How the Home Loan Calculator SBI Helps You in Handling Your Finances?

Have you ever wished for something that would help you in estimating your future monthly expenses such as the EMI of your home loan? There are several home loan lenders offering attractive EMI options. Being one of the largest lenders and second-largest bank in India in terms of Market Capitalization, State Bank of India (SBI) provides world-class banking facilities to their customers. Home Loan is one of its most demanding facilities by the Indian customers because of the affordable interest rate and adaptable tenure period.

Well, with the help of Home Loan Calculator SBI, you can have a correct guess of your monthly installments that you have to set aside from your total monthly expenses. By having a clear idea of the right amount beforehand, you can always plan your expenses around that and save yourself from burning off all your budget.

What are the details you need to use Home Loan Calculator SBI?

The usage of Home loan calculator SBI is so easy and convenient that it can be used by anyone from a layman to an expert. There are a few basic details that you have to fill in the calculator to get the desired results. You can have a look at those details below.

1. Loan Amount: The most important and foremost thing you need to know before you opt for a home loan facility is the loan amount. An individual can opt for a home loan starting from ₹5 lakh and to a maximum of ₹2 crore. It is also dependent on various factors such as your age, income stability, repayment capability, and others. You can choose your desired amount by sliding the bar to your chosen amount.
2. Rate of Interest: The second thing you need to consider is the home loan interest rate SBI which ranges from 8.35% to 9.10% per annum. According to the recently launched scheme by SBI, starting from September 1, borrowers with a good credit score can get their home loan at an interest rate of 8.05% per annum. You can choose the interest rate, which suits your financial capability, into the EMI calculator.
3. Tenure Period: This is the last thing you need to fill in the home loan calculator SBI. An individual can opt for the home loan of the period starting from a minimum of 5 years to a maximum of 30 years. One should prudently choose the home loan tenure period according to the repayment capability as it has a direct impact on your EMI amount.

After filling out all these details into the home loan calculator, it will give your exact EMI amount. Apart from your monthly installments, this calculator will give you the total interest amount and total payable amount over the loan period so that you can make the best decision for yourself.

What are the benefits of using SBI Home Loan Calculators?

There are various benefits of using the EMI calculator for the people who are thinking of taking a home loan facility. Some are mentioned below.

• It saves you from all the slow manual EMI calculations and gives you the result in an ultra-fast way.
• The accuracy of this calculator is just flawless and one can always rely on the results given by it.
• The home loan calculator is endlessly flexible; you can check the EMI amount by putting various values as many times as you want.