SBI Home Loan Calculator: What will be EMI on Rs 70 lakh loan for 20, 25 and 30 years?
SBI Home Loan Calculator: At 8.50 per cent interest rate, the estimated EMI on a Rs 70 lakh, 25-year SBI home loan will be Rs 56,366. The estimated interest in that duration will be Rs 99,09,769, and the estimated repayment amount will be Rs 1,69,09,769.
SBI Home Loan Calculator: Most people want to own a home. But real estate in Indian cities is costly. The buyer who is dreaming of owning a home needs to spend a hefty amount. Since most people can't buy a home with one-time payment, most of them depend on home loan. Such loans are high amounts and long durations. Like many other banks, SBI also offers home loans.
Photos: Unsplash/Pixabay
SBI Home Loan Interest Rates
SBI's home loan interest rates for up to Rs 30 lakh, above Rs 30 lakh and up to Rs 75 lakh, and above Rs 75 lakh home loans are in the range of 8.50 per cent to 9.85 per cent. For calculation purpose, we will only the upper and lower figures.
How EMI works
When we take home loans for a long duration, the equated monthly instalment (EMI) is shorter compared to when we take it for a short duration, but the prepayment amount will be larger.
How EMI works
E.g., when you take a Rs 50 lakh loan for 20 years and someone else takes the same amount loan for 30 years, the latter will have a smaller EMI but their repayment amount will be higher than the former.
SBI Home Loan: EMIs on Rs 70 lakh home loan for 30 years
At 8.50 per cent interest rate, the estimated EMI on a Rs 70 lakh, 30-year SBI home loan will be Rs 53,824. The estimated interest in that duration will be Rs 1,23,76,620, and the estimated repayment amount will be Rs 1,93,76,620.
SBI Home Loan: EMIs on Rs 70 lakh home loan for 30 years
At 9.85 per cent interest rate, the estimated EMI on a Rs 70 lakh, 30-year home loan will be Rs 60,656. The estimated interest in that duration will be Rs 1,48,35,989 and the estimated repayment will be Rs 2,18,35,989.