Home loan calculator or the EMI calculator is the basic calculator. With the help of this calculator you can easily calculate the EMI or monthly interest and monthly reducing balance on the basis of the principal amount, loan tenure and interest rate. Thus, through this you can easily learn 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 the banks provides us home loan amount after considering our income status and eligibility to repay the loan and on that basis we receive the loan amount. Generally it requires a lot of debt. Thus, the SBI bank checks the income status of the respective applicant and on that basis loan amount is refunded. However, there is also a facility to calculate the eligibility of the loan or the housing loan. So you can easily calculate the eligibility criteria of an individual person by using the eligibility calculator. With the help of this you can also check weather you have received approval or not, or how much amount you will receive.
However, other than this you must also consider the general eligibility criteria for a home loan. This included the following things which are 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, through these measures you can easily calculate the eligibility criteria of an individual person.