The most important aspect of processing through a home loan is to choose the one which makes you pay the lowest amount of EMI while repaying the loan amount to the bank. But many of us ignore this fact and choose a home loan which makes them pay a huge sum of money every month as the repayment. This is such a rookie mistake that more often than not, people fall prey to this. But no more worries, because with the help Home Loan EMI Calculator SBI, you can easily calculate the amount of EMI you’ll have to pay every month. When you will be able to calculate the EMI amount before opting for a loan, you’ll be able to plan your finances in a more organized way and thus, will be able to choose the plan which suits your needs perfectly.
EMIs are a major part of everybody’s lives as everyone is paying one or another. The important part is planning your finances in a way that you don’t regret your home loan while paying the EMIs. Home Loan EMI Calculator SBI not only helps you in calculating the amount of EMI of your loan amount but also the monthly interest amount on your home loan. This calculator makes you gauge your EMI capability and plan accordingly to that. Details to be filled in Home Loan EMI Calculator SBI for EMI calculation: In order to get your EMI calculation for the SBI Home Loan by this calculator, you just need to fill a few basic details into it which are as follows. Loan Amount: The first thing you’ll need to fill in it is the loan amount you’re choosing for your SBI home loan. You can either arrange the slider to your desired amount or fill it manually. The SBI home loan amount ranges from Rs 5 lakh to Rs 2 crore. The loan amount also depends on some factors like the age of the applicant, repayment capability, monthly income, and many more. Rate of interest: After putting the loan amount, you need to fill the interest rate charged by the bank. A higher rate of interest on home loan will make your EMI amount higher. SBI Home Loan interest rate ranges from a minimum of 8.50% to a maximum of 9.20% per annum. The rate of interest highly affects your EMI amount so it’s better to research all your options thoroughly. Tenure Period: The tenure period of a home loan is the number of years in which you’ll be able to repay the loan. The maximum period to repay the SBI Home loan is fixed at 30 years. The minimum period to repay the loan is 5 years. After filling all the details into the calculator, you will get the amount of EMI (Sum of principal amount and monthly interest), total interest payable during the home loan, and the total payments over the tenure period. Now, you’re all set for choosing a home loan as you can plan your spends accordingly. How to check your eligibility through SBI Home Loan Eligibility Calculator? If you want to check whether you’re eligible for an SBI Home Loan or not, then you can access it with the help of SBI Home Loan eligibility calculator by filling out the few details like your age, monthly income, any current obligations (existing EMIs). An SBI Home Loan can be availed by both the salaried and self-employed individuals. An applicant must be of 18 to 70 years of age at the time of the loan application process.
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Anika Sharma
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