# SBI Home Loan EMI Calculator

Home loans are a stable, long-term financing alternative that one can get to buy or build a property. Furthermore, the real estate in India is consistently inflating; thus, an outside funding source is necessary. Moreover, with the Pradhan Mantri Awas Yojana, first-time and qualified borrowers may receive discounts on their home loan interest rate under the Credit Linked Subsidy Scheme (CLSS) of this Yojana.

Anyone who is eligible can avail a home loan from State Bank of India under the said program. SBI has been crucial in the approval of mortgage loans under the PMAY. Furthermore, being the biggest international bank in India, it has some of the most affordable interest rates on various financial products. But with a loan the burden of EMIs fastens. Therefore, every potential borrower can estimate their monthly installments using an SBI Home Loan EMI Calculator on www.freeemicalculator.in. You can compare various amounts, interest rates, and tenure.

## How Does the SBI Home Loan EMI Calculator Benefit you?

SBI is one of the top banks and financial institutions with 25,000 branches across the nation, regardless of whether it is ranking for deposits or loans. Since SBI offers the most competitive interest rate, home loans are one of the bank’s most popular financing alternatives.

Consequently, this free online house loan EMI calculator can significantly assist you by offering the following advantages:

• First, it can assist you in deciding the appropriate amount to make your EMIs reasonable.
• It offers you to pick the ideal loan term so that the monthly payments are simple to handle.
• Eliminates the need for manual calculation, which takes time and can produce inaccurate answers.

### SBI Home Loan EMI Calculator Formula

The method that our SBI home loan monthly EMI calculator follows is –

EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)].

In that formula –

 E Total EMI payable each month N The total tenure in months R The rate of interest payable every month P Determines the principal amount

For instance, suppose you take a home loan of Rs. 40 Lakh at 6.8% rate of interest with a duration of 10 years (120 months).

Then, EMI = [70,00,000 x 0.56% x (1+0.56%)^120]/[(1+0.56%)^ (120-1)].

EMI = Rs. 46,032

#### Amortization Schedule

If you have a house loan with a fixed rate of interest, your loan EMIs will be the same for the duration of the loan. However, each of them has a unique monthly principal and interest component. Amortization is the name given to this process of calculating EMIs.

Following is the amortization schedule of the above example–

 Year Principal (A) Interest (B) Total (A+B) Outstanding Balance 2022 46,863 45,201 92,064 39,53,137 2023 2,92,578 2,59,806 5,52,384 36,60,559 2024 3,13,105 2,39,279 5,52,384 33,47,454 2025 3,35,073 2,17,311 5,52,384 30,12,382 2026 3,58,581 1,93,803 5,52,384 26,53,801 2027 3,83,739 1,68,645 5,52,384 22,70,062 2028 4,10,662 1,41,722 5,52,384 18,59,400 2029 4,39,475 1,12,909 5,52,384 14,19,926 2030 4,70,307 82,077 5,52,384 9,49,618 2031 5,03,306 49,078 5,52,384 4,46,314 2032 4,46,314 14,029 4,60,343 0

The accompanying table shows that the interest component is more than the principal initially. However, the principal grows while the interest shrinks as you make repayments.

##### How to use EMI Calculator for SBI Home Loans?

To use the SBI Home Loan EMI Calculator, adhere to the following directions:

• First input the loan amount, interest rate, and loan tenure in the appropriate fields.
• Following that, click “Find EMI” to get precise results.

The instantaneous EMIs based on the entered figures will be displayed by the EMI calculator. It will alter in response to modifications.

###### Advantages of Calculator EMI’s Free Tool

Using an SBI Home loan EMI calculator has a number of benefits that other calculators of this type might not offer.

• Shows the results based on the fractional rate of interest, for example.
• It saves you time by providing results right away.
• Compared to other EMI calculators, it is more accurate.
• You can use it to calculate the loan’s size and term.

One of the initial actions you take to apply for a house loan and buy/build your dream home is to use an EMI calculator. The following steps entail gathering the required paperwork and confirming that you meet all eligibility requirements.