Housing needs are rapidly increasing. Even the government of India has to take an initiative to provide housing units. SBI plays an important role in the government housing subsidy under PMAY, and so is important to know. In this article, we will know about SBI housing loan EMI calculator
An Overview of SBI home loan EMI Calculator
SBI or State Bank of India is a reputed bank having more than 25,000 branches all over the country. It plays a very important role in Pradhan Mantri Awas Yojana subsidy scheme for Economically Weaker Section, Lower Income Group, and Middle Income Group.
This financial body offers Loan against Property at the best mortgage rate in India. The loan borrowed needs to be paid within a fixed tenure. Repayment is made easy with EMIs. EMI consists of two parts the principal amount and the interest paid on the loan. EMI calculator states the accurate amount that the borrower needs to pay after adding the rate of interest for a particular period. The EMI remains fixed for every month of the tenure. The rate of interest is between 6.95% and 7.60% as per the current information.
EMI calculator SBI takes the principal or loan amount as P, Rate of interest as R, and repayment tenure as N. The EMI Calculation is done as per following formula:
EMI = [P*R*(1+R)^N] / [(1+R)^(N-1)]
Benefits
- SBI home loan calculator is free of cost and is available on the official website of SBI.
- EMI calculator SBI is a simple, convenient, reliable, and user- friendly tool.
- With SBI Housing Loan Calculator, an individual can easily derive the EMI amount by entering the loan amount, repayment tenure, and rate of interest.
- EMI Calculator home loan is more time saving than manual calculations.
- SBI loan Calculator is accessible from any device anytime and from anywhere.
Eligibility criteria
The eligibility factors for salaried employee and self-employed individual are –
- A resident of India or NRI
- The age of the borrower must be within 18 years to 70 years.
- He/she must have a CIBIL score above 750.
- The loan tenure cannot be above 30 years.
- The minimum and the maximum amount for a salaried person depend on the bank details.
- The minimum loan amount for Self-employed is Rs. 50,000 and the maximum is Rs. 50 crore.
SBI Home Loan EMI Schemes
- SBI Home Loan – Best for Women Home Owners.
This is a regular home loan offered to both salaried and self-employed individuals residing in India, to purchase and construct a new house, or repair, renovated and extend the old house. If the borrower is a woman, then she gets an extra 0.05% concession.
- The rate of interest for the term loan is 6.95% to 7.55% for salaried and 7.10% to 7.70% for Self-employed. For maxgain, the salaried need to pay an interest of 7.30% to 7.65% and 7.45% to 7.80% for Self-employed.
- The loan tenure is 30 years.
- The processing fee is 0.35% of the loan amount.
- The age limit should be 18 to 70 years.
- SBI Home Loan Balance Transfer – Best for All Home Loan Borrowers.
- The loan amount depends as per eligibility.
- The rate of interest starts from 6.95%.
- The EMI calculator repayment period can be extended to 10 years as per requirement.
- The processing fee required is 0.35% of the loan amount.
- The age limit ranges from 18 to 70 years.
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SBI home back up loan- best for SBI home loan borrowers.
- The rate of interest for term Loan 7.50% for loan amount up to rupees 20 lakh and 7.70% for loan amount above Rs. 20 lakh and up to Rs. 1 crore.
- The rate of interest for overdraft is 8.40% for a loan amount above rupees 20 lakh and up to rupees 1 crore and 8.65% 4 a loan amount of Rs. 1 crore and up to Rs. 2 crores.
- The long tenure can be extended up to 30 years.
- The age limit is 18 to 70 years.
- SBI Realty Home Loan – suitable to purchase land and house construction.
- The loan amount is up to Rs. 15 crore
- The rate of interest for loan amount up to Rs. 30 lakh is 7.70%, for a loan amount above Rs. 30 lakh to Rs. 75 lakh is 7.80%, and for an amount above Rs, 75 lakh is 7.90%.
- The loan tenure is up to 10 years
- The processing fee is 0.35% of the loan amount.
- The minimum age limit is 18 years and the maximum is 65.
The other schemes are as follows
- MCLR linked home loan SBI
- RLLR linked home loan SBI
- NRI home loan SBI
- Flexipay Home Loan SBI
- Privilege Home Loan SBI
- Shaurya Home Loan SBI
- Top-Up Loan SBI Home
- Smart Home Top Up Loan
- Insta Home Top Up Loan
- SBI Corporate Home Loan
SBI home loan EMI eligibility calculator can help an individual to understand which loan is suitable for him/her depending on the affordability.
Also Read: SBI Home Loan EMI Calculator
Q1. What are the tax benefits on a home loan?
Ans.
1. Under section 80C, a deduction up to Rs. 1.5 lakh on the principal amount of the home loan is made.
2. Under Section 24(b), a deduction up to Rs. 2 lakh is made on the home loan interest paid.
3. Under Section 80EEA, an extra deduction up to Rs. 1.5 lakh is made on the home loan interest paid. But this can be available only by the borrowers who are applicable under an affordable housing scheme.
Q2. How can the EMI calculator help you?
Ans. It helps in budget planning, saves time and energy from manual calculations, and evaluates varied schedules like Amortisation Schedule.
