How is SBI home loan EMI calculated?

SBI uses the reducing-balance formula: EMI = P x R x (1+R)^N divided by [(1+R)^N - 1], where P is the loan amount, R is the monthly interest rate, and N is the total monthly instalments. For a Rs 30 lakh loan at 8.40% for 20 years, the monthly EMI is approximately Rs 25,839.

What is the EMI for a Rs 20 lakh SBI home loan for 20 years?

At SBI's current rate of 8.40%, the EMI for a Rs 20 lakh home loan for 20 years is approximately Rs 17,226 per month. Over 20 years, total interest paid is approximately Rs 21.3 lakh, making the total amount payable Rs 41.3 lakh.

What is the EMI for a Rs 25 lakh SBI home loan for 20 years?

At SBI's current rate of 8.40%, the EMI for a Rs 25 lakh home loan for 20 years is approximately Rs 21,533 per month. For a 10-year tenure on the same amount, the EMI rises to Rs 30,868 but total interest paid drops significantly.

How much home loan can I get based on my salary at SBI?

SBI uses a FOIR (Fixed Obligation to Income Ratio) of 50% of net monthly income to determine maximum EMI. For a net salary of Rs 1 lakh per month, maximum EMI eligibility is Rs 50,000. At 8.40% for 20 years, this translates to a loan eligibility of approximately Rs 58 lakh.

What is SBI's minimum down payment requirement?

For properties up to Rs 75 lakh, SBI requires a minimum down payment of 10-15%. For properties above Rs 75 lakh and up to Rs 5 crore, the minimum is 20%. Plot loans require 25-35% down payment per SBI's Real Estate Loan guidelines.

What is SBI MaxGain home loan and who should use it?

SBI MaxGain is an overdraft home loan where surplus funds you park in the account reduce the principal on which daily interest is calculated. It is best for borrowers who receive annual bonuses, freelancers, or business owners with irregular but high income. Parking Rs 5 lakh in a MaxGain account on a Rs 50 lakh loan at 8.40% saves approximately Rs 42,000 in interest per year.

What CIBIL score does SBI require for a home loan?

SBI requires a minimum CIBIL score of 700 for home loan approval. Borrowers above 750 get the best rates and fastest processing. Below 700 typically results in rejection or a significantly higher interest rate.

What happens if I prepay my SBI home loan?

SBI charges no prepayment penalty on floating-rate home loans per RBI guidelines. On a Rs 30 lakh loan at 8.40%, prepaying Rs 2 lakh in year one typically saves Rs 7-8 lakh in total interest and cuts 3-4 years off the tenure.

What is pre-EMI on an SBI home loan?

Pre-EMI is the interest paid on the disbursed amount during under-construction phases before the full loan is released. It covers only interest, not principal, so it is lower than the full EMI. Once full disbursement happens and possession is given, the regular EMI covering both principal and interest begins.

Can I transfer my existing home loan to SBI?

Yes, SBI offers balance transfer for home loans from all major banks and NBFCs. The process requires 12 months of EMI statements, original loan documents, and property papers. SBI charges a processing fee of 0.25% of the outstanding loan amount for balance transfers.

What is SBI's home loan processing fee?

SBI charges 0.35% of the loan amount as processing fee for regular home loans, subject to a minimum of Rs 2,000 and maximum of Rs 10,000. Balance transfer loans attract a 0.25% processing fee. SBI periodically waives this fee during festive campaigns.

Does SBI offer home loans for plot purchase?

Yes, SBI offers plot loans under its Real Estate Loan scheme, covering up to 75% of the plot cost. Plot loan rates are slightly higher than regular home loans, typically 8.70-9.00% p.a. The loan is available for residential plots only.

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SBI Home Loan Calculator: EMI, Eligibility and Amortization Table

EMI comparison for the same loan amount and tenure at each bank's indicative rate
Bank	Rate	Monthly EMI	Total Interest	Total Payable
SBISBI	8.40%	₹51,690	₹64.06 L	₹1.24 Cr
HDFC Bank	8.50%	₹52,069	₹64.97 L	₹1.25 Cr
ICICI Bank	8.45%	₹51,880	₹64.51 L	₹1.25 Cr
PNB	8.55%	₹52,259	₹65.42 L	₹1.25 Cr
Axis Bank	8.60%	₹52,450	₹65.88 L	₹1.26 Cr
Kotak	8.70%	₹52,831	₹66.80 L	₹1.27 Cr

What Is SBI Home Loan Interest Rate Today?

SBI home loan interest rates start at 8.40% p.a. for salaried borrowers as of June 2026. The rate is linked to the RBI's repo rate through the External Benchmark Lending Rate (EBLR) and is reviewed every quarter.

Loan Category	Interest Rate	Processing Fee
Regular Home Loan (up to Rs 75L)	8.40% onward	0.35% (min Rs 2,000)
Home Loan (Rs 75L to Rs 5 Cr)	8.45% onward	0.35%
Women Borrowers (all slabs)	0.05% concession	Same as above
PMAY Scheme Eligible	8.15% onward	Nil
Balance Transfer	8.40% onward	0.25%
Plot Loan	8.70% onward	0.35%

Rates are indicative and subject to change. Per SBI Home Loans, actual rates depend on the borrower's CIBIL score, loan amount, and employment category.

SBI Home Loan EMI for Rs 20 Lakh, Rs 25 Lakh, and Rs 30 Lakh

At 8.40%, a Rs 20 lakh SBI home loan for 20 years costs Rs 17,226 per month; for 10 years, it costs Rs 24,694 per month. The EMI Table tab above shows pre-computed values for all common amounts from Rs 15 lakh to Rs 1 crore.

Comparing tenures is important because a lower EMI does not mean a cheaper loan. A Rs 30 lakh loan at 8.40% for 20 years has an EMI of Rs 25,839 and total interest of Rs 32 lakh. The same loan for 10 years has an EMI of Rs 37,041 but total interest of only Rs 14.4 lakh.

Use the EMI Calculator to compare any loan amount and tenure side-by-side, or use the Investment Comparison Calculator to see whether paying a higher EMI and clearing the loan early beats investing the surplus.

How to Check SBI Home Loan Eligibility Based on Salary

SBI approves a maximum monthly EMI equal to 50% of your net monthly take-home salary, after deducting existing loan obligations. This ratio is called the FOIR (Fixed Obligation to Income Ratio).

For a gross salary of Rs 1 lakh per month, net take-home is approximately Rs 85,000 after PF and tax. SBI's maximum allowable EMI is 50% of Rs 85,000, which is Rs 42,500. At 8.40% for 20 years, this translates to a loan eligibility of approximately Rs 49 lakh.

Switch to the Eligibility Check tab above for an instant calculation. A CIBIL score above 700 is mandatory; above 750 gets you the best rate and fastest approval.

SBI Home Loan EMI Formula

The formula is: EMI = P x R x (1+R)^N divided by [(1+R)^N minus 1]. P is the loan principal, R is the monthly interest rate (annual rate divided by 1200), and N is the total number of monthly instalments.

EMI = P x R x (1+R)^N / [(1+R)^N - 1]
where R = Annual Rate / 1200

Example: Rs 30L at 8.40% for 20 years
R = 8.40 / 1200 = 0.007
N = 240 months
EMI = 30,00,000 x 0.007 x (1.007)^240 / [(1.007)^240 - 1]
EMI = Rs 25,839 per month

The reducing-balance method means each month's interest is calculated on the outstanding principal, not the original loan. This is why the interest component decreases and the principal component increases with every EMI.

What Is SBI MaxGain Home Loan?

SBI MaxGain is an overdraft home loan account: your loan works like an OD facility against your property. Any surplus funds you park in the MaxGain account reduce the outstanding principal on which daily interest is calculated, while remaining fully accessible at any time.

On a Rs 50 lakh MaxGain loan at 8.40%, parking Rs 5 lakh in the account saves approximately Rs 42,000 in annual interest, equivalent to earning 8.40% tax-free on that Rs 5 lakh. MaxGain is most valuable for borrowers who receive large annual bonuses, business owners with seasonal income, or anyone who holds significant liquid savings.

The processing fee and documentation for MaxGain are the same as a regular SBI home loan. The interest rate is also the same. The only difference is the overdraft structure.

Tax Benefits on Your SBI Home Loan

Under Section 24(b) of the Income Tax Act, you can claim a deduction of up to Rs 2 lakh per year on home loan interest for a self-occupied property. For a Rs 30 lakh loan at 8.40% in year one, interest paid is approximately Rs 2.48 lakh, so you hit the Rs 2 lakh cap almost immediately.

Under Section 80C, principal repayment of up to Rs 1.5 lakh per year is deductible. This is part of the broader Rs 1.5 lakh 80C bucket that also includes PPF, ELSS, and life insurance premiums. Use the Income Tax Calculator to see the exact impact on your tax liability.

First-time buyers of properties valued up to Rs 45 lakh may also claim an additional Rs 1.5 lakh under Section 80EEA. All three benefits combined can reduce your effective loan cost by 1.5-2% p.a. for taxpayers in the 30% bracket.

How to Prepay Your SBI Home Loan

SBI charges no prepayment penalty on floating-rate home loans, per RBI circular RBI/2011-12/540 issued in 2012. You can make partial or full prepayments at any time without any charges.

A prepayment of Rs 2 lakh on a Rs 30 lakh loan at 8.40% in the first year reduces the outstanding principal immediately and lowers the tenure by 3-4 years at the same EMI. The interest saved over the remaining life of the loan is typically 3-4 times the prepayment amount.

Use the Prepayment Impact section in the EMI Calculator tab above to see the exact months saved and interest saved for any prepayment amount you enter.

Frequently Asked Questions

SBI home loan rates start at 8.40% p.a. for salaried borrowers as of June 2026. Rates are linked to the RBI External Benchmark Lending Rate and are reviewed every quarter. Women borrowers receive an additional 0.05% concession.

Disclaimer: All calculations on this page are indicative only. EMI figures are based on the reducing-balance method at the rate entered and do not account for processing fees, insurance, or other charges. SBI interest rates are subject to change based on RBI repo rate revisions. Eligibility estimates are based on the FOIR guideline and may differ from actual SBI credit assessments. This calculator is for educational and planning purposes only and does not constitute financial advice. Consult a SEBI-registered investment adviser before making borrowing or investment decisions.