State Bank of Patiala Home Loan EMI Calculator

State Bank of Patiala Home Loan - Lowest EMI is Rs. 826 per lakh

Last Updated 09th Dec 2016
  • Get monthly EMI as low as Rs. 826 per lakh with State Bank of Patiala now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by State Bank of Patiala is 9.30%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,032 for a 15 year loan and Rs. 919 for a 20 year loan. Check the EMI for other tenures using the State Bank of Patiala home loan EMI calculator on this page.

Home Loan EMI Calculator State Bank of Patiala

State Bank of Patiala Home Loan EMI Calculator
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State Bank of Patiala Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to State Bank of Patiala 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 State Bank of Patiala offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 826 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by State Bank of Patiala on Home Loan is 9.30%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 25,80522,97820,658
    5,000,000 51,61045,95541,315
    7,500,000 77,41468,93361,973
    10,000,000 103,21991,91182,630
  • 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.

State Bank of Patiala Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how State Bank of Patiala Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000
r = Rate of interest per month. Current rate is 9.30%, which is linked to State Bank of Patiala 1 Year MCLR, which is currently 9.20%. Last revised on 15th Nov 16
n = tenure in month. For State Bank of Patiala, this can be 360 months

Will the State Bank of Patiala 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 State Bank of Patiala 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, State Bank of Patiala 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 State Bank of Patiala, 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?

  • State Bank of Patiala 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.
State Bank of Patiala Home Loan EMI Calculator News - Dec 2016
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