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Use SBI Home Loan EMI Calculator to Minimize Your EMI: A borrower can check payments to know whether the loan is affordable or not. But not everyone does it and then these people end up with missing EMI payments. Other loans may continue for only 7 years at a stretch. But, home loans have the maximum tenure at SBI is 30 years.
The moment you decide to apply for a home loan at State Bank of India (SBI), you have the choice to choose the tenure as per your choice. The rate of interest and loan amount is decided by the bank on the basis of your repayment capacity.
What you can do to repay the loan without any hassle is prepare yourself for the payment in advance. You can use SBI home loan EMI calculator to know your EMIs in advance and be prepared accordingly. In this article, we have focused on the functioning of this tool with an example to make you understand how it works.
SBI Home Loan EMI Calculator
The calculator takes into account the basic details. You can use it for variable values as many times you want. You just have to mention the following details:
- Loan amount
- 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 better understanding, let us take an example of the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.
Total interest outgo: ₹15,13,480
Total amount: ₹35,13,480
As you can see the EMI is almost ₹20,000 which a person earning ₹50,000 per month can easily pay. Those who earn less than that might not be able to pay it. Also, if this person has other financial responsibilities. Since banks also consider 50% of your salary to calculate the maximum loan amount you can get. For such people, a loan EMI calculator is like a boon. Read more to know what are the other benefits of using a loan EMI calculator.
Benefits of Using Loan EMI calculator
Read here the advantages of using a loan EMI calculator especially in the case of home loans.
- You can check your home loan EMIs in advance or even when the loan is running.
- If the monthly installment is out of a budget, you can transfer your home loan.
- You can compare different rates, tenure and loan amount to get the suitable EMI.
- The total interest amount you will pay for the loan can also be checked.
- Balance amount at the end of each year can also be known.
- The calculator can be used infinite times without any cost involved.
- The results are accurate, instant and non-biased.
As you can see there are so many benefits of using SBI home loan EMI calculator, why not share the knowledge with everyone who is recently planning to apply for a home loan?