Sbi Home Loan Emi Calculator With Prepayment

EMI Calculation Formula:

\[ Interest_k = Balance_{k-1} \times r \] \[ Principal_k = PMT + extra - Interest_k \] \[ Balance_k = Balance_{k-1} - Principal_k \]

Loan Amount:

INR

Interest Rate:

% p.a.

Loan Tenure:

years

Extra Monthly Payment:

INR

Monthly EMI:

Total Interest Payable:

Loan Tenure After Prepayment:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is SBI Home Loan EMI Calculator?

The SBI Home Loan EMI Calculator with Prepayment helps you calculate your monthly EMI payments for a home loan from State Bank of India, including the impact of any additional prepayments you might make.

2. How Does the Calculator Work?

The calculator uses the following formulas:

\[ Interest_k = Balance_{k-1} \times r \] \[ Principal_k = PMT + extra - Interest_k \] \[ Balance_k = Balance_{k-1} - Principal_k \]

Where:

\( Interest_k \) — Interest portion in month k (INR)
\( Principal_k \) — Principal portion in month k (INR)
\( Balance_k \) — Remaining balance after month k (INR)
\( r \) — Monthly interest rate (decimal)
\( PMT \) — Regular EMI payment (INR)
\( extra \) — Additional prepayment amount (INR)

Explanation: The calculator first computes your regular EMI, then shows how additional payments reduce your principal faster, saving interest and shortening loan tenure.

3. Importance of Prepayment Calculation

Details: Prepayments can significantly reduce total interest paid and loan tenure. This calculator helps visualize these savings for better financial planning.

4. Using the Calculator

Tips: Enter loan amount in INR, interest rate in % p.a., and tenure in years. Add any planned monthly prepayment amount to see its impact.

5. Frequently Asked Questions (FAQ)

Q1: How does prepayment affect my home loan?
A: Prepayments reduce your principal faster, which decreases total interest paid and may shorten your loan tenure.

Q2: Are there prepayment charges in SBI home loans?
A: SBI typically doesn't charge for prepayments on floating rate loans, but check current terms as policies may change.

Q3: Should I reduce EMI or tenure when prepaying?
A: Reducing tenure saves more interest, while reducing EMI improves monthly cash flow. Choose based on your financial goals.

Q4: How accurate is this calculator?
A: It provides close estimates, but actual values may vary slightly due to rounding and specific bank policies.

Q5: Can I see the full amortization schedule?
A: This calculator shows summary results. For full schedule, you may need to request one from your bank.