Use SBI Home Loan Calculator For Instant Installment Calculation

State Bank Of India provides home loan schemes for the customers to make their home finance easier and affordable. SBI home loan interest rates are attractive and you borrow maximum up to 90% of your property value. For the loan procedure, you need to submit a few documents and can pay the loan amount in equated monthly loan installments. The bank provides a maximum loan tenure up to 30 years for the EMI payment. And you can calculate the loan installment using the SBI home loan calculator. To know the loan calculator benefits and function read the given article.

What is the SBI home loan calculator and how to use it?

The bank provides a home loan calculator device to the customer so that they can compute their loan installments without any trouble. SBI home loan calculator is an online device that compute the loan EMIs using a mathematical formula  [P x R x (1+R)^N]/[(1+R)^N-1], where P is the loan amount, N is loan payment duration and R is the rate of interest. You can use the loan calculator by visiting the SBI official website. Just select the “EMI Calculator” and enter your loan details inside the SBI home loan calculator and your EMI would be generated within a second. 

For example, if you borrowed a loan amount of INR 55 lakh at an interest rate of 10.50% per annum for 30 years. Then your calculated EMI would be INR 50,311 according to the estimation of the SBI home loan calculator.  

Is there any benefit of SBI home loan calculator?

Using the home loan calculator you get an accurate EMI calculation and select a suitable type of interest rate and loan tenure for the EMI payment. SBI offers home loans to the customers at a flexible and fixed rate of interest you can select a suitable SBI home loan interest rate. The home loan interest rate is starting from 8.15%. And, the loan interest rate depends on the marginal cost of fund based lending rate (MCLR) if you opt for a flexible interest rate. SBI flexible home loan interest rate changes annually and provides the benefit of lower EMIs to borrowers. You can choose a suitable tenure for your home loan and can pay the loan amount and applied interest rate in EMIs.  

Apply for a home loan from SBI using bank online service

You can get a home loan from SBI by visiting your nearest SBI branch or using its online services. Visit the SBI website and from product option select home loan and click on the “apply now” button. After that enter your details in the online loan application form such as name, mobile number, email address, income, source of income, type of employment, etc. then click on “submit”. If you meet the SBI home loan eligibility criteria then you can get a suitable interest rate on your borrowed amount and can pay the loan EMIs using ECS, PDCs or auto-debit payment methods.