home loan

SBI Home Loan EMI Calculator, Interest Rate and Loan Amount

Finance

In life, you can not always prepare for what’s coming next. But, for loans, you can surely do it. A home loan especially needs to be preplanned. When you take a home loan from State Bank of India, you get the chance to choose the maximum tenure of up to 30 years.

With the help of SBI home loan EMI calculator, you can choose which tenure will be suitable as per your affordable EMI. This loan needs you to commit a proper payment. Once you use this calculator, you can choose which tenure and monthly installment is suitable for you.

To apply, you have to match the eligibility criteria and have all the documents required by the bank. The details are given below:

SBI Home Loan Interest Rate

At present, the interest rates on SBI home loans start from 8.45% per annum for women applicants and 8.50% per annum for other applicants. The two year MCLR is presently 8.35%.

SBI Home Loan EMI Calculator

Let us take an example that your existing home loan is of the loan amount ₹40 lakhs for the tenure of 25 years and interest rate of 9.50% p.a. You are paying as shown below.

EMI: ₹34,948

Total interest outgo: ₹64,84,360

Total amount: ₹1,04,84,360

If you transfer the loan after 5 years, your remaining loan amount will be ₹37,49,243. This amount will be your new amount for which you will apply at SBI. So, if your documentation is proper and you get the approval for 8.50% per annum (which is the lowest interest rate at present), your payments will be:

EMI: ₹32,537

Total interest outgo: ₹40,59,589

Total amount: ₹78,08,832

SBI Home Loan Eligibility Criteria

Salaried:

  • Age of the applicant should be between 18-70 Years
  • The annual income of the applicant should be at least ₹1.2 lakhs
  • The maximum loan amount the applicant can get is ₹5 lakhs to ₹1 crores
  • Maximum loan tenure is 30 years
  • The minimum work experience with the current employer should be 2 years

Self-employed:

  • Age of the applicant should be between 21-70 Years
  • The annual income of the applicant should be at least ₹2,00,000
  • The maximum loan amount the applicant can get is ₹5 lakhs to ₹2 crores
  • Maximum loan tenure is 30 years
  • The minimum work experience with the current employer should be 3 years

SBI Home Loan Documents

The list of documents required at the loan application are as follows:

For Salaried:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Original salary certificate from employer
  • TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department

For Self-employed:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Acknowledged copies of three years IT return/Assessment orders
  • Photocopies ofAge of the applicant should be between 21-70 Years challans evidencing payment of Advance Income Tax

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