SBI Home Loan Calculator. Calculate EMI and Check the Eligibility using Home Loan EMI Calculator

Updated: May 25,2020 10:26 IST

Vikram Sharma

SBI Home Loan Calculator. Calculate EMI and Check the Eligibility using Home Loan EMI Calculator

SBI Home Loan Calculator provides you with EMI Calculators to check the EMI amount to be paid. SBI Home Loan Calculator is given in Online for different type of Home Loans provided by SBI. More details on SBI Home Loan Calculator to calculate EMI amount and check the eligibility are given in this article.

SBI Home Loan vs. SBI Home Loan Calculator 

SBI is the largest public sector bank in India and also the top Home Loan provider in the country. With around 18,300+ branches, it stretches it’s banking services across the country. SBI Home Loans are opted by customers because of varied products under Home Loan. With the wide range of services SBI also extends its services to its customers to calculate their Home Loan EMI and Eligibility. The applicants can also calculate the Interest Rates of the Home Loans they are going to avail based on their eligibility factors. The Home Loan calculators provided by SBI thus helps the applicants to be well informed in advance regarding the EMI amount they have to pay and also their eligibility and interest rates. Get the official links and More details on SBI Home Loan Calculator are given in the content below.

An Overview on SBI Home Loan Calculator

SBI Home Loan Calculator are used to calculate the EMI (Equated Monthly Instalment) of your Home Loan by just providing few information and there are also calculators provided by SBI to calculate the Home Loan Eligibility. With the necessary data given as input, the calculator will give you the amount one should pay every month depending on the loan amount, interest rate and the tenure of the loan. Not only the EMI amount but EMI Calculator will also help the applicant to know the amount of interest one is paying with respect to the loan amount, the loan tenure and the interest rate. SBI Home Loan Eligibility calculator is a separate calculator provided just to check the eligibility of the candidate to avail the Home loan, the amount he/she is eligible for and the interest rates offered.

What are the Types of SBI Home Loan Calculator?

SBI Home Loans is the largest Mortgage Lender in India, which has helped over 30 lakh families to achieve the dream of owning a home. SBI offers different types of Home Loans for its customers as per their needs and use. For these types of loans it has also given different Calculators separately so that the applicant can make a specific search and get only the information needed for him. The well-defined set of calculators is indeed a benefit for the loan customers and users as it is totally user-friendly. The types of home loan calculators are listed below
  • Home Loan EMI Calculator
  • Home Loan Takeover Calculator
  • Maxgain Home Loan Calculator
  • Flexipay Home Loan Calculator
  • Privilege/Shaurya Home Loan Calculator

Does SBI Home Loan Calculator Available in Online?

SBI Home Loan Calculator Online is an option given by SBI for the benefit of the customers at its official site. The applicants can go to the official site of the bank and calculate the EMI by providing the necessary Information that is asked for. Home Loan Calculator is available in Online making it much easier for the applicants to check for EMI and also eligibility of Home loan just with few clicks. One can also call customer care of the bank and talk to the representatives to know their EMI options and also eligibility. Those finding Online process not comfortable can opt for Offline mode i.e. through customer care.

How to Use a SBI Home Loan Calculator?

SBI Home Loan Calculator to check the EMI provided by the bank for the Home Loan availed. One can choose the suitable Calculator based on the Home Loan he/she is going to avail. Enter the necessary details requested and check the EMI for specific SBI Home Loan requested. The details to needed to calculate EMI are
  • Home Loan Amount
  • Interest Rate
  • Loan Tenure
  • Current Age (for specific type of loan)
  • Moratorium (for specific type of loan)
Once you give the input, the monthly EMI is instantly calculated and displayed. Graph representing Balance amount to be paid at a particular period, interest paid till that particular period, total amount paid, interest amount paid, and principal amount paid are all displayed along with the monthly EMI. This give the applicant a wide knowledge about the loan he/she is going to avail.

More Information on SBI Home Loan EMI Calculator

Every Home Loan Calculator of SBI Home Loan is more are less the same with just few varying factors with the EMI calculated based on the loan type and graph representing the related results. Home Loan EMI calculator is a basic calculator that helps you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate. 
 

Information to be Provided by the Applicant

Results Displayed after Calculation

Information available in the EMI Graph

Home Loan Amount

EMI Amount

EMI paid every month

Loan Tenure

Total interest payable over the loan term

Principal paid every month

Interest Rate

Total payments made over the loan term

Interest paid every month

Other information provided in the SBI Home Loan EMI Calculator table that is given in the EMI calculator page are
  • EMI Months
  • Beginning Loan Balance
  • EMI Amount
  • Principal Amount Paid
  • Monthly EMI Amount Paid
  • Outstanding Balance

SBI Home Loan Calculator for Balance Transfer of Home Loan 

Home Loan Balance Transfer calculator allows you to calculate benefit of transferring your home loan from any bank to SBI. Using this calculator, you can calculate your EMIs after switching the bank, amount that you save after switching the home loan to SBI and the amount you get after investing in recurring deposit after the balance transfer.
 

Information to be Provided by the Applicant

Results Displayed after Calculation

Information available in the EMI Graph

Current Outstanding Balance

Total payment over the loan term if customer continues with the existing lender

EMI after Switchover

Rate of Interest (charged by lender)

Total payment over the loan term if customer switches to SBI

Existing EMI

Rate of Interest (charged by SBI)

Gross Savings

 

Remaining repayment term

Total returns from switching over to SBI if savings are invested in an RD

 

Rate Of Recurring Deposit (p.a.)

Less: Switchover costs (Processing Fee, Prepayment Penalty (if any), Charges towards TIR, Valuation, Stamp Duty, etc.)

 
 

Net Savings including additional returns from investment in RD

 
Information provided in the SBI Home Loan Balance Transfer of Home Loan Calculator table are
  • EMI Months
  • Existing EMI
  • EMI after Switchover
  • Accumulated Saving/Loss
  • Accumulated Returns if Saving are invested

SBI MaxGain Home Loan Calculator

Maxgain Home Loan is an innovative and customer-friendly product enabling the customers to earn optimal yield on their savings by reducing interest burden on Home Loans, with no extra cost. The maxgain calculator allows you to calculate the savings in comparison to regular home loan.
 

Information to be Provided by the Applicant

Results Displayed after Calculation

Information available in the EMI Graph

Principal Amount

Total Interest Savings

EMI Chart gives you the amount of Savings

Loan Tenure

EMI Chart

Interest Rate

EMI

Take Home Monthly Income

This loan calculator has another information required from the applicants upon which the graph is given and other amounts are displayed. The utilisation of the Monthly Income based on percentage are requested from the candidate to show the results.

SBI Flexipay Home Loan Calculator

SBI Flexipay Home loan provides an eligibility for a greater loan. It offers customer the flexibility to pay only interest during initial 3-5 years and thereafter in flexible EMIs. This variant of SBI home loan is very useful for young salaried between 21-45 years. The Flexipay calculator allows you to calculate the EMI division that you pay during the home loan tenure.
 

Information to be Provided by the Applicant

Results Displayed after Calculation

Information available in the EMI Graph

Home Loan Amount

Duration (e.g. 1-12 months)

EMI paid every month

Loan Tenure

EMI Amount for the Duration

Principal paid every month

Interest Rate

 

Interest paid every month

Moratorium

   
SBI Flexipay Home Loan Calculator information provided in the table are
  • EMI Month
  • EMI Amount
  • Interest Amount
  • Principal Amount
  • Balance Amount

SBI Home Loan Calculator for Privilege/Shaurya Home Loan

Privilege Home Loans is an exclusive home loan product for government employees whereas Shaurya Home Loan is for Defense Personals. By entering your basic information like monthly income, desired tenure, current age, moratorium period and rate of interest you will be able to calculate your loan eligibility, monthly EMIs, monthly interest and outstanding balance.
 

Information to be Provided by the Applicant

Results Displayed after Calculation

Information available in the EMI Graph

Monthly Income

Eligible Loan Amount

EMI paid every month

Current Age

Max Allowed Tenure (Months)

Principal paid every month

Desired Tenure

 

Interest paid every month

Eligible Rate of Interest

   
Information provided in the table displayed below the calculator are
  • EMI Month
  • EMI Amount
  • Monthly Interest Amount
  • Principal Amount
  • Outstanding Balance

What are the Benefits of SBI Home Loan Calculator?

With the technological advancement, the task of the people is made simpler. Introduction of Home loan EMI Calculator has helped the people in planning and investing, also has helped the people indirectly in achieving their dreams. The home loan EMI Calculator has many benefits which are as follows.
  • The home loan EMI Calculator gives instant results even for large amount.
  • It is free of cost. This saves the efforts and money of the people.
  • This calculator is very easy and simple to use.
  • Helps in pre-planning of the loan amount and helps for estimation and comparison between different schemes of different banks.
  • This saves a lot of time and effort of the people.

What is the Formula Used for Calculation of Home Loan EMI?

EMI amount related to SBI home loans vary from person to person based on some of the influencing factors such as interest rates, loan principal amount and loan tenure. The monthly home loan EMI payment is calculated easily using a formula.
EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1]
In this formula, P symbolizes original loan amount or principal, R is the rate of interest per annum and N is the number of monthly installments/ loan tenure.

What are the Ways to Improve your Eligibility of Availing a SBI Home Loan?

There are  number of ways you can improve your home loan eligibility. The factors are listed below
  • Adding an earning family member as co-applicant.
  • Availing a structured repayment plan.
  • Ensuring a steady income flow, regular savings and investments.
  • Furnishing details of your regular additional income sources.
  • Keeping a record of your variable salary components.
  • Taking actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short terms debts.

Why Should an Applicant Calculate EMI Before Applying for Home Loan?

EMI is one of the primary expense that is associated with any types of loans. Home loans taken are repaid through EMI payment. An applicant who should consider the interest rates of the home loan, charges linked with applying home loans and also the monthly EMI amount which is to be paid. This EMI calculation before applying for the home loan helps the applicants to plan the budget in advance and can avoid any financial difficulty which may arise in future. Some of the other reasons why one should calculate EMI before applying for the loan are as follow.
  • Monthly budget can be managed properly and can maintain a stable standard of living.
  • Pre-payments or pre-closure can planned properly by knowing an approximate EMI before applying for the loan.

Does Prepayment of SBI Home Loans Reduce Monthly EMI?

Prepayment means repaying the loan amount before its due date where the prepayment partial or full. SBI do not charge any fee for prepayment to encourage their customers to repay their loan amount. When prepayment of home loan is made, there are ways an applicant can choose. An applicant may choose to pay same EMI installments and reduce the loan tenure or can reduce the EMI amount and keep the loan tenure same. To save more in the long run, it is wise to pay the same EMI installments amount by reducing the loan tenure. This helps to bring down the interest rates of the home loan.
 

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SBI Home Loan Calculator - FAQ

1.

Who can avail of SBI home loans?

SBI home loans are available to individuals and non-individuals, both salaried and self-employed.

2.

What is the amount I can avail of with a home loan?

SBI provides home loans ranging from Rs. 15 Lakh to up to Rs. 10 Crore.

3.

What is the maximum tenure of an SBI home loan?

The maximum tenure of an SBI home loan is 30 years.

4.

Is it possible to transfer the outstanding home loan from another lending institution to SBI?

Yeah, SBI provides conversion services for home loan balances. This means consumers will move their remaining sum of home loan to SBI. In case additional funding is required over and above the ongoing home loan, it also offers home loan top-ups.

5.

What are the tax benefits on the SBI home loan?

Pursuant to Income Tax Section 80C, home loan lenders earn different tax incentives on the principal and interest balance of the home loan. Customers may claim a deduction of up to Rs. 1.5 lakh on the principal amount of their home loan and up to Rs. 3.5 lakh on the interest amount of their home loan. The postage duty and the renewal costs are also liable for tax deductions within some terms. Homebuyers looking to buy subsidized housing would earn an extra tax gain under Section 80EEA of Rs. 1.5 lakh on the interest on home loans.




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