State Bank of India (SBI), arguably India’s largest lender by assets, offers you the opportunity to buy your favourite home through its customized loan suite. Not only it has attractive interest rates but also has the window of impressive loan amount for you.
The interest rate, however, depends largely on the gender, profession and credit score of an individual. It also takes into account the loan amount a borrower applies for. And since it’s a big decision that would have an impact for as long as 30 years, you must use the SBI Home Loan Calculator to steer clear of the uncertainties that may arise in the lack of such a due diligence. So, are you ready to explore the calculator? If so, then the article would prove out to be an interesting read for you.
SBI Home Loan Eligibility Calculator
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The calculator estimates the loan amount you are eligible to receive on the basis of your earnings, savings and workplace. You can find this calculator online and feed your personal and professional details before it flashes out the loan quotes for you.
But, that is only a preliminary figure. The exact figure would arrive after the summation of the bank executives with respect to the property sought. The executives will prepare a technical and legal report with regards to the property. The report would further become the basis to decide the value of the property.
You can thus get a finance at 75%-90% of the property value. Generally, loans of up to ₹30 lakhs, ₹30-75 lakhs and above ₹75 lakhs are financed at 90%, 80% and 75% of the property cost, respectively.
SBI Home Loan EMI Calculator
Being aware of the EMI, which stands for Equated Monthly Installment, in advance would make you feel confident when the repayment sojourn begins. The EMI calculation depends on interest rate, tenure and loan amount. SBI Home Loan Rates range from 8.45%-9.00% per annum.
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While the rates and loan amount have a direct impact on the amount of installment. Tenure has an inverse relationship with the EMI. Longer the tenure lesser will be the EMI amount and vice-versa. So, don’t fancy choosing a long tenure to keep the installment low as the massive interest payment would greatly undo the benefits of lower EMI. While there’s a need to shorten the tenure to keep a check on the interest outflow, you also must take guard against choosing a far shorter tenure as the EMI liability could mount beyond your ability to pay.
SBI Home Loan Amortization Calculator
The amortization calculator is a by-product of the EMI calculator by showing its results just below or adjacent to the latter. It breaks up your repayment into principal and interest over the years. Not only that, you also get to know the outstanding loan balance at the end of every year.
This will only help you figure out the time by when the loan can be paid off entirely even before the completion of its original tenure. Yes, investments in fixed deposits and equity mutual funds can help raise the corpus to a degree that can enable the payment in full. With a prepayment, you stand to benefit from a massive reduction in the interest payment.
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