(1+r) ^n]-1)
In above formula:
P = It denotes the loan amount. The loan amount is between Rs. 15 Lakh to Rs. 10 Crore.
r = It is the interest rate per month. The lowest rate by SBI on housing loan is 8.75%. It is linked to the bank’s 1 Year MCLR (8.55%).
n = It depicts tenure in months. Tenure for SBI can extend to 360 months.
The home loan EMI calculator SBI on our website is available free-of-cost. You can use it to know the total interest payable and the total payment (interest principal) up to the loan’s tenure, along with instalment to be paid every month.
Here is how you can use the SBI home loan calculator.
Here we have illustrated the EMI on SBI home loan of Rs. 1 lakh @8.75% across different tenures.
Rs. 1 lakh at 8.75%:
Total amount to repay (principal + interest):
Rs. 1.24 Lakh
Rs. 1.50 Lakh
Rs. 1.80 Lakh
Rs. 2.83 Lakh
Interest to pay over the tenure:
Rs. 1.83 Lakh
The above illustration reflects the EMI over tenure of 5 years, 10 years, 15 years, and 30 years. It is evident that on a longer tenure, the interest payout is more against that on a shorter tenure. You should choose tenure that you are comfortable with, keeping in mind the total payout every month.
Things the SBI EMI calculator takes into account.
Your monthly instalment towards repayment of a housing loan must suit your pockets. Remember that delaying or missing payments will affect your credit score. Thus, it is important to understand your loan requirements and calculate the EMI amount, to know the ideal tenure for the loan.
Disclaimer: All the details on this page is for purely informational purpose. Any change in SBI home loan rate, EMI amount, or other details must be confirmed on the official website of the State Bank of India.
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