HomeBusinessSBI Home Loan EMI Calculator - Interest & Calculation Formula

SBI Home Loan EMI Calculator – Interest & Calculation Formula

Home loans provided by the State Bank of India (SBI) are among the largest in the country. More than a few lakh families have been helped achieve the dream of home ownership through its services. You can purchase pre-owned homes, ready-built properties, under-construction properties, build a house, extend a place, or repair and renovate a house under this program. 

Based on any principal amount, loan tenure, and interest rate, you can use a home loan EMI calculator online to find your monthly EMI, monthly interest, and monthly reducing balance. SBI home loan calculator is also available to assist you in this. This article will primarily focus on the interests & the calculation formula for determining SBI home loan EMIs. 

Features of SBI home loans

The following are some of the prominent features of SBI home loans-

  • The rate of interest is low.
  • They do not have any hidden charges.
  • You can repay till 30 years after availing the loan.
  • Women borrowers have an additional benefit of interest concessions.
  • The processing fee is low. 

Eligibility for SBI Home loans

  • You must be an Indian resident.
  • The minimum age is 18, and the maximum is 70 years.
  • You must either be a salaried individual or a Non-salaried business professional.
  • You can check the eligibility yourself by using the SBI home loan calculator. 

Loan EMI Calculator

A home loan EMI calculator online for home loans factors in principal amount, loan tenure, and interest rate to help you calculate the EMI, monthly interest, and decreasing monthly balance.

The SBI Home Loan Calculator calculates your monthly EMI online in no time. It is beneficial because it provides clarity to potential borrowers on their EMI payments by giving accurate results. Also, it allows for comparing multiple EMIs, which can vary when different loan amounts, interest rates, and tenures are combined.

The SBI Home Loan Calculator is available online, and you can access it from any device with an internet connection. From the comfort of their own homes, interested individuals can use the calculator whenever they want.  


The SBI Home loans start from an interest rate of 8.05% per annum, effective from the 15th of August, 2022. If your CIBIL Score is more than 800, the rate will be 8.05%, but with a decrease in CIBIL Score between 101-200, the interest rate can go up to 8.25%. A CIBIL Score is a 3- digit representation of your credit history derived using the credit payment history across loans and credit institutions over a period. 

The process of calculating EMI and the calculation formula

After reading so far, you must be curious to know how the SBI home loan calculator works. This article presents a step-by-step guide to the calculation process using the online SBI  home loan EMI calculator. Additionally, it also mentions the calculation formula to find the monthly EMI.

  1. The first step is to log in to the SBI Home Loan Page. 
  2. Enter the loan amount you wish to borrow from the bank.
  3. Mention the Tenure in which you plan to repay the loan to the bank and the accumulated interest.
  4. Enter the interest rate by referring to the current rate to obtain a more accurate result.
  5. By pressing the enter button of the home loan EMI calculator online, you can obtain the EMI you must pay monthly, the total interest Payable over the Loan Term, and the total Payment over the loan term. 

The SBI home loan calculator uses the following formula-

EMI= {P * R* (1+R)^ N} / {(1+R)^ (N-1)}


EMI  stands for Equated Monthly Installment 

P is the Principal loan amount

N is the Tenure of the loan taken

R refers to the Interest rate per month


This article focused primarily on the home loan EMI calculator online, its features, eligibility to apply for a home loan at SBI, the interest rate at SBI, and a step-by-step guide to calculating EMI along with the calculation formula. You can use this guide to calculate your monthly EMIs. 


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