Calculate your SIP Returnexplore announcement button
Open Demat Account Login

SBI Home Loan EMI Calculator

Loan Amount

Interest rate




Loan Duration


1 Yr

30 Yrs



Principal Amount


Total Payable

With Zero Brokerage on Equity Delivery

What is the SBI EMI Calculator?

Home loans are a stable, long-term financing alternative for building or buying a property. Recently, there has been a rise in the demand for home loans, supported by the growth in population and income of the middle class. As India’s largest multinational bank, the State Bank of India, or SBI, plays a critical role in sanctioning home loans to buyers. Before applying, applicants can estimate their monthly instalments using an online SBI home loan EMI calculator.

SBI home loan EMI calculator is a free tool that helps home buyers calculate the monthly EMI based on their inputs. The primary three variables are the loan amount, interest rate, and tenure. Users have the flexibility to adjust any of the variables to their desired level to get accurate calculations.

SBI Home Loan EMI Calculation Formula

The calculator utilises the SBI home loan EMI calculation formula mentioned here:

Monthly EMI = [P x R x (1+R)^N]/[(1+R)^N-1]


P = the principal or the loan amount

E = applicable EMI amount

R = monthly interest rate (annual rate of interest dividend by 12)

N = tenure or months

By applying the SBI home loan EMI calculator formula, buyers can calculate EMIs on their home loan before applying and comparing the rates.

How to Calculate the SBI Home Loan EMI?

Calculating home loan EMIs manually is time-consuming and complex, resulting in decision-making mistakes. A home loan EMI calculator simplifies the calculation for homeowners and assists them in making the right choice.

SBI online home loan EMI calculator calculates the EMI amount, monthly interest, and monthly reducing balance based on the principal amount, loan duration, and interest rate.

How Does the Calculator Work?

Angel One’s SBI home loan EMI calculator is a simple tool that anyone can use. It is flexible and uses simple variables such as loan amount, interest rate, and duration of repayment for the computation of the EMI value. It is important to note that changes in any of these variables will impact the outcomes.

Follow the steps mentioned below to use the online tool

  • Enter the loan amount
  • Adjust the rate of interest on the interest rate scale
  • Fix the loan duration

The calculator will show the results immediately. A graph will show how the principal and interest amounts adjust as you repay the loan

Let's see how it works with an example.

Suppose you applied for a Rs. 70,00,000 home loan. The rate of interest is 8%, and the duration of the loan is 30 years.

  • Type in the principal amount, i.e., Rs. 70 lakh.
  • Enter the expected interest rate of 8%.
  • Select the tenure (30 years).

Based on the above input, the calculator gives the following results:

  1. EMI = Rs. 51,364/month
  2. Interest = Rs. 1,14,90,867
  3. Total payable amount = Rs. 1,84,90,867

Benefits of Using the online SBI Home Loan EMI Calculator

SBI home loan calculator tool simplifies your home loan EMI calculation process by offering the following significant benefits:

  • Assist homebuyers in deciding the appropriate amount to make their EMIs reasonable.
  • It helps with budgeting by allowing you to pick the ideal tenure so that the monthly payments are simple to handle.
  • Eliminates the need for manual calculation, which takes time and can produce inaccurate answers.
  • It can be used on a computer, a mobile device, a tablet, etc. The free tool can be used by anyone for ‘n’ number of times.

Eligibility Criteria to Avail a SBI Home Loan

SBI home loans cater to a broad range of applicants. Here are the basic eligibility criteria for applying for a home loan with the bank:

  • Age: the minimum age requirement is 18 years, and the maximum limit is 70 years.
  • Employment type:It covers a wide range of applicants, from salaried to non-salaried business individuals and professionals such as doctors, lawyers, etc
  • Loan-to-value or LTV ratio: An SBI home loan is available for 80–90%, depending on the value of the property. The remaining amount is the downpayment by the buyer. Additionally, loan approval will depend on factors like the applicant's age (the older the applicant, the shorter the tenure), credit score, and salary or income. Your EMI calculation will be based on your monthly income, interest rate and maximum repayment tenure

    Besides the traditional home loan product, SBI also offers special lending schemes with additional eligibility criteria.

Documents Required to Avail the Loan:

To apply for a regular home loan with SBI, you will need the list of documents below:

Documents required to be submitted by all borrowers

  • Employer Identity Card
  • Loan Application: Duly filled loan application form, duly filled with 3 passport size photographs
  • Proof of Identity: PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill, Passport/ Driving License/ Aadhaar Card

Property documents

  • Permission for construction (where applicable)
  • Occupancy Certificate (in case of ready-to-move property)
  • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
  • Approved plan copy (Xerox blueprint) and registered development agreement of the builder, conveyance deed (for new property)
  • Payment receipts or bank A/C statements showing all the payments made to the builder or seller

Account statement

  • Account statement of the last 6 months for all bank accounts held by the applicant(s)
  • A/C statement for the last 1 year of any previous loan with any bank

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor

  • 3 months' salary slip or salary certificate
  • Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by the IT Department

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor

  • Business address proof
  • IT returns for the last 3 years
  • Balance Sheet and Profit & Loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)


What is the amount I can avail as a home loan from SBI?

SBI home loan eligibility depends on factors like age, income, property value, and credit score. Generally, an SBI home loan is available for 80-90% of the property value.

What is the online SBI home loan EMI calculator?

The SBI home loan EMI calculator is a simplified online tool that allows you to calculate the EMI on your home loan in advance. You can calculate EMI by putting in variables such as mortgage amount, interest rate, and tenure.

What is the maximum tenure allowed for an SBI home loan?

The maximum tenure allowed is 30 years, or 360 months. However, it depends on the age of the applicant. Older applicants are usually offered shorter tenure.

Can I get tax benefits for SBI home loan?

Tax benefits on a home loan are available under the following sections of the IT Act:
  • Section 80C: Up to Rs. 1.5 lakh on the home loan principal
  • Section 24(b): Up to Rs. 2 lakh on the home loan interest paid
  • Section 80EEA: Up to Rs.1.5 lakh on home loan interest paid (additional benefit available to borrowers under the affordable housing scheme)

How will I know if I have met the loan eligibility criteria for the SBI home loan?

You can check the eligibility criteria mentioned above. It will give you a fair idea of whether your loan application will get approved or not. If you meet the eligibility criteria, you will receive an in-principle approval when you apply for the loan on the bank’s website.

Enjoy Zero Brokerage on
Equity Delivery

Enjoy Zero Brokerage on Equity Delivery

Get the link to download the App

Send App Link