For purchasing or constructing a property, home loans are the ideal financing option. The SBI home loan is available to all businessmen, self-employed, and salaried people. Women borrowers can avail special interest rates. If you are unsure about the monthly installments, using an SBI home loan calculator will prove to be beneficial. It will allow you to pre-plan the repayment process once you are accustomed to the interest and EMI amounts.
SBI is one of the largest banks in India with some of the most attractive interest rates for home loans. Most borrowers prefer to check the home loan affordability using an SBI home loan EMI calculator before applying. The benefits include –
Manually calculating the home loan EMI can be confusing and time-consuming. To help you generate accurate EMI results, Magicbricks offers a free toot known as the Magicbricks Home Loan EMI Calculator.
Using the Magicbricks Home Loan EMI calculator is incredibly simple and easy. Follow these steps to effortlessly check your home loan EMI –
Curious about how the home loan EMI calculator works? Well, it works on the following standardized formula –
E = [P.r. (1+r)^n]/[(1+r)^n-1]
where P = Principal/Loan Amount
E= applicable amount of EMI
r = rate of interest per month (annual rate of interest divided by 12)
n = tenure (in months)
For example, if any borrower avails a loan of 40 lakh for a tenure of 10 years at a 6.80% p.a. rate of interest, the applicable EMI will be –
E = 40,00,000 × .0056 × (1+.0056)^120/([(1+.0056)^120]-1)
EMI = Rs. 46,032
An amortization schedule helps in evaluating different loan options. It is easier to make a comparison of lenders, select the loan tenure, or decide if it would be wiser to refinance an existing loan. It also helps in finding out savings in terms of paying off the debt early.
If you have taken a loan of Rs 20 lakh for a 8-year tenure at 6.80% annual interest, your monthly home loan EMI will equate to Rs. 27,069 and the total interest amount will be Rs. 5,98,606. Your amortization schedule will look like the following –
|Year||Beginning Loan Balance||EMI*12||Interest Paid Yearly||Principal Paid Yearly||Outstanding Balance|
It is a straightforward tool that allows you to calculate SBI home loan EMI in advance on your home loan. You need to fill in your loan amount, tenure, and interest rate to calculate the EMI.
Calculating your monthly EMI before applying for a home loan will enable you to identify the future costs associated with the loan. Based on your financial stability, you can assess the various loan options by changing the maximum loan amount and tenure.
Prepaying a part of your home loan much before the end of its tenure will help to reduce the EMI payments. However, banks will charge a certain penalty fee for prepayment allowance.
SBI allows a maximum home loan tenure of 30 years (360 months).
SBI offers home loans within the range of 10 lakh to 10 Crore (INR).
Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)
**This service is available in select cities only.
*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.