Below is an SBI EMI calculator on Home Loan that will provide you will all the information on EMI, the total interest that you would pay and the total money that you would be paying in your full loan tenure
Fill in the numbers as requested below for SBI EMI calculator on Home loan.
Input your details in the three fields to know about your SBI home loan EMI.
- Home Loan Amount that you are looking for from SBI
- Interest Rate that SBI would charge you
- Duration in Months for which SBI would provide you Home Loan. Currently, SBI provides home loans for a maximum tenure of 360 months.
Once you have filled, it will show Output in 3 fields
- EMI you would pay for SBI Home Loan.
- The total money that you would be paying to SBI for full Loan tenure.
- The total interest money on the home loan that you will pay to SBI.
SBI provides home loans to individuals across India. You can find more details from the SBI site here.
Equated Monthly Installment or EMI is an equal amount that you will pay to SBI bank to repay your principal and interest every month till your Loan is fully repaid and closed.
Currently, SBI bank provides home loans at the lowest interest rate of 8.55% compared to other commercial Banks. EMI comes out to be at Rs772 per lac of loan amount taken for 30 years.
Your SBI Home loan EMI would depend on
- Home Loan amount – This is the total loan amount that you would borrow from SBI. Higher the loan amount is, higher would be the EMI.
- Interest rate – SBI would charge this interest on the home loan amount that you would borrow from it. Higher the interest rate, higher the EMI. The current Interest rate for SBI Home Loan is 8.55%
- Loan duration – This is the duration till which you would be paying the EMIs to the Bank to repay the loan amount and interest on it. The more the duration, the lower would be the EMI. SBI provides home loans for a maximum duration of 30 years.
SBI Home Loan features
- SBI is the largest Bank and home loan lender of India.
- Attractive interest rates starting from 8.55% onwards. You can check the EMI using this SBI EMI calculator on Home loan.
- It is a Govt (PSU) Bank and hence carries more trust among the Indian masses.
- You can apply online and get in principle approval in 3 simple steps.
- Apart from the normal home loan, SBI also provides a Home loan with an overdraft facility known as SBI Maxgain home loan.
- To know more about SBI Maxgain, you can check here where I have provided complete details about the same.
- You can also take advantage of PMAY scheme in case you are eligible.
- Home Loans are available to NRIs as well.
- You can apply online at the SBI site or download the SBI home loan app.
If you want to know more about Home Loans, its eligibility, process, and documents required, you can check out my below post.
Factors to consider for choosing the right EMI for you
- Plan for the loan amount that you can pay based upon your monthly repayment capacity. Repayment capacity is Monthly income minus all the current EMIs.
- Take the loan such that you are comfortable paying the EMI as any defaults in repayment will badly effect on your CIBIL and your ability to take any future Loan.
- You may choose the duration to be higher up to 30 years or 360 months and reduce the EMI if you wish.
- Choosing the right loan is also important as SBI offers multiple types of Loan like normal Home loan, SBI Maxgain home loan and NRI loan.
SBI is the largest bank in India with its headquarters in Mumbai, Maharashtra. It has the largest network of branches, ATM and outreach in India. Govt of India holds approximately 54% share in the State Bank of India.
It also has a different product for home loans which is quite popular as well known as SBI MAx gain. Want to know more about it, check out my post below.