How To Use SBI Home Loan Calculator?

Choosing the right kind of home loan from the several options available is a cumbersome task and what’s harder than choosing the right plan is to calculate the amount of EMI which you’ll have to pay in the future to return the loan in the given period. SBI home loans are the easiest and most demanded home loans in India. To make the process of calculating your monthly installments, you can use the SBI Home loan calculator. This EMI calculator is nothing but a magical tool regarding the error-free calculation of the EMI amount with just a few basic steps.

Apart from the amount of EMI, with the help of SBI Home Loan Calculator, an individual can also check the monthly interest and monthly reducing balance from the loan amount. By checking the EMI, you can prepare for future payments and manage your financial life in a better way. To get the amount of EMI, the details you will be needing are as below.

• Principal Home Loan Amount: This is the desired amount for which you’re taking a loan. SBI gives a home loan to the amount from Rs 5 lakhs to the amount of Rs 2 Crores. This amount is solely based on the applicant's income and repayment capability. In the calculator, you just have to adjust the slider to your desired amount. 

• Rate of interest: SBI home loan interest rates are the lowest rate of interest in the current market scenario. Also, they offer a certain discount to women borrowers. The scale of SBI home loan interest rates lies between 8.65% per annum to 9.65% per annum. In the given slider, you can adjust to your desired rate of interest.

• Tenure Period: This is an important factor in the calculation of EMI for the SBI Home Loan as it decides the time in which you will repay the amount and the higher it will be, the higher will be the interest amount. You can avail of a home loan facility for the time period of 5 years to 30 years which you can fix in the slider depending on your desired amount. 

After putting, all the above details in the SBI Home Loan Calculator, you’ll get the amount of EMI. Besides, you’ll also get the interest amount you’re paying monthly and the reducing monthly balance. You can check as many times as you want with different choices of the loan amount. 

Details about SBI Home Loan Eligibility Calculator:

Any type of home loan by any type of bank or financial institution is dependent on the basic income and repayment capacity of the candidate. Many other factors make you eligible for getting a home loan. They are as below.

• The age of aspirer should be between 18 years and 70 years at the time of home loan application submission.
• Minimum net monthly income for a salaried applicant should be of Rs 10,000 and for the self-employed individuals, the minimum annual income should be of Rs 2,000,000.
• A salaried applicant must have minimum work experience of two years at the time of loan application. 
• The business should be in existence and be in a stable condition for a minimum of 5 years.
• An applicant can get the maximum loan of 90% of the property value.
• An applicant can enhance the eligibility by adding a co-applicant while applying for a home loan.
• An applicant’s eligibility also depends upon the current obligations like already existing EMIs of the individual.