| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
Home loans are long-term and secured financing options available for constructing or purchasing a property. In recent years, home loans have seen a considerable rise, one of the primary factors for which is the Pradhan Mantri Awas Yojana (PMAY). Under the Credit Linked Subsidy Scheme (CLSS) of this Yojana, first-time and eligible borrowers can avail subsidies on their home loan interest rate.
State Bank of India has played a key role in sanctioning home loans under the PMAY. The largest multinational bank in India also has some of the competitive interest rates for these products. Using an SBI home loan EMI calculator, borrowers can calculate their monthly installments before applying.
SBI is one of the reputed banks in India with more than 50 Crore customers in more than 25,000 branches. Whether it is deposits or loans, SBI ranks among the top in the list of banks and financial institutions in this country.
Home loans are one of the sought-after financing options from SBI since this bank offers the most attractive rate of interest.
Hence, an online home loan EMI calculator SBI can help you out significantly by providing the following benefits –
An SBI home loan monthly EMI calculator works on the following formula – EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)].
In the above formula –
For example, let’s consider you have availed a home loan of Rs. 60 Lakh at 9% (0.75% per month) rate of interest with tenure of 20 years (240 months).
Then, EMI = [60,00,000 x 0.75% x (1+0.75%)^240]/[(1+0.75%)^ (240-1)].
EMI = Rs. 53,984
Your loan EMIs will remain the same throughout your loan tenor if you have availed the home loan on a fixed rate of interest. However, the principal and interest portion in each of them differs per month. This process of calculating EMIs is known as amortization.
Following is the amortisation schedule of the above loan for the first 12 months –
| Month | Principal (Rs) | Interest (Rs) | Principal + interest (Rs) | Outstanding balance (Rs) |
| 1 | 8,984 | 45,000 | 53,984 | 59,91,016 |
| 2 | 9,051 | 44,933 | 53,984 | 59,81,966 |
| 3 | 9,119 | 44,865 | 53,984 | 59,72,847 |
| 4 | 9,187 | 44,796 | 53,984 | 59,63,659 |
| 5 | 9,256 | 44,727 | 53,984 | 59,54,403 |
| 6 | 9,326 | 44,658 | 53,984 | 59,45,078 |
| 7 | 8,984 | 45,000 | 53,984 | 59,91,016 |
| 8 | 9,395 | 44,588 | 53,984 | 59,35,682 |
| 9 | 9,466 | 44,518 | 53,984 | 59,26,216 |
| 10 | 9,537 | 44,447 | 53,984 | 59,16,679 |
| 11 | 9,608 | 44,375 | 53,984 | 59,07,071 |
| 12 | 9,681 | 44,303 | 53,984 | 58,97,391 |
According to the above table, the interest portion is higher in the initial months compared to the principal. As you repay, the principal increases while the interest decreases.
To use the SBI home loan EMI calculator, by simply entering the loan amount, interest rate and select the loan tenure from drop down.
The EMI calculator will show the EMIs based on the entered numbers instantly. It will change as per modification.
There are several advantages attached to using a Groww SBI housing loan EMI calculator, which other such calculators may not provide.
For instance –
Using an EMI calculator is one of the first steps you take to apply for a home loan and purchase/construct your dream abode. The next steps involve arranging all the necessary documents and making sure you fulfill all the eligibility criteria.
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