SBI Home Loan EMI Calculator allows calculating EMIs for Home Loan that further helps the borrower to make a decision about buying a new house. It helps in the calculation of EMI, Interest Cost, loan tenures, and the total amount payable. It allows us to determine the optimum loan tenure and EMI as per the affordability and financial goals. It has some added features like flexible repayment options and top-up loans, low-interest rates, long repayment tenure, and reasonable EMIs.
| SBI Home Loan – A Snapshot | |
| Interest Rate | 8.50% – 10.15% p.a. |
| Loan Amount | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.17% (INR 2,000-Rs 5,000) |
Benefits of SBI Home Loan EMI Calculator
Below mentioned are the benefits of the SBI Home Loan EMI Calculator:
· It makes an EMI more affordable by determining the right amount.
· It helps to decide the correct loan tenure so as to ensure the EMIs can be managed easily.
· It rules out the manual calculations that result in the inaccuracy of data and can be time-consuming.
· It can be used from anywhere and at any time.
Charges Applicable on Non-payment of SBI Home Loan EMI
Below-mentioned are the charges applicable in the case of non-payment of SBI housing loan EMI:
| Reason | Penalty | |
| Penal Interest (if the EMI is unpaid for 30 days from the due date, for any reason, including a bounced cheque) | @2% p.a. on the irregular amount for the period of irregularity, over and above the applicable rate | |
| Failed / Non-Payment of EMI | INR 500 + GST per EMI missed | |
| Cheque Returns (In case of insufficient funds only) | For cheques up to INR 1 Lakh | INR 225 + GST |
| For cheques above INR 1 Lakh | INR 350 + GST | |
| Failed SI | INR 225 + GST per failed SI | |
Different Modes of SBI Home Loan EMI Payment
Below-mentioned are the different modes to make payment of SBI Home Loan EMI:
· Issue post-dated cheques (PDCs)
· Issue Standing Instructions (SI) to your bank
· Opt for direct deduction of monthly installments by your employer
What is a Home Loan EMI Calculator?
SBI Home Loan EMI Calculator basically assists in the calculation of the loan installment i.e. EMI. It is an easy-to-use calculator and acts like a financial planning tool. Just enter the loan amount, interest rate, and tenure of the loan and then click on “Calculate”. It removes the scope of manual errors and tedious calculations.
The full form of EMI is Equated Monthly Installment which includes repayment of the principal amount and the interest amount of the home loan. It has a longer period of 30 years which helps in reducing the EMI.
The formula for calculating EMI is:
E = [P x R x (1+R) N] / [(1+R) N-1]
P = Principal loan amount
R = Monthly rate of interest i.e., the percentage rate of interest divided by 12
T = Total home loan tenure in months
E = Home loan EMI
Let’s take an example. If you opt for a housing loan of INR 40 lakh at an interest rate of 6.80% p.a., and your tenure is 10 years i.e., 120 months, then your EMI can be calculated as:
EMI = 40,00,000 * 0.0056 * [(.0056 + 1)120 / (0.0056 + 1)120-1]
Now, R = (6.80/100)/12 = 0.00567
EMI = 46,032
Home & Home Related Interest Rate Charge
Below mentioned is the SBI Home Loan Interest Rate:
| CIBIL Score | Regular Home Loans | CRE Home Loans | Top Up Loans | Realty Loan | Tribal Plus | P-Lap | ||||
| Term Loan | Max Gain | Term Loan | Max Gain | Term Loan | Overdraft | Term Loan | CRE Term | Term Loan | Term Loan | |
| ≥800 | 9.15% | 9.55% | 9.35% | 9.65% | 9.55% | 9.85% | 9.45% | 9.65% | 9.25% | 10.90% |
| 750-799 | 9.25% | 9.65% | 9.45% | 9.75% | 9.65% | 9.95% | 9.55% | 9.75% | 9.35% | 11.00% |
| 700-749 | 9.35% | 9.75% | 9.55% | 9.85% | 9.75% | 10.05% | 9.65% | 9.85% | 9.45% | 11.10% |
| 650-699 | 9.45% | 9.85% | 9.65% | 9.95% | 9.85% | 10.15% | 9.75% | 9.95% | 9.55% | 11.20% |
| 5540-649 | 9.65% | 10.05% | 9.85% | 10.15% | 10.15% | 10.45% | 9.85% | 10.05% | 9.75% | 11.30% |
| NTC/ No Cibil Score/-1 | 9.35% | 9.75% | 9.55% | 9.85% | 9.75% | 10.05% | 9.65% | 9.85% | 9.45% | 11.10% |
Campaign Rates
REGULAR HOME LOAN, FLEXIPAY, NRI, NON-SALARIED, PRIVILEGE, APON GHAR:
| CARD RATES (Term Loan)(Current EBR: 9.15%) | Rates during the Campaign (Term Loan) | |||||
| CIBIL | EBR+ Spread | Effective | CIBIL | EBR +Spread | Effective Rate | Concession over Card Rate |
| SCORE | Rate | SCORE | ||||
| > = 800 | EBR+0 % | 9.15% | > = 800 | EBR-0.45 % | 8.70%* | 45 bps |
| 750 – 799 | EBR+0.10 % | 9.25% | 750 – 799 | EBR-0.45 % | 8.70%* | 55 bps |
| 700 -749 | EBR+0.20 % | 9.35% | 700 -749 | EBR-0.35 % | 8.80%* | 55 bps |
| 650 – 699 | EBR+0.30 % | 9.45% | 650 – 699 | No Change | 9.45% | NIL |
| 550 – 649 | EBR+0.50 % | 9.65% | 550 – 649 | 9.65% | ||
| NTC/NO CIBIL/-1 | EBR+0.20 % | 9.35% | NTC/NO CIBIL/-1 | EBR-0.35 % | 8.80% | 55 bps |
B. TOP-UP LOAN:
| CARD RATES (Term Loan) | Rates during the Campaign (Term Loan) | |||||
| (Current EBR- 9.15%) | ||||||
| CIBIL | EBR + Spread | Effective Rate | CIBIL | EBR + Spread | Effective Rate | Concession overCard Rate |
| > = 800 | EBR+0.40 % | 9.55% | > = 800 | EBR -0.05 % | 9.10%* | 45 bps |
| 750 – 799 | EBR+0.50 % | 9.65% | 750 – 799 | EBR + 0.05 % | 9.20%* | |
| 700 -749 | EBR+0.60 % | 9.75% | 700 -749 | EBR+0.15 % | 9.30%* | |
| 650 – 699 | EBR+0.70 % | 9.85% | 650 – 699 | No Change | 9.85% | NIL |
| 550 – 649 | EBR+1 % | 10.15% | 550 – 649 | 10.15% | ||
| NTC/NO | EBR+0.60 % | 9.75% | NTC/NO | 9.75% | ||
| CIBIL/-1 | CIBIL/-1 | |||||
| *20 bps concession over the above rates to be accorded for Top Up Loans associated with Takeover loans. (For CIBIL Score of 700 and above). | ||||||
SBI Home Loan Amortization Schedule
An Amortization schedule allows evaluation of different loan options. It helps to evaluate the comparison of lenders, selection of loan tenure, or making a decision to refinance the loan. Also, it helps in analyzing the savings in terms of paying off debts early.
The EMI will remain the same throughout the loan tenure in case the home loan is taken on a fixed rate of interest. However, the principal and the interest component differs per month. The process of calculating EMIs is known as Amortization.
Below mentioned is the Amortization Schedule for 12 months of the above-quoted example is:
| Year | Beginning Loan Balance | EMI*12 | Interest Paid Yearly | Principal Paid Yearly | Outstanding Balance |
| 1 | 20,00,000 | 3,24,826 | 1,30,002 | 1,94,823 | 18,05,177 |
| 2 | 18,05,177 | 3,24,826 | 1,16,334 | 2,08,492 | 15,96,685 |
| 3 | 15,96,685 | 3,24,826 | 1,01,706 | 2,23,120 | 13,73,565 |
| 4 | 13,73,565 | 3,24,826 | 86,052 | 2,38,774 | 11,34,791 |
| 5 | 11,34,791 | 3,24,826 | 69,299 | 2,55,526 | 8,79,264 |
| 6 | 8,79,264 | 3,24,826 | 51,372 | 2,73,454 | 6,05,811 |
| 7 | 6,05,811 | 3,24,826 | 32,186 | 2,92,639 | 3,13,171 |
| 8 | 3,13,171 | 3,24,826 | 11,655 | 3,13,171 | 0 |
