sbi home loan calculator

SBI Home Loan EMI Calculator and Your Expense Calculator

Be it any loan, your other expenses are affected. And when we talk about a home loan, it takes out a great chunk of your salary. But, when you use an EMI calculator you can be prepared for them. A home loan from State Bank of India (SBI) may be offering the lowest interest rate.

Still, borrowers have to make sure they will be able to pay the loan without missing any repayment. Even though any sudden reason can affect your repayment but being prepared for it makes it easier to look for other alternatives. In this article, we have given the details about SBI home loan.

You will get to know about SBI home loan EMI calculator, eligibility criteria, schemes, and documents required. In short, it is a short and crisp guideline to tell you what you have to do if you want to apply for SBI home loan.

SBI Home Loan Schemes-

  • Flexipay Home Loan
  • Maxgain Home Loan
  • NRI Home Loans
  • SBI Realty
  • SBI Pal
  • SBI Gram Niwas
  • SBI Tribal-Plus
  • Sahyog Niwas
  • Privilege Home Loan
  • Shaurya Home Loan

SBI Home Loan Eligibility-

The eligibility criteria based on which SBI accepts home loan application is mentioned below:

For Salaried:

  • Your age must be between 18-70 years
  • Your net annual income should be at least ₹1,20,000
  • You can get loan amount up to ₹5 lakhs to ₹1 crore
  • The minimum work experience required is 2 years

For Self-employed:

  • Your age must be between 21-70 years
  • Your net annual income should be at least ₹2,00,000
  • You can get loan amount up to ₹5 lakhs to ₹2 crores
  • The minimum work experience required is 3 years

Documents Required-

The list of documents required for the loan application are as follows:

For Salaried:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Original salary certificate from employer
  • TDS certificate on Form 16 of IT return for last two financial years

For Self-employed:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Acknowledged copies of three years IT return/Assessment orders
  • Photocopies of challans evidencing payment of Advance Income Tax

SBI Home Loan Interest Rate

The bank is always the first choice of a home loan seeker as they find SBI the most reliable bank to offer money. SBI home loan interest rate is presently the lowest in the market with the starting rate of 8.45% per annum for women applicants and 8.50% per annum for others.

SBI home loan EMI calculator

You just have to mention the following details in SBI home loan EMI calculator:

  • Loan amount
  • Tenure
  • Interest rate

Once you have mentioned these details in the calculator, you get the data like the EMI, the total interest outgo, and the total amount (principal+interest). For example, suppose you take a home loan for ₹20 lakhs with the tenure of 15 years and interest rate of 8.45% p.a.

EMI: 19,636

Total interest outgo: 15,34,519

Total amount: 35,34,519

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