- SBI Home Loan EMI Calculator
- How to Use the SBI Home Loan EMI Calculator by Fincity?
- Using a Home Loan EMI Calculator’s Benefits
- Benefits of Using Fincity SBI Home Loan EMI Calculator
- EMI Calculation Formula
- Factors That Affect the EMI of Home Loan
- Calculator for Home Loan Amortization
- Home Loan Fees and Additional Charges
- SBI Home Loan Eligibility Calculator
- How to Apply for SBI Home Loan Online
SBI Home Loan EMI Calculator
A home is one of the first things people think of buying, in their youth – how they want it to look like, what are things they will have in the house etc. But as they get older, they realize that to make this dream of theirs come true they need money which is not easy to save with the current economy and inflation crisis. It is to help this goal of people, to buy their dream homes that banks and NBFCs offer home loans. An SBI home loan EMI calculator can come in handy to customers who wish to take a home loan from The State Bank of India.
A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The EMI also tends to be high and therefore you need to decide before hand how much an amount of loan you would want, what interest rate you are comfortable paying and also the tenure of the loan.
You might have a loan amount, interest rate and tenure in mind but might be unsure about the EMI that you have to pay. Thus, the best tool that you need to use is the SBI’s EMI calculator, to help you choose the right loan amount, interest rate and also the tenure that you are comfortable with.
How to Use the SBI Home Loan EMI Calculator by Fincity?
You can calculate your home loan EMI almost instantly using the Home Loan Calculator. It is precise and easy to use for anyone. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results.
Here’s an easy guide on how to use the home loan EMI calculator:
Step 1: Input the loan amount you wish to borrow.
Step 2: Input the applicable interest rate for the home loan.
Step 3: Input the tenure over which you will be able to repay your home loan.
As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total amount payable and also total interest payable.
Using a Home Loan EMI Calculator’s Benefits
An EMI or Equated Monthly Instalment is a fixed amount that a borrower must pay to the lender every month till the tenure of their loan ends.
Calculating the EMI and its components can be a tiring and not-so-efficient task for most first-time financers. A home loan EMI calculator can easily do these complex calculations in seconds, and save you from the trouble of doing it manually.
Performing such complicated home loan EMI calculations manually can be both time-consuming and inaccurate. A home loan monthly EMI calculator thus saves a lot of the valuable time of prospective home buyers.
It gives you an accurate approximate, which is crucial for financial planning. There is almost no possibility for any inaccuracies or ambiguity.
The procedure for calculating EMI for each type of loan is different. Therefore, home loan EMI calculation is different from personal loan EMI. It is recommended you use only specific EMI Calculators for specific types of EMI’s.
The online calculator is also free for unlimited use. You can check the EMI for various amounts of loan amounts thus determine which amount suits your financial situation.
There are a multitude of other advantages of EMI calculators, they are:
- Anytime Access
The calculator can be accessed anytime and anywhere. You can use the calculator multiple times, for 0 charge, and any number of times whenever you please. You do not have to go to the bank branch or lose yourself with the dilemma of figuring out complex and substantial mathematical calculations; instead, all you have to do is just access the internet and use the EMI calculator.
- Accurate Results
Doing calculations manually comes with the potential risk of making mistakes. Further, more mistakes can be made by repeatedly doing the same calculations and this leads to further erroneous results. Also, when you calculate EMIs personally on loans offered by different banks, the chances of errors increase further. Thus, the online EMI calculator aids you in making error-free calculations at the click of a button!
- Saves you the time on complex calculations
The process of comparing the loans offered by different providers can often become very boring and time-consuming as you are using the same formula over and over again. By hand, you will be forced to spend long hours to calculate loans and thier respective EMIs. However, with this online tool, you have the advantage of saving your important time and complete all the lengthy and boring calculations in seconds. That being said, you can try out as many combinations for amount, tenure and rates of interest which you want to from the convenience of your home.
- Aids the Financial Planning Process
While calculating the EMI for a loan, you should know the amount which you will have to pay when you take up a loan of the said amount, the tenure, and also the interest rate. This will aid you in planning your finances prior to taking the loan so that your monthly budget does not take bear the burden! Another thing you can do is vary the parameters of the loan so as to reach the most suitable EMI as per your requirements.
- An EMI calculator can be used for every loan
Calculating loan EMIs never was this simple! You can deploy various calculators for different types of loans, be it one for home, vehicle, or education. Even though the criterion for every loan is vastly similar, there can be situations where you will feel the need to use loan-specific EMI calculators. To be on the safer side of calculations, use a specific calculator for specific loan types.
- Bonus Advantage!
You can also negotiate a bit on the rate with the loan provider. It just might work.
Benefits of Using Fincity SBI Home Loan EMI Calculator
There are several advantages of to using the Fincity SBI home loan EMI calculator, which might not be available in other such calculators.
For example –
- Shows the results based on the fragmental interest rate.
- The results are shown immediately, thus saving you time.
- It is more accurate and precise compared to other EMI calculators.
- It easily helps you determine your monthly expenses if you take up the loan of the said amount.
One of the first steps an individual must take to apply for a home loan to purchase or construct their dream home is to Use an EMI Calculator.
The next steps involve making sure one fulfills all the criteria of eligibility and arranging all the necessary documents.
EMI Calculation Formula
Generally, the EMI for a Home Loan is calculated using the given formula:
E = P * r * (1+r) ^ n / ([(1 + r) ^ n] – 1)
In the formula mentioned above,
E = Equated Installment
This is the total obligations required to pay per month
P = Amount of Loan
This can be anywhere between Rs.15,00,000 to Rs.5,00,00,000
r = Rate of Interest
This means the interest rate per month.
n = tenure in months
Generally, the tenure for a home loan ranges from 15 years to 30 years.
Factors That Affect the EMI of Home Loan
Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.
Loan amount – This is the amount you want to borrow to fulfil your home needs. Home loan amount mainly depends on value of the property for which the loan is availed.
Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.
|Loan Particulars||EMI for 15 Years (Rs.)||EMI for 20 Years (Rs.)||EMI for 30 Years (Rs.)|
|Total Interest Payable||36,77,181||51,21,127||82,98,077|
Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.
|Particulars||EMI for 15 Years (Rs.)||EMI for 20 Years (Rs.)||EMI for 30 Years (Rs.)|
|Total Interest Payable||36,77,181||51,21,127||82,98,077|
|Total Amount Payable||96,77,181||1,11,21,127||1,42,98,077|
Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment.
|Loan Particulars||EMI for Rs. 40 lakhs (Rs.)||EMI for Rs. 60 lakhs (Rs.)||EMI for Rs. 1 crore (Rs.)|
|Total Interest Payable||34,14,085||51,21,127||85,35,212|
|Total Amount Payable||74,14,085||1,11,21,127||1,85,35,212|
Calculator for Home Loan Amortization
An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that makes up each monthly payment until the loan is paid off at the end of its tenure.
The Home Loan monthly EMI will be equal, in a schedule of amortization, but the component of the EMI, which consists of a principal payment and also the interest payment, will not remain the same every month, meaning it keeps on changing.
The EMI schedule of loan for an amount if Rs.20 lakhs and for a tenure of 30 years is explained below in the table.
|Year||Interest Paid During each Year||Principal Repaid During Each Year||Total Amount Paid During Each Year (Interest + Principal)||Principal Outstanding|
Home Loan Fees and Additional Charges
Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below:
- Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the process charge thus is a variable metric. This fee is non-refundable.
- Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan.
- Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme.
- Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account.
- Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure.
- Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another.
- Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
- Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges.
- Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs.
- Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan.
SBI Home Loan Eligibility Calculator
SBI Home Loans start at just 6.90% interest per annum and come with numerous benefits. However, it is important that you check with State Bank of India before you apply for a Home Loan to ensure that your application is not rejected for some reason. Below we’ve noted down a few basic criteria that the bank requires an applicant to fulfil for a Home Loan.
|Resident Type||Indian Resident|
|Employment Type||Salaried and Self-Employed|
|Minimum Age||18 years|
|Maximum Age||70 years|
|Other Criteria||Should have a regular source of income
Should have a good credit score
How to Apply for SBI Home Loan Online
You can easily apply for an SBI Home Loan online. Here’s how:
- Visit the SBI official website and choose the scheme you want to opt for. Click the Apply Now button.
- Fill in your personal, financial, professional and property related details as required and submit the application.
- The lender will go through the information you provided and evaluate your eligibility for a Home Loan.
- Once the lender informs you on the amount you may be eligible for, you may proceed with submitting all your documents online for loan processing.
- Once the documents are reviewed and the Home Loan is approved, the loan amount is disbursed into your SBI account.
You can also visit an SBI bank branch directly to apply for a Home Loan. Once you submit the application, you will be given a reference number. You can use this unique number to track the status of your application.
The best method to apply for a home loan is Fincity!
Just visit our website https://app.fincity.com or give us a call on (080) 4718 8001 and get the best Home Loans at the best interest rates, and much more!