# SMFG India Credit Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

### Highlights

• Know your home loan EMIs in advance with EMI calculator.
• Finalize your home loan by choosing the perfect EMI.

SMFG India Credit is an excellent choice for home loans , providing competitive interest rates based on your repayment ability. The EMI is calculated by considering the interest rate, loan amount, and tenure. To estimate your monthly repayments in advance, use an online EMI calculator. This tool helps you understand your monthly payments based on the desired loan amount, aiding in better financial planning. In this article, we will explain how to use an online EMI calculator, such as the one offered by Wishfin.

## How to Use Wishfin SMFG India Credit Home Loan EMI Calculator?

The SMFG India Credit Home Loan calculator is useful for borrowers to estimate their Equated Monthly Installments (EMI) before applying for a loan. Home loans can extend up to 30 years, so selecting a tenure that aligns with your financial plan is crucial. To use the calculator, simply enter:

• Loan amount
• Interest rate
• Loan tenure

The calculator will then quickly compute your monthly EMIs, total interest payable, and the cumulative amount you will repay over the loan’s duration, offering a detailed financial overview. Additionally, an amortization table will be displayed, showing how your loan will progress over time.

## What is the Formula Used for EMI Calculation?

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]where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments

Let’s take an example where an applicant applies for a loan amount of ₹52,00,000 at an annual interest rate of 10% for a tenure of 30 years.

Here’s how the calculation is done using the formula:

Principal Amount (P): ₹52,00,000

Annual Interest Rate (R): 10%, (which translates to 10/12/100 = 0.00833 per month)

Loan Tenure (n): 30 years, or 360 months

[52,00,000 x 0.00833 x (1 + 0.00833) ^ 360]/[(1+0.00833 ^360 -1] = 45,634

So, the monthly EMI required to be paid is ₹45,634.

## SMFG India Credit Home Loan Amortisation Schedule

Mridula Sharma, a 30-year-old Content Manager, is looking for a home loan of ₹20 Lakh in Noida. She applied for this loan amount with SMFG Credit India, and they approved it at an interest rate of 8.5% per annum for a tenure of 15 years. Before agreeing to the loan, she wants to know her monthly installments. So, she used the home loan EMI Calculator. Let's find out the EMI, total interest, and total amount payable in her case.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 20,00,000 8.50% 1 ₹ 1,74,440 ₹ 93,275 ₹ 20,93,275
₹ 20,00,000 8.50% 2 ₹ 90,911 ₹ 1,81,872 ₹ 21,81,872
₹ 20,00,000 8.50% 3 ₹ 63,135 ₹ 2,72,863 ₹ 22,72,863
₹ 20,00,000 8.50% 4 ₹ 49,297 ₹ 3,66,237 ₹ 23,66,237
₹ 20,00,000 8.50% 5 ₹ 41,033 ₹ 4,61,984 ₹ 24,61,984
₹ 20,00,000 8.50% 6 ₹ 35,557 ₹ 5,60,087 ₹ 25,60,087
₹ 20,00,000 8.50% 7 ₹ 31,673 ₹ 6,60,530 ₹ 26,60,530
₹ 20,00,000 8.50% 8 ₹ 28,784 ₹ 7,63,289 ₹ 27,63,289
₹ 20,00,000 8.50% 9 ₹ 26,559 ₹ 8,68,340 ₹ 28,68,340
₹ 20,00,000 8.50% 10 ₹ 24,797 ₹ 9,75,657 ₹ 29,75,657
₹ 20,00,000 8.50% 11 ₹ 23,373 ₹ 10,85,207 ₹ 30,85,207
₹ 20,00,000 8.50% 12 ₹ 22,201 ₹ 11,96,960 ₹ 31,96,960
₹ 20,00,000 8.50% 13 ₹ 21,224 ₹ 13,10,879 ₹ 33,10,879
₹ 20,00,000 8.50% 14 ₹ 20,398 ₹ 14,26,926 ₹ 34,26,926
₹ 20,00,000 8.50% 15 ₹ 19,695 ₹ 15,45,062 ₹ 35,45,062

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 68,983 ₹ 1,67,354 ₹ 19,31,016
2 ₹ 75,081 ₹ 1,61,256 ₹ 18,55,934
3 ₹ 81,717 ₹ 1,54,620 ₹ 17,74,216
4 ₹ 88,941 ₹ 1,47,396 ₹ 16,85,275
5 ₹ 96,802 ₹ 1,39,535 ₹ 15,88,472
6 ₹ 1,05,359 ₹ 1,30,978 ₹ 14,83,113
7 ₹ 1,14,671 ₹ 1,21,666 ₹ 13,68,441
8 ₹ 1,24,807 ₹ 1,11,530 ₹ 12,43,634
9 ₹ 1,35,839 ₹ 1,00,498 ₹ 11,07,794
10 ₹ 1,47,846 ₹ 88,491 ₹ 9,59,947
11 ₹ 1,60,915 ₹ 75,422 ₹ 7,99,032
12 ₹ 1,75,138 ₹ 61,199 ₹ 6,23,893
13 ₹ 1,90,619 ₹ 45,718 ₹ 4,33,274
14 ₹ 2,07,468 ₹ 28,869 ₹ 2,25,806
15 ₹ 2,25,945 ₹ 10,531 ₹ 0

## The Lowest EMI Offered by SMFG India Credit on Home Loans

Below are the monthly EMI payments for different home loan amounts from SMFG India Credit, calculated with interest rates of 10% and 11% over a 20-year term:

Interest Rate of 10%

Interest Rate of 11%

10 lakh loan amount - ₹9,650 p.m.

10 lakh loan amount - ₹10,332 p.m.

12 lakh loan amount - ₹11,580 p.m.

12 lakh loan amount -  ₹12,386 p.m.

15 lakh loan amount - ₹14,475 p.m.

15 lakh loan amount -  ₹15,483 p.m.

17 lakh loan amount - ₹16,405 p.m.

17 lakh loan amount - ₹17,547 p.m.

20 lakh loan amount - ₹19,300 p.m.

20 lakh loan amount -  ₹20,644 p.m.

## The Key Benefits of Using SMFG India Credit Home Loan Calculator

Here are the main advantages of utilizing the home loan calculator offered by SMFG India Credit:

• Accurate EMI Calculation: The calculator provides precise monthly installment amounts. This helps you plan your budget effectively and avoid financial surprises.
• Time-Saving: You can quickly compute your EMIs without performing complex manual calculations. This saves you valuable time and effort.
• Interest Insight: Understand the total interest payable over the loan tenure. It is crucial for long-term financial planning and assessing the true cost of the loan.
• Total Repayment Overview: The calculator shows the cumulative amount you will repay over the entire loan period. This ensures transparency and helps you gauge the overall financial commitment.
• Amortization Table: View a detailed breakdown of your loan repayment schedule. You can see how much of each EMI goes towards the principal and interest. In this way, you can track the progress of your loan repayment over time.
• Informed Decisions: Get clear insights into EMIs, interest payable, and total repayment. This allows you to make well-informed decisions about the loan tenure and amount. You can align your choices with your financial goals and capacity.

## SMFG India Credit Home Loan Eligibility

SMFG India Credit requires individuals applying for home loans to meet these basic eligibility criteria:

### For Salaried Individuals:

• Employees of multinational companies or listed public limited companies
• Government organizations
• Employees of private limited companies, closely held or unlisted companies, partnerships, or proprietorship firms

### For Self-Employed Individuals:

• Businessmen or sole proprietors
• Professionals such as doctors, architects, or CAs
• Partners in partnership firms
• Owners of private limited companies, closely held, or unlisted companies

Other factors, including age, CIBIL score, repayment capacity, and nature of employment, will also be considered to determine your eligibility.

## Factors Influencing SMFG India Credit Home Loan EMIs

Here are the key factors that influence SMFG India Credit home loan EMIs:

• Credit score: Your CIBIL or credit score plays a crucial role in determining your home loan interest rate and consequently the EMI. A higher credit score of 750 or above indicates good credit behavior and helps secure better interest rates, thus lowering the EMI.
• Type of interest rate: SMFG India Credit offers both floating and fixed interest rate options for home loans. Floating rates are linked to the lender's benchmark rates and can change over the loan tenure based on rate revisions, impacting the EMI. Fixed rates offer EMI certainty but are usually higher than floating rates.
• Borrower category: The interest rates and EMIs also vary based on the borrower category. For salaried borrowers, the home loan interest rates start at 10% per annum, while for self-employed borrowers, the rates begin at 11% per annum.
• Income stability and employment: Having a stable income and employment history enhances your home loan eligibility and ability to afford the EMI. SMFG India Credit assesses your financial stability, income continuity, and job status to determine the loan amount and EMI you can comfortably service.
• Loan amount: The loan amount directly impacts the EMI - the higher the loan, the higher the EMI amount. Your loan eligibility is determined based on factors like income, existing debts, LTV ratio, and property value.
• Loan tenure: The duration over which you repay the loan also affects the EMI. Longer tenures mean smaller EMIs, as the loan amount is spread over more monthly installments. However, the overall interest outgo increases with a longer tenure.

## Fees and Charges Related to SMFG India Credit Home Loans

Here are the fees and charges related to home loans offered by SMFG India Credit:

Fee Type

Details

Processing Fees

Up to 3% of the home loan amount.

Application Fee

• For loan amounts less than or equal to ₹10 Lakh: ₹2,500
• For loan amount more than ₹10 Lakh and less than ₹25 Lakh: ₹3,500
• For loan amount more than ₹25 Lakh and less than ₹50 Lakh: ₹4,500
• For loan amount more than ₹50 Lakh: ₹6,500

Foreclosure/Prepayment Charges

• Individual borrowers on floating rate (home should be in individual name and used for home purchase, construction, plot + construction, extension, improvement, or renovation): NIL
• Non-individual borrowers on floating rate (home should be in the non-individual name): NIL
• Fixed rate (own funds):
• 0-12 months: 7% of the amount prepaid
• More than 12 months: 5% of the amount prepaid

Documentation Charges (only for disbursed cases)

• For loan amounts less than or equal to ₹25 Lakh: ₹1,500
• For loan amount more than ₹25 Lakh: ₹3,000

Cheque/ECS/NACH bounce charges

₹500 per instance

Rate of Interest Conversion Fee

Up to 1% of the outstanding principal amount.

Penal Interest

Up to 2% per month of overdue EMI from the relevant due date until the date of actual payment.

Swap Charges

₹600 per swap instance.

## Limitations of Using SMFG India Credit Home Loan EMI Calculator

Here are the main disadvantages of using a home loan EMI calculator:

• The calculator provides an estimated EMI amount, which may not reflect the exact figure due to varying interest rates or additional charges.
• It may not account for all possible fees and charges like processing fees, documentation charges, or prepayment penalties, which can affect the overall cost.
• It does not factor in possible changes in your financial situation, such as income variations or unexpected expenses, which can impact your repayment capacity.
• The calculator does not consider individual eligibility criteria, such as credit score, employment status, or age, which can influence loan approval and terms.

Frequently Asked Questions (FAQs)