SBI Home Loan EMI Calculator

SBI Home Loan - Lowest EMI is Rs. 776 per lakh

Last Updated 23rd Mar 2017
  • Get monthly EMI as low as Rs. 776 per lakh with SBI now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by SBI is 8.60%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 991 for a 15 year loan and Rs. 874 for a 20 year loan. Check the EMI for other tenures using the SBI home loan EMI calculator on this page.

Home Loan EMI Calculator SBI

SBI Home Loan EMI Calculator

SBI Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to SBI 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 SBI offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 776 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by SBI on Home Loan is 8.60%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 24,76521,85419,400
    5,000,000 49,53143,70838,801
    7,500,000 74,29665,56258,201
    10,000,000 99,06187,41677,601
  • 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.

SBI Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how SBI Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 100,000,000
r = Rate of interest per month. Current rate is 8.60%, which is linked to SBI 1 Year MCLR, which is currently 8.00%. Last revised on 01st Mar 17
n = tenure in month. For SBI, this can be 360 months

Will the SBI 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 SBI 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, SBI 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 SBI, 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?

  • SBI 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.
SBI Home Loan EMI Calculator News - Mar 2017
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.
16th Mar 17 SBI signs MoU with realty body, CREDAI
State Bank of India has signed a memorandum of understanding (MoU) with the largest realty body of India CREDAI to jointly roll out various initiatives for the development of real estate sector. Under the MoU, the bank will provide easy home loans to potential borrowers and loans to real estate developers for constructing homes.
11th Mar 17 SBI sign Rs. 1,800 crore deal with KFW Development Bank to facilitate loans for affordable housing
State Bank of India has signed a deal worth Rs. 1,800 crore (274 million dollar) with German Bank KFW Development Bank to support loan facility for affordable housing. Under the deal, the bank will provide home loans to Economic Weaker Sections (EWS) and Lower Income Group (LIG) with an aim of meeting the objective of “Affordable Housing for All” under the flagship of Pradhan Mantri Awas Yojna Scheme.
10th Mar 17 India Mortgage Guarantee Corporation (IMGC) launches guarantee cover for Pradhan Mantri Awas Yojna
IMGC, a leading mortgage firm of India has launched a guarantee cover for Pradhan Mantri Awas Yojna to cover and lower the risk on home loan portfolio of banks including SBI lending under the scheme. Under the new scheme, home loan buyers registered under PMAY Scheme can extend loans with tenure of up to 30 years with an option of extending the repayment by 7 years beyond retirement age. The product is expected to help government in meeting the objective of Housing for All by 2022.
08th Mar 17 Joint campaign by SBI and Magicbricks generates over 75 crore home loan requests
A joint campaign by State Bank of India and an online real estate portal, Magicbricks named Seal the Deal received an overwhelming response from potential home buyers in India. As per Magicbricks, the campaign received fresh home loan requests worth Rs. 75 crore. The online property carnival commenced on 28th February, 2017 which saw participation from 109 real estate developers with 200 plus housing projects across 12 cities.
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