1. What is SBI Home Loan Interest Rate?

The State Bank of India (SBI) offers home loans at competitive interest rates, currently starting at 8.40% p.a. (effective February 15, 2025). The actual rate may vary based on loan amount, tenure, and applicant's profile.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Loan amount (principal)
• \( r \) — Monthly interest rate (annual rate divided by 1200)
• \( n \) — Loan term in months

Explanation: The formula calculates the fixed monthly payment (EMI) required to fully repay the loan over the specified term.

3. Importance of Interest Rate Calculation

Details: Understanding your EMI helps in financial planning and determining affordability. Even small changes in interest rates can significantly impact total repayment amount.

4. Using the Calculator

Tips: Enter loan amount in ₹, loan term in years, and interest rate in % p.a. The calculator provides EMI, total interest, and total payment amounts.

5. Frequently Asked Questions (FAQ)

Q1: What is the current SBI home loan interest rate?
A: As of February 15, 2025, SBI home loan rates start at 8.40% p.a. for salaried individuals.

Q2: Are there any processing fees for SBI home loans?
A: Yes, SBI charges processing fees up to 0.40% of loan amount plus GST, subject to a minimum and maximum limit.

Q3: Can I get a lower interest rate?
A: Interest rates may vary based on credit score, loan amount, relationship with bank, and other factors. Women borrowers often get slightly lower rates.

Q4: What is the maximum loan tenure available?
A: SBI typically offers home loans up to 30 years tenure, subject to age criteria.

Q5: Are there prepayment charges?
A: SBI doesn't charge prepayment penalties for floating rate home loans. Fixed rate loans may have prepayment charges.