SBI Home Loan EMI Calculator

Curious about how the home loan EMI calculator works? Well, it works on the following standardized formula –

E = [P.r. (1+r)^n]/[(1+r)^n-1]

where P = Principal/Loan Amount
E= applicable amount of EMI
r = rate of interest per month (annual rate of interest divided by 12)
n = tenure (in months)

For example, if any borrower avails a loan of 40 lakh for a tenure of 10 years at a 6.80% p.a. rate of interest, the applicable EMI will be –

E = 40,00,000 × .0056 × (1+.0056)^120/([(1+.0056)^120]-1)
EMI = Rs. 46,032

Manually calculating the home loan EMI can be confusing and time-consuming. To help you generate accurate EMI results, Magicbricks offers a free tool known as the Magicbricks Home Loan EMI Calculator.

How To Use Magicbricks' Home Loan EMI Calculator?

Using the Magicbricks Home Loan EMI calculator is incredibly simple and easy. Follow these steps to effortlessly check your home loan EMI –

• Enter your loan amount
• Enter the loan tenure (number of years for which you wish to borrow)
• Check the amount by clicking on 'Calculate Your EMI'

SBI Home Loan Amortization Schedule

An amortization schedule helps in evaluating different loan options. It is easier to make a comparison of lenders, select the loan tenure, or decide if it would be wiser to refinance an existing loan. It also helps in finding out savings in terms of paying off the debt early.

If you have taken a loan of Rs 20 lakh for a 8-year tenure at 6.80% annual interest, your monthly home loan EMI will equate to Rs. 27,069 and the total interest amount will be Rs. 5,98,606. Your amortization schedule will look like the following –