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Finance

How is the EMI Calculated for Home Loan in SBI?

The State Bank of India comes up with loan schemes regularly. You can choose a scheme according to your preference. Moreover, the loans are available for various purposes. Be it a loan for buying a car or for education, SBI offers it all. In addition, the rate of interest is also attractive. Also, it charges minimal interest rates. Home loan is one of the most popular schemes. The bank deals with home loans more than the other types. Hence, we will sail further the article to know the details of the kinds of home loans SBI proffers to its customer base. Moreover, there will be a briefing on the standard home loan EMI calculator SBI. Additionally, you will get an insight into the requisition of documents. 

Types of SBI Home Loan:

Home Loan is given by the State Bank of India in several categories. From making a house to renovating it, you will have choices to pick from. The home loan provision by SBI starts at an interest rate of 8.75% per annum. This rate of interest is applicable for lone below equal to Rs 30 Lakhs. However, the rate of interest is lower if the borrower is female. Presently, SBI offers 6 types of Home loans.  EMI calculation of all the types possible by using home loan EMI calculator SBI. The following are the types and features of them:

SBI Pre-approved Loan: 

The Pre-approved loan by SBI is a product that sanctions a loan for a home that is not in existence. In short, you get a loan before finalizing any property. This product is popular as PAL which is the short form of the product. The advantage of such a loan is it allows the borrower to negotiate with the property dealer. The bank decides the loan amount by scrutinizing the narrower’s income and assets. However, the processing fee that the bank charges are non-refundable. 

SBI Flexipay Home Loan:

This type of home loan is available only for salaried customers. This product enables you to get a higher amount value than the others. Besides, you can pay the interest excluding the principal amount. But, it is applicable only during the moratorium period. Thereafter, the borrower can pay the EMI structure made for them.  

SBI Shaurya Home Loan:

This loan product is exclusively for defence personnel. SBI proffers the warriors’ lower rates of interest. Further, they get a longer duration to pay their debt back. Also, there are lesser conditions applicable for repayment. 

SBI Privilege Home Loan:

This type of loan is solely for government employees. The borrower should be working with a state or central governmental body. However, you can apply for this product if you are working with an undertaking of state or central government. 

SBI Bridge Home Loan:

This scheme is for the people who want to renovate their existing houses. It provides a scope to make their home a better place to dwell. Besides, it allows you to make a house in a better location. Also, it gives you a chance to make your home bigger. 

SBI Realty Home Loan:

This loan product is for people who want to acquire a plot to construct their house. However, the bank gives only 5 years to complete all the construction work. Also, you can borrow up to Rs 15 crore according to this scheme. However, you have to repay the amount within 10 years.

Calculating SBI Home Loan EMI:

EMI calculation is not at all a tedious task. You can calculate your EMI sitting at home. Also, it takes just a few values and a couple of minutes to finish up the process. The standard SBI Home Loan Calculator is as follows:

EMI=  (P I) ((1+r)n)/ (t(1+r)n)

In the above formula, 

‘P’ depicts the Principal amount of the loan

‘I’ depicts the interest rate per annum on the amount

‘r’ depicts the interest rate that is payable monthly

‘t’ depicts the total months for payment of EMI

‘n’ depicts the total payment for a month

To have a clear idea, let us go through an example: 

If a person has to borrow a loan of Rs 10 lakhs. Besides, the tenure of the loan is 10 years. In addition, the rate of interest is 6.00% per annum then the EMI will be:

EMI = (1000000✕.006✕(1+.006)/120✕ (1+.006)/120)-1) 

EMI =  Rs. 13,333

Documents Required for SBI Home Loan EMI Application:

For the EMI home loan application, there is a requisition of only a few documents:

  • You need to complete the process of Know Your Customer (KYC).
  • For KYC, necessary documents are- Adhaar Card, PAN Card, Voder ID or any other ID proof.
  • Address proof is also mandatory
  • Besides, the borrowed should showcase their income proof.
  • Also, there is a necessity for a bank statement.
  • Providing a copy of a passport size photograph is also mandatory. 

NOTE: The applicant should also present the above documents of their guarantor as well. 

Making a dream home is no more a dream. SBI with its multiple home loan options is surely widening the scope of having a house. Further, the ease at which borrowers can use the EMI scheme makes it more reliable. No more complex calculations. No more doubtful deals. The home of your dreams is just a few formalities away. 

Some More Blogs:

Top 10 reasons behind the rejection of education loan application

Top Benefits of Quick Short Term Loans Online

How the Housing Loan Calculator Makes Loan Planning Easier for You

Sakshi884

Sakshi is a Financial Advisor who helps people with investments and help them to get more out of their investment.
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