1. What is SBI Realty Loan EMI?

The SBI Realty Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes each month to repay their plot purchase loan from State Bank of India. Current interest rates start at 8.40% p.a. for terms up to 10 years.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan term in months (years × 12)
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment needed to completely repay the loan (principal + interest) over the specified term.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers plan their finances, understand affordability, and compare different loan options before committing to a plot purchase.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (starting at 8.40%), and loan term in years (up to 10). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for SBI Realty loans?
A: As of 2024, rates start at 8.40% p.a. but may vary based on credit profile and market conditions.

Q2: What is the maximum loan term available?
A: SBI offers terms up to 10 years (120 months) for plot purchase loans.

Q3: Are there any prepayment charges?
A: SBI typically doesn't charge for prepayment of floating rate loans, but confirm current terms with the bank.

Q4: What factors affect EMI amount?
A: Principal amount, interest rate, and loan term are the three key factors determining EMI.

Q5: Can I get 100% financing for plot purchase?
A: Typically banks finance 70-80% of property value; the rest must come from your own funds.