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. The bank also has its own home loan EMI calculator to help you know the EMI.
Apply SBI Home Loan @ 9.15%* Rate
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
SBI Home Loan Interest Rate September 2023
| Particulars | Details |
|---|---|
| Home Loan Interest Rate | 9.15% - 11.30% |
| Loan Amount | Customized |
| Tenure | Up to 30 years |
| Processing Fees | 0.35% of the loan amount + GST Minimum 2000/- + GST Maximum of 10000/- + GST Advocate & Valuer Fee - Actual expenses will be realised separately. |
| Prepayment Charges | NIL |
SBI Home Loan EMI Calculator September 2023
In a home loan calculator, you need to mention the loan amount, the home loan interest rate and the tenure for which you want to take the loan. Based on 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 loan.
Here is an example:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 8.05% | 1 | ₹ 1,74,023 | ₹ 88,277 | ₹ 20,88,277 |
| ₹ 20,00,000 | 8.05% | 2 | ₹ 90,500 | ₹ 1,72,005 | ₹ 21,72,005 |
| ₹ 20,00,000 | 8.05% | 3 | ₹ 62,719 | ₹ 2,57,879 | ₹ 22,57,879 |
| ₹ 20,00,000 | 8.05% | 4 | ₹ 48,873 | ₹ 3,45,894 | ₹ 23,45,894 |
| ₹ 20,00,000 | 8.05% | 5 | ₹ 40,601 | ₹ 4,36,040 | ₹ 24,36,040 |
| ₹ 20,00,000 | 8.05% | 6 | ₹ 35,115 | ₹ 5,28,304 | ₹ 25,28,304 |
| ₹ 20,00,000 | 8.05% | 7 | ₹ 31,222 | ₹ 6,22,671 | ₹ 26,22,671 |
| ₹ 20,00,000 | 8.05% | 8 | ₹ 28,324 | ₹ 7,19,124 | ₹ 27,19,124 |
| ₹ 20,00,000 | 8.05% | 9 | ₹ 26,089 | ₹ 8,17,644 | ₹ 28,17,644 |
| ₹ 20,00,000 | 8.05% | 10 | ₹ 24,318 | ₹ 9,18,207 | ₹ 29,18,207 |
| ₹ 20,00,000 | 8.05% | 11 | ₹ 22,885 | ₹ 10,20,789 | ₹ 30,20,789 |
| ₹ 20,00,000 | 8.05% | 12 | ₹ 21,704 | ₹ 11,25,364 | ₹ 31,25,364 |
| ₹ 20,00,000 | 8.05% | 13 | ₹ 20,717 | ₹ 12,31,903 | ₹ 32,31,903 |
| ₹ 20,00,000 | 8.05% | 14 | ₹ 19,883 | ₹ 13,40,375 | ₹ 33,40,375 |
| ₹ 20,00,000 | 8.05% | 15 | ₹ 19,171 | ₹ 14,50,747 | ₹ 34,50,747 |
| ₹ 20,00,000 | 8.05% | 16 | ₹ 18,557 | ₹ 15,62,985 | ₹ 35,62,985 |
| ₹ 20,00,000 | 8.05% | 17 | ₹ 18,025 | ₹ 16,77,053 | ₹ 36,77,053 |
| ₹ 20,00,000 | 8.05% | 18 | ₹ 17,560 | ₹ 17,92,915 | ₹ 37,92,915 |
| ₹ 20,00,000 | 8.05% | 19 | ₹ 17,151 | ₹ 19,10,531 | ₹ 39,10,531 |
| ₹ 20,00,000 | 8.05% | 20 | ₹ 16,791 | ₹ 20,29,862 | ₹ 40,29,862 |
| ₹ 20,00,000 | 8.05% | 21 | ₹ 16,472 | ₹ 21,50,867 | ₹ 41,50,867 |
| ₹ 20,00,000 | 8.05% | 22 | ₹ 16,188 | ₹ 22,73,504 | ₹ 42,73,504 |
| ₹ 20,00,000 | 8.05% | 23 | ₹ 15,934 | ₹ 23,97,733 | ₹ 43,97,733 |
| ₹ 20,00,000 | 8.05% | 24 | ₹ 15,707 | ₹ 25,23,508 | ₹ 45,23,508 |
| ₹ 20,00,000 | 8.05% | 25 | ₹ 15,503 | ₹ 26,50,788 | ₹ 46,50,788 |
| ₹ 20,00,000 | 8.05% | 26 | ₹ 15,319 | ₹ 27,79,529 | ₹ 47,79,529 |
| ₹ 20,00,000 | 8.05% | 27 | ₹ 15,153 | ₹ 29,09,687 | ₹ 49,09,687 |
| ₹ 20,00,000 | 8.05% | 28 | ₹ 15,004 | ₹ 30,41,218 | ₹ 50,41,218 |
| ₹ 20,00,000 | 8.05% | 29 | ₹ 14,868 | ₹ 31,74,077 | ₹ 51,74,077 |
| ₹ 20,00,000 | 8.05% | 30 | ₹ 14,745 | ₹ 33,08,223 | ₹ 53,08,223 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 16,542 | ₹ 1,60,398 | ₹ 19,83,457 |
| 2 | ₹ 17,924 | ₹ 1,59,017 | ₹ 19,65,533 |
| 3 | ₹ 19,421 | ₹ 1,57,519 | ₹ 19,46,112 |
| 4 | ₹ 21,043 | ₹ 1,55,897 | ₹ 19,25,068 |
| 5 | ₹ 22,801 | ₹ 1,54,139 | ₹ 19,02,266 |
| 6 | ₹ 24,706 | ₹ 1,52,234 | ₹ 18,77,559 |
| 7 | ₹ 26,770 | ₹ 1,50,170 | ₹ 18,50,788 |
| 8 | ₹ 29,006 | ₹ 1,47,934 | ₹ 18,21,781 |
| 9 | ₹ 31,430 | ₹ 1,45,511 | ₹ 17,90,351 |
| 10 | ₹ 34,055 | ₹ 1,42,885 | ₹ 17,56,296 |
| 11 | ₹ 36,900 | ₹ 1,40,040 | ₹ 17,19,395 |
| 12 | ₹ 39,983 | ₹ 1,36,957 | ₹ 16,79,412 |
| 13 | ₹ 43,323 | ₹ 1,33,617 | ₹ 16,36,088 |
| 14 | ₹ 46,942 | ₹ 1,29,998 | ₹ 15,89,146 |
| 15 | ₹ 50,863 | ₹ 1,26,077 | ₹ 15,38,282 |
| 16 | ₹ 55,112 | ₹ 1,21,828 | ₹ 14,83,169 |
| 17 | ₹ 59,717 | ₹ 1,17,224 | ₹ 14,23,452 |
| 18 | ₹ 64,705 | ₹ 1,12,235 | ₹ 13,58,746 |
| 19 | ₹ 70,110 | ₹ 1,06,830 | ₹ 12,88,635 |
| 20 | ₹ 75,967 | ₹ 1,00,973 | ₹ 12,12,667 |
| 21 | ₹ 82,314 | ₹ 94,627 | ₹ 11,30,353 |
| 22 | ₹ 89,190 | ₹ 87,750 | ₹ 10,41,163 |
| 23 | ₹ 96,641 | ₹ 80,300 | ₹ 9,44,522 |
| 24 | ₹ 1,04,714 | ₹ 72,226 | ₹ 8,39,807 |
| 25 | ₹ 1,13,461 | ₹ 63,479 | ₹ 7,26,346 |
| 26 | ₹ 1,22,940 | ₹ 54,001 | ₹ 6,03,405 |
| 27 | ₹ 1,33,210 | ₹ 43,730 | ₹ 4,70,195 |
| 28 | ₹ 1,44,338 | ₹ 32,602 | ₹ 3,25,857 |
| 29 | ₹ 1,56,396 | ₹ 20,545 | ₹ 1,69,461 |
| 30 | ₹ 1,69,559 | ₹ 7480 | ₹ 0 |
With a loan EMI calculator, you can prepare yourself in advance for the future payments and manage the finances accordingly. Also, you can use it as many times as you want not only before applying for a home loan, but even during the loan to know how much you have paid and how much you is left to pay.
EMI Calculation Formula
The EMI calculator functions based on the below-mentioned formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
SBI Home Loan Eligibility Calculator
Just like other loans, home loans are also given based on the repayment capacity of the applicant. Since it is also a debt, SBI takes into account the salary or income of the applicant before deciding the loan amount. 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.
You can also look at the general eligibility criteria for a home loan which includes the minimum age criteria, income, and the work experience for both salaried and 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.).
Frequently Asked Questions
1. How is EMI calculated for SBI home loan?
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
Where,
P stands for the ‘Principal Amount’,
R denotes the rate of interest set by the bank, and
N is the number of years for which the loan has been taken. Since, the EMIs are paid every month, the duration is calculated in the number of months.
2. How can I pay my SBI home loan EMI online?
You can pay your SBI home loan EMI online by transferring the funds from your savings account to the loan account via NEFT.
3. Can we pay more than EMI in home loan SBI?
Yes, you can pay more than the EMI amount in SBI home loan. However, you can only pay one extra EMI than the usual number of EMI each year.
4. What happens if SBI home loan EMI is missed?
SBI charges a penalty fee if you miss your home loan EMI. However, the amount charged could vary and can be around 1% to 2% of the due EMI amount.