SBI Home Loan EMI Calculator

SBI Home Loan - Lowest EMI is Rs. 812 per lakh

Last Updated 04th Dec 2016
  • Get monthly EMI as low as Rs. 812 per lakh with SBI now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by SBI is 9.10%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,020 for a 15 year loan and Rs. 906 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. 812 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by SBI on Home Loan is 9.10%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 25,50622,65420,296
    5,000,000 51,01145,30840,591
    7,500,000 76,51767,96360,887
    10,000,000 102,02290,61781,183
  • 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 9.10%, which is linked to SBI 1 Year MCLR, which is currently 8.90%. Last revised on 01st Dec 16
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 - Dec 2016
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.
01st Oct 16 SBI announces Hope Loans new financing scheme to avail credit at lower rates
SBI launches Hope Loans with the benefit of reduced interest rates including home loans and auto laons. The revised rates in home Loans will be 9.25 per cent for women and 9.30 per cent for men and auto laons will be 9.65 per cent respectively with no processing fees as an additional benefit.
01st Aug 16 SBI offers cheaper home loans to tap into 7th pay panel bonanza
As the 7th Pay commission came in effect from 1st August 2016, it resulted in increase in real income of government employees by 23.5percent which in turn resulted in increased demand in economy. To capture the increase demand for housing sector, SBI came up with lower interest home loan products for Central/ State government/ public sector undertaking employees and defence personnel. The bank has introduced Privilege Home Loan for government employees and Shaurya Home Loan for Defence Personnel with pensionable service. The government employees will get the benefit of repaying the loan over a longer period and at softer interest rates. Under the scheme, bank will provide repayment facility on home loan up to the age of 75 years at interest rates that are lower by 5 bps compared to other home loan schemes of the bank. The bank has also announced full waiver of the processing fee under the scheme.
01st Aug 16 SBI reduces interest rates on Home loan by 0.05%
The largest public sector bank, State Bank of India(SBI), has reduced the Interest Rate on home loans by 5 bps or 0.05% . By this move, the interest rate on home loan for the general customer and SBI Flexipay customers will be reduced to 9.35% compared to 9.40% earlier. Whereas for women customers the new interest rate will be 9.30% compared to 9.35% earlier. These rates will be effective from 1st August and are linked MCLR . If you have taken home loan on or after 1st April 2016 at floating rate, then you will benefit by this move. But if have taken home loan at fixed rate you will not be effected by the rate cut.
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