SBI Home Loan EMI Calculator

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

Last Updated 19th Feb 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 Feb 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 - Feb 2017
02nd Jan 17 SBI reduces home loan rates by 50 basis points
State Bank of India has reduced its home loan interest rates by 50 basis points for new home loan buyers. The new home loan rate for women up to loan amount of Rs. 75 lakhs now stands at 8.60 percent as compared to 9.10 percent earlier. Similarly, home loan rates for men up to loan amount Rs. 75 lakhs are reduced to 8.65 percent. The bank has announced a rate cut as a New Year festive cheer for home loan buyers. The rates are effective from 1st January, 2017.
30th Dec 16 SBI ties up with Magicbricks to expand its home loan business over internet
SBI has hired Magicbricks, a leading real estate property website to grow its home loan business via online portal. As per the arrangement, Magicbricks is likely to showcase the offers of 500 real estate builders whose projects are rated and approved by SBI on its portal. The portal will facilitate end to end loan processing and sanctioning for the prospective home loan buyers. SBI expects to target 80 lakh home loan buyers under this arrangement.
27th Dec 16 SBI and other banks may cut interest rates in New Year
State Bank of India along with few other banks is expected to announce a cut in lending rates effective in early January 2017. The growth of loan business has significantly come down post demonetisation. However, cutting lending rates will boost the business of personal loan and home loan.
02nd Nov 16 SBI reduces its MCLR on Home Loans from 1st November, 2016
SBI has reduced its marginal cost of fund based lending rates (MCLR) by 0.15 percent to 8.90 percent for one year.The overnight and one-month MCLR are 8.65 and 8.75 percent respectively.As a festive cheer, the bank has cut the rates of home loans to the lowest in the last six years.The revised home loan rate is 9.10 percent for women and 9.15 percent for others.
14th Oct 16 SBI merger with its associate banks - the stage is set
The stage is set for the merger of State Bank of Hyderabad and four associate banks with SBI. There will no change in the interest rates on customer loans and the rates for new customers will be as per SBI rates. All the necessary instructions will be available in the SBI notice available on SBH website validating the existing cheques for the specified time period after the merger.
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