Home Loan in SBI Calculator | SBI EMI Home Loan Calculator
Home loan calculator or the EMI calculator is the basic calculator. It helps you to calculate the EMI monthly interest and monthly reducing balance on the basis of the principal amount, loan tenure and interest rate. Hence, you must know about the Home Loan in SBI Calculator. So that you can easily calculate the home loan EMI. As well as make the fair deal in taking the home loan process.
Home Loan in SBI Calculator:
However, as in other banks in SBI also in order to fulfill or repay your principal and interest you need to pay monthly EMI. Moreover, you can even use the SBI bank home loan calculator as a schedule of your home loan repayment. As well as to get an estimate of your EMI to help you evaluate the loan amount, tenure and interest rate you should opt for. IN the current time SBI bank lowest home loan EMI is Rs.758 per lakh of loan amount taken for 30 years at the lowest rate of 8.35%.
However, home loan EMI calculator is a tool to do the payments that you are supposed to do. Moreover, the calculator is also popular as loan or interest calculator. In the loan calculator you have to mention the loan amount. As well as the interest rate and the tenure for which you want to take the loan. On the basis of these detail you prepare table about information about this process. This table shows the balance amount on the yearly basis.
EMI Calculation Formula:
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments.
Hence, with the help of this method you can easily calculate the amount of the EMI which you are required to pay.
SBI Home Loan Eligibility Calculator:
As we all know that bank provide the home loan and other loans ob the basis of the repayment capacity of the applicant. However, it takes a lots of debt. SBI The SBI bank takes into the account the salary or the income of the applicant. As on the basis of this you get the loan amount. However, there is also a facility to calculate the eligibility of the loan or the housing loan. Moreover, you can easily use a eligibility calculator in order to calculate your home eligibility. As well as you can check weather you get the approval or not. Also that how much maximum loan amount you can get.
Apart from this you can also look at the general eligibility criteria for a home loan. Which included the minimum age criteria, income, and the work experience for both salaried as well as self-employed individuals.
- The age of the applicant or co-applicant should be between 18-70 years at the time of applying for the home loan.
- The minimum Net Monthly Income (NMI) required for a salaried person is ₹10,000 and the minimum Net Annual Income for a self-employed is ₹2,00,000 (p.a.).
Hence, this is the information regarding the SBI home loan eligibility calculator.