Nowadays, for the construction and purchasing of a property, home loans are termed as the financing and long-term option available in all the banks and the financial institution. In the past few years, the high rise is seen in the home loan sanctions. The State Bank of India has played a vital role in sanctioning the home loans under the scheme of Pradhan Mantri Awas Yojana (PMAY). The eligible borrowers can also avail the subsidies on their home loan under this Yojana’s Credit Linked Subsidy Scheme (CLSS). The other largest banks or financial institution in India also provides a competitive rate of interest for these products and to calculate the monthly installment of the home loan before applying for it, the borrower can also use the SBI Home loan EMI Calculator.
What is SBI Home Loan EMI Calculator?
The SBI home loan EMI calculator is an online calculator which helps the borrower to calculate the number of his monthly installments within seconds in just one click. The borrower must enter the preferred loan amount, loan tenure, and the rate of interest offered, and then click the “Calculate” option, the accurate result will be on the screen. Therefore, it is considered an important tool for the loan payers to calculate the sum amount of their loan installment with ease and hassle-free.
Benefits of SBI Home Loan EMI Calculator
The following are the benefits of using the SBI Home loan EMI Calculator.
- It helps the borrower to calculate the accurate amount which can make the EMI affordable.
- It enables the selection of the correct tenure which ensures the monthly installment can be managed easily by the borrower.
- It eliminates the need for manual calculation which many times provide inaccurate results.
- Anyone can use it anywhere and anytime with a mobile, tablet, computer, etc.
SBI Home Loan Eligibility
The eligibility criteria required for the SBI Home Loan are listed below in the following points:
- Age: The applicant of the SBI home loan should be a minimum age of 18 years at the time of the loan application while the maximum age of the applicant should not exceed more than 75 years.
- Resident: To apply for the SBI home loan, the applicant should be a resident of India only. Moreover, to suits the requirement of different people the SBI offers various home loan schemes as well and every home loan scheme has different criteria of eligibility wherein some of the schemes, the Person of Indian Origin (PIO) and the Non-Resident of India (NRI) can also apply for the home loan.
- Income: The income of the applicant should be regular and has to meet the criteria of minimum income set by the different banks whether the applicant is salaried or self-employed to apply for the SBI home loans.
- Credit scores: The applicant should have good credit scores and should not have the default payments to be eligible for the home loans set by the banks.
How to calculate SBI Home Loan Calculator?
The SBI home loan calculator is shown in the figure given below:
|Total Interest Due|
|Total Amount Payable|
The SBI home loan calculator works on the following formula:
EMI = [P*R*(1+R)^N]/[(1+R)^N-1]
Where EMI= Equated monthly installment
P = Principle or the loan amount
R = Interest rate per month.
N = Number of the monthly installment or the loan tenure (in months).
Let’s understand this formula with the given example which helps the borrower to calculate the monthly installment.
Suppose, Mr. Rohit borrowed a home loan amount of Rs.3,500,000 (P) from the SBI Bank and the interest rate (R) which is associated with the loan is 8.65% p. a and the tenure of loan (N) is for the 30 years.
Now apply the above formula of the SBI home calculator to calculate the monthly installment of Mr. Rohit which is:
EMI = [3,500,000 * 8.65 * (1 + 8.65) ^ 30] / [(1 + 8.65) ^ 30 – 1]
Therefore, the monthly installment comes out as Rs.27,285.
And the EMI paid for the year: 12*27,285 = Rs.327,419.
Documents Required for SBI Home Loan
The documents required for the SBI home loans are listed below:
- Identity proof of the applicant.
- PAN Card/Passport/Driving License.
- Residential proof.
- A recent copy of the Telephone bill/Electricity bill/Water bill/Piped Gas bill.
- Photocopy of the Passport/Driving License/Aadhar Card.
- Permission for constructions.
- Duly filled loan application forum.
- Three passport-sized photographs.
- Sanction letter.
- Salary slip or the salary certificate for the last three months (for salaried person).
- Business address proof, Balance sheet & Profit & loss A/c for the last three years, business license, TDS Certificate (for non-salaried person).
SBI Home Loan Schemes
The Top SBI home loan schemes are listed below which suits the different requirements of the borrower.
- SBI Regular Home Loan: In this scheme, the applicant can apply for the home loan with a repayment tenure of up to 30 years, and the interest is calculated on the reducing balance daily.
- SBI Loan against property: In this scheme, a person can get the loan against property but not provided for business purposes. This loan is usually used for serving several personal matters.
- SBI Commercial Real-Estate (CRE) Home Loan: Under this scheme, the applicant can get an additional home loan with the existing home loan. A person can avail of a maximum of 3 home loans upon the existing one.
- SBI Balance Transfer of Home Loan: Under this scheme, a person can transfer home loans from the scheduled private, commercial, and foreign banks or housing finances.
- SBI NRI Home Loan: This is a beneficial scheme for the NRI as the NRI can avail of the home loan to invest in the properties in India.
- SBI Flexipay Home Loan: Under this scheme, the salaried employees get the option to pay the interest during the period of the memorandum and can also avail the 20% higher amount of loan and can pay the moderated EMIs later.
- SBI Privilege Home Loan: This scheme is exclusive for government employees with a pension. The amount of loan is determined by the applicant’s age, income, asset, liabilities, repaying capacity, and the total cost of the house/ flat.
- SBI Shaurya Home Loan: This scheme is dedicated to the Defense personnel and the army officers. Moreover, this scheme is in a lower rate of interest provides longer repayment tenure and ease of repayment options.
Frequently Asked Questions
Q1. What is the maximum amount that a person can avail from the home loan?
Ans. A person can avail the minimum amount of Rs.15 lacs up to the maximum amount of Rs.10 crore.
Q2. What is the maximum tenure of the SBI home loan?
Ans. The maximum tenure of the SBI home loan is 30 years.
Q3. How much is the processing fee for the SBI home loan?
Ans. The SBI home loan offers the consolidated processing fee of the loan amount + the GST applicable fee = 0.40% which is the minimum amount is Rs 10,000 to the maximum amount of Rs.30,000 + GST.
Q4. In which circumstances, the interest rate of the SBI home loan change?
Ans. Whenever there is a change in the repo rate of the Reserve Bank of India the changes also take place in the interest rate of the SBI home loan on the first day of the calendar quarter.
Q5. For what purpose the SBI home loan EMI calculator is being used?
Ans. The SBI home loan EMI calculator is used to calculate the monthly installments of the loan payer/ borrower of the loan which helps him/her to calculate the accurate amount of their loan repayment per month easily.