SBI Home Loan EMI Formula:
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The SBI Home Loan EMI Calculator helps you estimate your Equated Monthly Installment (EMI) for RERA-approved housing projects. It uses the standard EMI formula with SBI's current home loan rates starting at 8.40% p.a.
The calculator uses the standard EMI formula:
Where:
Explanation: The formula calculates the fixed payment amount required each month to pay off the loan over the specified term, including both principal and interest components.
Details: Accurate EMI calculation helps in financial planning, determining loan affordability, and comparing different loan options. For RERA-approved projects, SBI offers competitive rates starting at 8.40% p.a.
Tips: Enter principal amount in ₹, annual interest rate in percentage (current SBI rate: 8.40% p.a.), and loan tenure in years (1-30 years). The calculator will show your monthly EMI, total interest, and total payment.
Q1: What is the current SBI home loan interest rate for RERA projects?
A: Rates start at 8.40% p.a. for RERA-approved projects, but may vary based on loan amount, tenure, and applicant profile.
Q2: How is monthly interest rate calculated?
A: Annual rate is divided by 12 (months) and converted to decimal (e.g., 8.40% becomes 0.084/12 = 0.007).
Q3: What is the maximum loan tenure available?
A: SBI offers home loans up to 30 years, subject to age and other eligibility criteria.
Q4: Are there any prepayment charges?
A: SBI currently doesn't charge for prepayment of floating rate home loans.
Q5: Does this include other charges like insurance or processing fees?
A: No, this calculator shows only principal and interest components. Additional charges may apply.