Understanding EMI Calculation for Home Loan and How to use SBI EMI Calculator

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Understanding EMI Calculation for Home Loan and How to use SBI EMI Calculator

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A home is one of the basic necessities of life no matter how much money you are earning. In most cases, people take home loans to source funds for home loan purchases. A home loan or mortgage loan is one of the most commonly opted types of loan in the present world. Due to the surging inflation rate and rapidly growing economy, the home buying cost is going up and up with every passing year. This has made it compulsory for people to opt for a home loan to secure their home buying needs. The obtained home loan amount is supposed to be paid back to the lender in the form of EMI (Equated Monthly Installments).

If you are looking to take a home loan, it is necessary for you to understand the calculation of home loan EMI. This would help you choose the most lucrative home loan offer for you.

What does an EMI mean?

EMI stands for Equated Monthly Installment. It refers to an amount that is paid by a borrower to a lender against the borrowed amount. This monthly amount is inclusive of the principal loan amount and the applicable interest amount for a fixed period of time. Repaying a loan amount through an EMI system is considered the most effective and easiest way to repay a huge loan amount in the form of small monthly installments.

How EMI is calculated?

The calculation of EMI remains inclusive of the total loan amount, effective interest rate, and loan tenure. Making changes to any of these factors can affect the amount going towards the EMI. EMIs are considered an easier way to handle loan repayments, guaranteeing borrowers progressively bring down their debt. Any kind of miss in EMI payments may attract penalties and affect the borrower’s credit score in a negative way. Hence, it's necessary to fulfill these obligations quickly.

How to use SBI EMI calculator for home loan?

Whether you are planning to take a home loan from SBI or have already taken a home loan from SBI, you can calculate the EMI of home loan through SBI’s home loan EMI calculator.

SBI Home Loan EMI calculator enables people to calculate the EMI towards their home loan quickly and easily.You can visit the official website of State Bank of India and move to SBI Home Loan EMI calculator. 

 Now, follow the below steps to proceed:

  1. Enter the loan amount you want to take in the box placed along with ‘Amount’.
  2. Enter the loan tenure in the field placed next to ‘Duration’.
  3. Now, enter the interest rate of the Home Loan
  4. Click on ‘Calculate’.

The EMI calculator will then let you know the EMI, interest rates, etc..

Other Best EMI Calculators

You can also check the following home loan EMI calculators to calculate the EMI against a home loan.

1. Investkraft

Investkraft is a fast-emerging fintech platform that offers a wide range of financial products to all. Its home loan EMI calculator is an advanced calculation tool that allows users to calculate the EMI of a home loan instantly. You need to enter the loan amount, applicable interest rate, and the tenure of the home loan, now click on ‘Invest Now’. The tool will show the results instantly.

This home loan EMI calculator makes its super easy and quick to do the calculation of EMI on housing loan.

2. HDFC Home Loan EMI Calculator

If you are looking to avail a home loan, another wonderful option is to use a HDFC home loan emi calculator that lets your plan your home loan journey easily and smoothly. This EMI calculator is quite effective in managing your cashflows for managing your home loan. You can feasibly calculate the monthly installment of your home loan. You need to enter the loan amount, effective interest rate, and the tenure of the home loan. The tool will show the results on a real-time basis.

3. Bajaj Finserv

Bajaj Finserv’s home loan EMI calculator is a web-based tool that enables users to calculate their monthly payments given the factors like loan amount, interest rate, and loan tenure. This online tool empowers people to determine their loan affordability, manage budgets efficiently, and ascertain the viability of obtaining a home loan. Its major task is to reduce the complexity associated with the EMI calculation of home loans by allowing people to make sound decisions related to buying a new home.

4. Groww

The EMI calculator by Groww is one of the simplest tools available online to calculate the EMI of home loan. You need to enter the loan amount, rate of interest, and the home loan tenure. The tool will show the results on a real-time basis. The total will also show the principal amount, the total amount paid as interest, and the total cost of the loan.

The Conclusion

If you are looking to take a home loan, it is highly recommended to use an online home loan EMI calculator to determine your monthly outgo towards loan repayment. Such a tool would help you determine your home loan eligibility and repayment capability. However, make sure a reliable service provider to get this tool.

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