SBBJ Home Loan EMI Calculator

SBBJ Home Loan - Lowest EMI is Rs. 0 per lakh

Last Updated 26th Mar 2017
  • Get monthly EMI as low as Rs. 0 per lakh with SBBJ now offering home loans with loan tenure upto years.
  • Lowest home loan interest rate currently offered by SBBJ is %, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 0 for a 15 year loan and Rs. 0 for a 20 year loan. Check the EMI for other tenures using the SBBJ home loan EMI calculator on this page.

Home Loan EMI Calculator SBBJ

SBBJ Home Loan EMI Calculator
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SBBJ Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to SBBJ against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With SBBJ offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 0 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by SBBJ on Home Loan is %.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 0
    5,000,000 0
    7,500,000 0
    10,000,000 0
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

SBBJ Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how SBBJ Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 0 to Rs. 0
r = Rate of interest per month. Current rate is %, which is linked to SBBJ
n = tenure in month. For SBBJ, this can be 360 months

Will the SBBJ home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by SBBJ subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, SBBJ will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by SBBJ, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • SBBJ allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
SBBJ Home Loan EMI Calculator News - Mar 2017
18th Mar 17 Citibank India cuts processing fees to zero
Citibank India decision to introduce zero processing fees has brought in good news for borrowers. The bank has revised its loan processing fees to nil from 0.50 percent earlier for its home loan and loan against property borrowers. Loan segments including home loan and loan against property.
18th Mar 17 Home loan revives post demonetization
Real estate developers are hopeful to see an increase in the purchase of new house units post demonetization as the banks are flushed with funds and likely to push home loans aggressively. According to a senior ICCI Bank representative, the bank has witnessed a healthy growth in home loan queries after demonetization. Real Estate experts expect the housing sector in India to witness a strong growth in FY18.
18th Mar 17 Axis Bank kept its MCLR for March 2017 unchanged
Axis Bank has kept its marginal cost of lending rate unchanged for the month of March 2017. The bank has kept its overnight and six month MCLR unchanged at 7.90 and 8.15 percent respectively. Similarly, Axis Bank did not change its one year MCLR that stands at 8.25 percent. With the unchanged MCLR, interest rate for home loans continues to be at 8.65 percent.
18th Mar 17 Bad loans of Indian banks rise to Rs. 9.64 trillion
Banking industry is getting increasingly burdened with the rising quantum of bad loans. As per statistics released by Finance Ministry, stressed loans of Indian banks have reached Rs. 9.64 trillion during December, 2016 as compared to Rs. 8.97 trillion in September, 2016.
17th Mar 17 SBI Chief says the merger with associate banks may lead to small rise in costs
Chairman of State Bank of India has stated that the merger of SBI with its associate banks may lead to marginal increase in the costs for the bank, especially till the third quarter of FY18. Post merger, the bank expects to report higher growth in its business across all loan segments including home loan and personal loans.
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