EMI Calculator 2018 2937 views
State Bank of India (SBI) is the largest bank in India. Under the loan segment, home loan offered by the bank is the most demanding loan as this government bank has won the hearts of many with this customer friendly product. SBI home loan comes with low-interest rate and flexible tenure facility along with a higher loan amount facility to help you buy your dream home. SBI also has its own home loan EMI calculator to help you know the EMI payments in advance. There is also a separate maturity value calculator that tells the repayment and the balance amount details on yearly basis.
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Table of Contents
SBI Home Loan Interest Rate
|Interest Rate||8.35% - 8.80%|
|Tenure||Up to 30 years|
SBI Home Loan Calculator
A loan EMI calculator is a tool that helps you know the payments you are supposed to do. The calculator is also popular as a loan calculator or an interest calculator and is available for each kind of loan. In a home loan calculator, you have to mention the loan amount, the home loan interest rate and the tenure for which you want to take the loan. On the basis of these details, you get the table with the information about the EMI, the total interest outgo and the total amount (interest+principal) for each year till the last year of the tenure. Also, along with the EMI table, you get the details of the amortization or maturity value. An amortization table shows the repayment and the balance amount details on yearly basis.
Here is an example:
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
The advantage of a loan EMI calculator is that you can prepare yourself in advance for the future payments so as to manage the finances accordingly. Also, you can use it as many times as you want for different loan details before applying for a home loan and even during the loan to know how much you have paid and how much you have to pay to settle the loan.
EMI Calculation Formula
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
SBI Home Loan Eligibility Based on Salary
Just like other loans, home loans are also given on the basis of the repayment capacity of the applicant. Since it is also a debt, SBI takes into account the salary or income of the applicant. Based on which you get the loan amount. However, home loan majorly depends on the factors like the property value for which the loan is applied. There is also a facility to calculate the eligibility for a home or housing loan. You can use an eligibility calculator to calculate your home loan eligibility and check whether or not you can get the approval and also the maximum loan amount that you can get.
You can also have a look at the general eligibility criteria for a home loan which includes the minimum age criteria, income, and the work experience for both salaried as well as self-employed individuals.
- The age of the applicant or co-applicant should be between 18-70 years at the time of applying for the home loan.
- The minimum Net Monthly Income (NMI) required for a salaried person is ₹10,000 and the minimum Net Annual Income for a self-employed is ₹2,00,000 (p.a.).