A Home Loan EMI (Equated Monthly Installment) is a fixed amount paid by a borrower to a lender on a specified date each month. It comprises both the principal amount and the interest charged on the loan. Using a calculator like this one helps you estimate your monthly outflow and plan your finances effectively.
How is the EMI Calculated?
The formula used to calculate the EMI for a home loan is as follows:
n = Loan Tenure in Months (Loan Tenure in Years × 12)
This formula ensures that over the tenure of the loan, the principal amount is fully repaid along with the accumulated interest. In the initial years of the loan, a larger portion of your EMI goes towards paying the interest, while a smaller portion goes towards the principal. As the loan progresses, this proportion shifts, with more of your EMI going towards the principal repayment.
Why Use an SBI Home Loan Calculator?
Financial Planning: Estimate your monthly payment to determine if it fits your budget.
Loan Comparison: Compare different loan scenarios by adjusting the principal, interest rate, and tenure.
Affordability Check: Gauge how much loan you can afford based on your income and expected EMI.
Transparency: Understand the total cost of your loan, including the principal and the total interest payable over the loan's life.
SBI Home Loan Specifics
State Bank of India (SBI) offers various home loan schemes with competitive interest rates. The actual interest rate you might get depends on factors like your credit score, loan amount, tenure, and specific SBI housing loan product. This calculator provides an estimate based on the inputs you provide. It's always advisable to check the latest SBI home loan interest rates and terms directly with the bank or on their official website.
When considering a home loan, remember to factor in other associated costs such as processing fees, legal charges, stamp duty, and potential pre-payment penalties.
var loanAmountInput = document.getElementById('loanAmount');
var interestRateInput = document.getElementById('interestRate');
var loanTenureInput = document.getElementById('loanTenure');
var loanTenureDisplayInput = document.getElementById('loanTenureDisplay');
// Link slider to number input for tenure
loanTenureInput.oninput = function() {
loanTenureDisplayInput.value = this.value;
calculateEMI();
}
loanTenureDisplayInput.oninput = function() {
if (this.value parseInt(loanTenureDisplayInput.max)) {
this.value = loanTenureDisplayInput.max;
}
loanTenureInput.value = this.value;
calculateEMI();
}
function calculateEMI() {
var principal = parseFloat(document.getElementById('loanAmount').value);
var annualInterestRate = parseFloat(document.getElementById('interestRate').value);
var tenureYears = parseInt(document.getElementById('loanTenure').value);
var resultDiv = document.getElementById('result');
var emiValueSpan = resultDiv.querySelector('.emi-value');
var totalInterestSpan = resultDiv.querySelector('.total-interest');
var totalPaymentSpan = resultDiv.querySelector('.total-payment');
// Clear previous results if inputs are invalid
emiValueSpan.textContent = '₹–.–';
totalInterestSpan.textContent = 'Total Interest Payable: ₹–.–';
totalPaymentSpan.textContent = 'Total Payment (Principal + Interest): ₹–.–';
if (isNaN(principal) || principal <= 0 ||
isNaN(annualInterestRate) || annualInterestRate <= 0 ||
isNaN(tenureYears) || tenureYears <= 0) {
console.error("Invalid input values.");
return;
}
var monthlyInterestRate = (annualInterestRate / 100) / 12;
var tenureMonths = tenureYears * 12;
var emi;
if (monthlyInterestRate === 0) { // Handle zero interest rate case
emi = principal / tenureMonths;
} else {
emi = principal * monthlyInterestRate * Math.pow(1 + monthlyInterestRate, tenureMonths) / (Math.pow(1 + monthlyInterestRate, tenureMonths) – 1);
}
var totalPayment = emi * tenureMonths;
var totalInterest = totalPayment – principal;
// Format numbers for Indian currency
var formatter = new Intl.NumberFormat('en-IN', {
style: 'currency',
currency: 'INR',
minimumFractionDigits: 2,
maximumFractionDigits: 2,
});
emiValueSpan.textContent = formatter.format(emi);
totalInterestSpan.textContent = 'Total Interest Payable: ' + formatter.format(totalInterest);
totalPaymentSpan.textContent = 'Total Payment (Principal + Interest): ' + formatter.format(totalPayment);
}
// Initial calculation on page load
document.addEventListener('DOMContentLoaded', calculateEMI);