Will you take ₹30 lakh home loan from SBI for 20 years? Know how much EMI will be; How much interest will you pay?
SBI Home Loan EMI Calculation: If you want to take a loan of Rs 30 lakh for 20 years, then understand from the calculation here what will be your monthly EMI and how much interest you will have to pay in the loan tenure.
SBI Home Loan EMI Calculation: If you are planning a home loan for your dream home, then you should do a detailed investigation regarding the interest rates. Talking about the country's largest bank SBI, its starting interest rate for home loans is 9.15 percent. If you want to take a loan of Rs 30 lakh for 20 years, then understand from the calculation here what your monthly EMI will be and how much interest you will have to pay in the loan tenure.
According to the information available on the SBI website, it is offering home loans at an initial rate of 9.15 percent to customers with a civil score of 750 or more. Now let us assume that you have to take a loan of Rs 30 lakh for 20 years, then what will be your EMI at the current initial interest rate? Also, if the interest rates on the loan remain the same on average throughout the tenure, then how much total interest will you pay?
Loan amount: Rs 30 lakh
Loan Tenure: 20 years
Interest rate: 9.15% per annum
EMI: ₹27,282
Interest in total tenure: ₹35,47,648
Total Payment: ₹65,47,648
(Note: This calculation has been done from the SBI Home Loan Calculator.)
In this way, your total payment till the completion of the loan tenure will be Rs 65,47,648. In this, you will pay more than half the amount of Rs 35,47,648 as interest. However, know that you can bargain home loan interest rates based on your CIBIL score and loan repayment capacity. Interest rates on floating rates may be lower than the current rates.
The effect of an increase or decrease in the repo rate is
Home loans from scheduled banks like SBI are directly linked to the repo rate of the Reserve Bank. The repo rate is the interest rate at which commercial banks take loans from RBI. From October 2019, the Reserve Bank has made it mandatory for banks to link personal loans, auto loans home loans, etc. given on floating rates to the repo rate. Most banks are offering home loans at Repo Linked Lending Rate (RLLR). It is also called the External Benchmark Rate (EBR).
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