SBI Home Loan – Interest Rate, Eligibility, EMI Calculator
Home loans are a reliable, long-term financing option for home construction or acquisition. One of the key causes of the sharp rise in home loans in recent years is the Pradhan Mantri Awas Yojana (PMAY). With the Credit Linked Subsidy Scheme (CLSS), which comes under this Yojana, first-time and qualifying borrowers may get lower interest rates on their home loans.
The State Bank of India has significantly influenced the authorization of housing loans under the PMAY. The largest foreign bank in India offers some of the most favourable interest rates for such products. Applicants can use an SBI home loan EMI calculator to estimate their monthly payments before applying.
SBI Home Loan Interest Rates
| CIBIL Score Eligibility | Top Up Overdraft | Home Loans | CRE Home Loans | Top Up Loans | Realty Loan |
| >=800 | 8.75% | 8.05% | 8.25% | 8.45% | 8.35% |
| 750 – 799 | 8.85% | 8.15% | 8.35% | 8.55% | 8.45% |
| 700 – 749 | 8.95% | 8.25% | 8.45% | 8.65% | 8.55% |
| 650 – 699 | 9.05% | 8.35% | 8.55% | 8.75% | 8.65% |
| 550 – 649 | 9.35% | 8.55% | 8.75% | 9.05% | 8.75% |
| NTC / No Cibil Score / -1 | 8.95% | 8.25% | 8.55% | 8.65% | 8.55% |
SBI Home Loan Eligibility Criteria
| Self employed | Salaried | |
| Age | 21 years to 70years | 18 years to 70years |
| Current Experience | 3 years | 2 years |
| Tenure | 5years-30years | 5years-30years |
| Income | Rs.2,00,000 (p.a.) | Rs.1,20,000 (p.a.) |
| Loan Amount Offered | 5,00,000 – 2,00,00000 | 5,00,000 – 1,00,00000 |
| Documentation | 1) A photo on the application form2) Proof of identity and residency3. A certificate of education completion and evidence of business existence4) Company profile5) Profit/loss and balance sheet for the past three years.6) Bank statements for the last six months.Check for the processing fee | 1) A photo on the application form 2) Proof of identity and residency3) Last three months’ pay stub4) Form 165) The most recent six months of bank salary credit statementsCheque for the processing fee |
SBI Home Loan Calculator
Sometimes it might be difficult and time-consuming to calculate the SBI home loan EMI manually. In that case, you can rely on the SBI Home Loan Calculator.
Using this calculator would be helpful if you are unaware of the monthly instalments. When you are familiar with the interests and EMI amounts, it will enable you to plan the repayment procedure.
How Do I Use The Home Loan EMI Calculator?
It is straightforward to use the SBI Home Loan calculator. Simply follow these procedures to calculate your home loan EMI.
- Go to the SBI home loan page.
- Enter the amount of your loan
- Type the loan tenure in (number of years you desire to borrow the loan for)
- Clicking “Calculate Your EMI” will allow you to see the amount.
You must be Wondering how this SBI home loan calculator functions. It operates using the following conventional formula:
E = [P.r. (1+r)^n]
/[(1+r)^n-1]
P = Principal x Loan Amount.
E = appropriate EMI amount
r is the monthly interest rate (yearly interest rate divided by 12)
tenure is n. (in months)
For instance, the EMI will be as follows if a borrower takes out a 40 lakh loan with a 10-year term. An interest rate of 6.80% per annum:
E = 40,00,000 × .0056 × (1+.0056)^120/([(1+.0056)^120]-1)
EMI = Rs. 46,032
Benefits Of The Calculator
Sometimes, you must know the facilities before you use a technical tool. So, here are all the benefits brought to you by this SBI home loan calculator.
- It will make it possible for you to choose the ideal duration and sum to increase the budget of your EMIs.
- It does away with manually calculating EMIs and making mistakes.
- Making the right decision regarding the tenure will enable you to handle your monthly instalments smoothly.
- From a computer, tablet, or mobile device, you can use the home loan calculator.
So, with the information provided, we believe you are now well aware of all the details of SBI home loan.
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