Home Loan EMI Calculator for India in 2020 is designed to work for almost all home loan banks and companies in India. This program can be used to select various inputs such as interest rate, tenure, etc to get EMI data.
The program also provides different calculators for SBI loan types such as flexi loan etc.
What you need to select is Home loan amount, Loan tenure, and Interest rate. And the program provides you simple table consisting of Month, Beginning Loan Balance, EMI, Principal, Monthly interest, Outstanding balance.
SBI Home Loan EMI Calculator for India – 2020
Home Loan EMI Calculator follows a step-by-step process to find out your EMI.
Here’s how you can use it:
- Step 1:
Please select the loan amount by using first slider.
This can be simply done by moving the dot on slider OR you can directly type the amount in the box provided in front of the slider.
Note – Specially while using on mobile, sliding the slider is difficult, in that case manually entering amount is easy.
- Step 2:
Please select the Loan tenure by using the second slider OR you can type the tenure in the box given in front of slider.
- Step 3:
Using the last slider, you can set the ROI (rate of interest) that your lender is charging you. For example, if you are given a quote of 7.55% p.a. for housing loan, then enter the same in box in front of slider or slide to appropriate place.
- Step 4:
The calculator will dynamically update the table showing output.
See sample of input and output of home loan calculator in below image –
The output results will be shown dynamically as you slide the amount.
You get easy to understand tabulated results of repayment to be done per month.
It will also show useful information like Interest you will be paying over the period of your loan.
Also you can see clearly how much interest and principal you will pay back each month.
Home Loan EMI Calculator 2020 – the Loan Repayment Table shows you
- Your principal amount (the amount you initially borrow)
- Your EMI per year and per month
- Principal component of your EMI
- Interest component of your EMI
- Outstanding balance after each payment
An EMI calculator gives results based on the inputs you give it. That being said, the results may sometimes vary with what your lender gives you. This is because the lender may also factor in other costs and charges.