Home Loan EMI Calculator
Plan Your Homeownership Journey with Precision: Estimate Your Monthly EMI Easily
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Calculate your SBI Home loan EMI & plan your finances wisely
A home loan is a secured loan to finance the purchase, construction or renovation of a house. The repayment of home loans generally occurs through EMI or Equated Monthly Instalments. In most cases, the collateral for the loan is the home itself. Once the EMI is repaid, the ownership of the home is restored to the borrower.
Calculating the EMI is very important for a loan seeker. If you want a loan, you need to know how much you have to repay and over how much time. An EMI calculator gives you a precise estimate of the monthly payments you will have to make to repay your loan.
Now if you are an existing customer at State Bank of India or planning to get your loan from SBI, then it is important to calculate the EMI of your home loan before proceeding with the application process. Keep reading this article to learn how to calculate your EMI using the SBI home loan EMI calculator.
SBI Home Loan EMI Calculator – Quick and Accurate Housing Loan EMI Calculation Online
Banks and lending institutions provide home loans to let people build, construct, renovate, or extend their homes. Most home loans can go up to 80-90% of the market price of the home you want to acquire. During the loan repayment, the lender will hold it as collateral. It will be returned to you once the loan is repaid.
The loan and repayment amount will depend on your financial status. Your credit score, income, and down payment will influence the EMI and the total amount of loan you can get. State Bank of India offers attractive schemes and interest rates to customers for taking home loans. The tenure of a SBI home loan can go up to 30 years. Moreover, the interest rate for SBI home loans starts at 8.40% per annum and it offers the lowest interest rates to those with a CIBIL score of over 800.
Taking a home loan is a very critical financial decision. It is important for you to manage your finances accordingly before applying for it. You will have to set aside a certain amount every month to repay your EMI.
How SBI Home Loan EMI Calculator Can Enhance Your Financial Strategy?
There are several advantages of using a SBI home loan EMI calculator before getting your loan. Some of them are as follows.
Planning your Finances
You need to set aside a certain amount every month to repay your EMI. Using the SBI home loan EMI calculator will help you make an informed decision to select the best home loan based on your EMI repayment capability.
Saves Time
It will take you a lot of time if you sit down to calculate your EMI using pen and paper. Moreover, as a human being, it is natural to make mistakes. Manual calculations can go wrong as well as it is time-consuming. So, SBI home loan EMI calculator online saves you time and effort by removing the hassle of manual calculations.
Comparison of Loans
To select the best home loan, you must compare the interest rates which different lending institutions are offering. SBI home loan EMI calculator 2024 will help you calculate and compare the EMI which you will have to pay for different kinds of home loans.
Amortisation Schedule
SBI EMI calculator shows you a detailed breakdown of your repayment schedule. As the repayment schedule progresses, the amount that goes towards the loan repayment increases and that towards the interest payment decreases. Thus, you will have a clear picture of how your repayment is working and the total amount going towards principal and interest.
A Guide to How SBI Home Loan EMI Calculator Calculates EMIs
SBI home loan EMI calculator will let you compare the EMI amount and repayment schedule for different loan amounts so that you can make an informed financial decision. To calculate your EMI, it is important to have a detailed knowledge of how it is calculated. So check below to understand the formula used for the same.
An SBI home loan monthly EMI calculator works on the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
Here is what the different variables represent:
R stands for interest rate per month
N stands for the tenure of loan repayment in months
P stands for the principal amount
EMI stands for Equated Monthly Instalment
Let us consider an example to illustrate how SBI home loan EMI is calculated.
Shekhar has taken a home loan of Rs. 40 lakh for a tenure of 20 years (240 months) at an interest rate of 6.00% (0.50% per month).
As per the formula,
EMI = [40,00,000 x 0.5% x(1+0.5%)^240]/[(1+0.5%)^(240-1)]
EMI = Rs. 28,657
This is the amount Shekhar will have to pay monthly to repay the loan. Now we will show you the amortisation schedule for loan repayment.
The table below shows the amortisation schedule for the first 12 months of this loan.
Month | Beginning Loan Balance (Rs.) | EMI (Rs.) | Principal (Rs.) | Monthly Interest (Rs.) | Outstanding Balance (Rs.) |
1 | 40,00,000 | 28,657 | 8,657 | 20,000 | 39,91,343 |
2 | 39,91,343 | 28,657 | 8,700 | 19,956 | 39,82,642 |
3 | 39,82,642 | 28,657 | 8,744 | 19,913 | 39,73,898 |
4 | 39,73,898 | 28,657 | 8,787 | 19,869 | 39,65,110 |
5 | 39,65,110 | 28,657 | 8,831 | 19,825 | 39,56,279 |
6 | 39,56,279 | 28,657 | 8,875 | 19,781 | 39,47,403 |
7 | 39,47,403 | 28,657 | 8,920 | 19,737 | 39,38,483 |
8 | 39,38,483 | 28,657 | 8,964 | 19,692 | 39,29,518 |
9 | 39,29,518 | 28,657 | 9,009 | 19,647 | 39,20,508 |
10 | 39,20,508 | 28,657 | 9,054 | 19,602 | 39,11,454 |
11 | 39,11,454 | 28,657 | 9,099 | 19,557 | 39,02,354 |
12 | 39,02,354 | 28,657 | 9,145 | 19,511 | 38,93,208 |
As loan repayment progresses, the amount which goes towards payment of principal will increase and that for interest payment will decrease.
How to Use ACKO SBI Home Loan EMI Calculator: Simplifying your Home Loan Planning
After deciding that you will borrow a home loan from SBI, it is always advised to check the EMI against different loan amounts. This helps you have a clear picture of what your financial future will look like after getting the loan. ACKO SBI Home Loan EMI Calculator will easily help you calculate the EMI for loan repayment. This is a free online tool and is available to use for all. Here's how to calculate your EMI using the ACKO EMI calculator.
Prepare Loan Information
To calculate EMI, you must assemble all key details such as the principal of the loan, interest rate, and tenure. These details can be found in the agreement you will sign for the loan. You can also contact the lender to find out this information.
Visit the SBI Home Loan EMI Calculator Page of ACKO
Scroll up for SBI home loan EMI calculator. It has a very simple interface which will make the EMI calculation hassle-free.
Enter the Required Loan Details
In the calculator, you will have to enter details of your loan such as the interest rate, tenure and the loan amount. Entering correct details is crucial for getting a precise EMI calculation.
Calculate
You can use the horizontal scroll bar to set the values for the loan amount, interest rate, and loan tenure. Upon setting the right values, the EMI amount will be instantly generated.
Study the Results
You have to see if the EMI amount aligns with your financial goals. It is great if it fits in your budget. Otherwise, the next thing you can do is alter the loan details in ACKO SBI calculator to generate a new EMI. You can keep on doing so till the EMI generates the finances that suit you.
Save Results
Once you see a desirable EMI amount, you can save the results for future consideration. You can use ACKO’s user-friendly interface to print the result as well and store it for future reference.
Home Loan and Term Insurance
Buying a home is a dream for many Indian families. As you seek a home loan, it is equally important to prepare for certain worst-case scenarios. For example, what if for some reason you are not able to repay the loan? In such a case, the responsibility for repaying the loan will fall on your family’s shoulders. Moreover, SBI could take your house on your failure to repay the loan. For your financial safety, you can opt for both home loan insurance and a term insurance plan or anyone that you find suitable for your finances. Both of them can help to repay the loan if you are unable to repay it due to any reason. You may be thinking how both are different from one another. Well then let us look at how home loan insurance compares with term insurance.
Premiums
Term insurance plans have lower premiums than home loan insurance. Thus term insurance is more cost-effective than home loan insurance. You can use a term insurance calculator to estimate the premiums that you will have to pay.
Coverage
A home loan covers the outstanding loan amount. As the loan tenure moves ahead and you repay the outstanding amount, the total coverage offered by the insurance decreases. The good thing is that you are guaranteed that the loan will be repaid. The scope of coverage of term insurance is much broader. It provides coverage for a specified period. Beneficiaries get a lump sum amount as a death benefit. It can be used to repay the home loan and meet the family’s other needs.
Tax Benefits
Tax deductions of up to Rs. 1.5 lakh can be claimed both in the case of home loan insurance and term insurance. However, the tenure of the home loan insurance and term insurance will decide for what duration the tax benefits will be available.
Add-On Benefits
Both home loan insurance and term insurance provide add-on benefits to cover conditions such as unemployment, accidental death, disability etc. The premium for add-ons is higher in the case of home loan insurance.
Advantages of using ACKO SBI Home Loan EMI Calculator
ACKO’s SBI home loan EMI calculator is very easy to use and has a user-friendly interface. The following are the benefits of using the SBI Home Loan EMI Calculator:
The EMI calculator accurately estimates your monthly payments, thus making it easy for you to plan your budget.
It saves a lot of time as you don’t have to go through the hassle of doing calculations manually.
Removes the possibility of errors as all calculations are done by a computer program.
You can compare different home loan plans by changing the loan amount, interest rate, and tenure to evaluate different EMIs and check which suits you the best.
The SBI home loan EMI calculator is available online and can be used anytime from anywhere without having to visit any bank or financial institution.
No need for financial expertise as the entire calculation can be done by simply clicking a button.
Results are unbiased as calculations are done by a program using the data entered by you.
Customisation Options in the ACKO SBI Home Loan EMI Calculator
You can plan your finances and the home loan repayment schedule by using the ACKO SBI home loan EMI calculator. It is available online and does not require any financial expertise.
You can customise the home loan EMI calculator by entering different values for the loan amount, rate of interest, and loan tenure. The change in values for these variables will result in different EMIs. You can change the information to compare the different plans available. Once you have found the right combination which suits your budget, you can proceed with your home loan purchase.
Final Words
The ACKO SBI home loan EMI calculator will help you pick the right home loan for buying a house. You can customise the calculator to compare different home loan plans.
Frequently Asked Questions
Here are some commonly asked questions about SBI home loan EMI calculator:
Can I use the SBI EMI calculator for all kinds of loans?
Yes, you can use ACKO EMI calculator to find out the EMI for different kinds of loans such as home loans, personal loans, car loans, etc.
What can be the maximum tenure of an SBI home loan?
The maximum tenure of an SBI home loan can be 30 years. The loan amount can go up 90% of the value of the property.
Do I need any financial expertise to use the ACKO SBI home loan EMI calculator?
No, you do not need any expertise in financial management to use ACKO EMI calculator. It has a very easy-to-use interface and calculates your EMI instantly.
What is the required credit score for using the SBI home loan EMI calculator?
You don’t need a credit score to use the EMI calculator. You can simply visit the ACKO website to start using the calculator.
What is the formula used by the ACKO SBI home loan EMI calculator?
The following formula is used to calculate EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]
Here the letters stand for different variables. They have been described below.
R stands for interest rate
N stands for tenure of loan repayment
P stands for the principal amount
EMI stands for Equated Monthly Instalment
How many times can I change the values in the ACKO SBI home loan EMI calculator?
You can change the values for as long as you want. You can compare different loan options by going through the EMI for different values of loan amount, interest rate, and tenure.
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