₹20 Lakh SBI Home Loan EMI: Interest Rates, EMI Details and Calculator

Are you thinking about getting a ₹20 lakh home loan EMI SBI? This guide will help you understand everything you need to know. We will cover how to calculate your EMI,  documents needed & tips for a successful application.

With clear steps and useful tips, you can easily go about the process of getting your home loan. Let’s get started on making your dream home a reality!

₹20 Lakh SBI Home Loan EMI Details 

Want to know the State Bank of India housing loan EMI for 20 lakhs? Your monthly EMI depends on the interest rate and the loan tenure. Here is a table showing the EMI for a ₹20 lakh loan at an 8.50% fixed rate for different loan tenures:

Loan Amount	Tenure	EMI Amount
₹20 Lakh	5 Years	₹ 41033
₹20 Lakh	10 Years	₹ 24797
₹20 Lakh	15 Years	₹ 19695
₹20 Lakh	20 Years	₹ 17356
₹20 Lakh	25 Years	₹ 16105
₹20 Lakh	30 Years	₹ 15378

SBI Home Loan Interest Rates 2024

State Bank of India offers different interest rates for home loans. The rates depend on the loan type and amount. Here are some examples:

Home Loan Type	Interest Rate
Home Loan (TL)	8.50% to 9.65%
Home Loan Maxgain (OD)	8.70% to 9.85%
Tribal Plus Home Loan	8.60% to 9.55%
Top-Up Loan	8.80% to 11.30%
Top-Up Loans (OD)	9.00% to 9.95%
P-LAP Loan	10.00% to 11.30%
Reverse Mortgage Loan	11.55%
Yono Insta Home Top-Up Loan	9.35%

Why SBI Home Loan?

SBI Home Loans can help you buy your dream home. Over 30 lakh families have trusted SBI. Here are some reasons to pick SBI for your home loan:

• Offers Many Options: SBI has many types of home loans. You can pick the one that suits your needs best.
• Low Interest Rates: SBI gives low interest rates. This keeps you paying less.
• Daily Interest Calculations: They calculate interest every day. This helps you pay less.
• Low Fees: SBI charges low fees. There are no hidden costs. 
• Overdraft Facility: You can use extra money to pay off your loan sooner. 
• No Extra Charges for Prepayment: You can pay off your loan early without any extra fees.
• Big Network: SBI has over 24,000 branches. Their big team is ready to help you.

Various Home Loans Offered by State Bank Of India

SBI offers different home loans to meet your needs. Here are the names of the home-related loans provided by SBI:

1. General Home Loan for Purchase/Construction/Take Over.
2. Home Loan Take Over -Balance Transfer.
3. NRI Home Loans.
4. SBI Flexipay Home Loan-Higher eligibility with a step-up moratorium.
5. SBI Privilege: Home Loan for State & Central Govt/PSBs/PSUs employees.
6. Shaurya Home Loan -For Defence/Navy/Airforce personnel.
7. Pre-Approved Home Loan.
8. SBI Realty-For Plot Purchase.
9. Home Top Up -Personal Loan.
10. YONO Insta Home Top Up- Digital offering of top-up loans.
11. Home Loan to Non-Salaried (Differential Offerings).
12. SBI Tribal Plus.

**Your interest rate depends on your credit score. Lower rates help keep your EMI small**

How to Calculate ₹20 Lakh SBI Home Loan EMI?

Want to know how to calculate the EMI for a ₹20 lakh SBI home loan? Use this formula to calculate effectively:

EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

Here’s what the letters mean:

• EMI: Your monthly payment
• P: The loan amount (₹20,00,000)
• R: Monthly interest rate (annual rate divided by 12)
• N: Loan tenure in months (years multiplied by 12)

This formula helps you find your monthly payment. Knowing this can help you plan your budget better.  

₹20 Lakh SBI Home Loan EMI Calculator

Use an EMI calculator to find out your monthly payments for a ₹20 lakh home loan. You can find calculators online, like the SBI Home Loan Calculator and NoBroker EMI Calculator. Here’s how to use it:

• Loan Amount: Enter ₹20 lakh as the amount you want to borrow
• Interest Rate: Type in the interest rate, for example, 8.50% (as it is the starting interesting rate provided by SBI for home loans)
• Loan Tenure: Choose how many years you want to repay the loan

The calculator will give you two important numbers:

• Monthly Repayment (EMI): This is how much you need to pay every month
• Total Interest: This shows how much interest you will pay over the loan period

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Who Can Get a ₹20 Lakh SBI Home Loan?

To get a ₹20 lakh SBI home loan, you need to meet some rules. Here’s what you need:

• Age: You must be at least 21 years old. You should be under 60 or 65 years old when the loan ends. 
• Credit Score: You need a good credit score. A score above 750 is best.
• Income: Your income should be enough to cover the EMI. Usually, your yearly income should be 3 to 4 times the EMI amount.
• Job Stability: You should have a stable job. Lenders prefer it if you have worked for a long time.

Documents Needed for a ₹20 Lakh Home Loan

You need the given papers to apply for a ₹20 Lakh Home Loan from SBI:

• Proof of Identity: Passport, Aadhaar card, PAN card, or driver’s licence
• Proof of Address: Utility bills or rental agreements
• Proof of Income: Salary slips, income tax returns, or Form 16
• Employment Proof: Offer letters or employment letters
• Bank Statements: Recent bank statements
• Property Documents: Sale agreements and title deeds if you have chosen a property
• Photographs: Passport-size photos
• Loan Application Form: Filled and signed lender’s form
• Investment Proof (if any): Papers for your investments

₹20 Lakh SBI Home Loan EMI For 5 Years

Considering a ₹20 lakh home loan with a 5-year term at an 8.50% interest rate? Here’s how to calculate the EMI for this loan:

EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

For a 5-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^60] / [1+0.00708]^60-1]

EMI≈ ₹41,033

With a ₹20 lakh loan amount, your monthly EMI would be around ₹₹41,033 over five tears. This results in a total repayment of ₹2,461,980, including ₹461,980 interest. 

Tenure	5 Years
Loan Amount	₹20 Lakh
Interest Rate	8.50%
EMI	₹41,033
Total Interest	₹461,980
Total Repayment	₹2,461,980

₹20 Lakh SBI Home Loan EMI For 10 Years

Planning a ₹20 lakh home loan with a 10-year tenure at an 8.50% interest rate? Here’s how to calculate the EMI:

EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

For a 10-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^120] / [1+0.00708]^120-1]

EMI≈ ₹24,797

For a ₹20 lakh loan amount, your monthly EMI would be approximately ₹24,797 over ten years. This results in a tidal repayment of ₹2,975,640, including ₹975,640 in interest.

Tenure	10 Years
Loan Amount	₹20 Lakh
Interest Rate	8.50%
EMI	₹24,797
Total Interest	₹975,640
Total Repayment	₹2,975,640

₹20 Lakh SBI Home Loan EMI For 15 Years

Thinking about a ₹20 lakh home loan with a 15-year term at an 8.50% interest rate? Here’s how to calculate the EMI:
 

EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

For a 15-term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^180] / [1+0.00708]^180-1]

EMI≈ ₹19,695

For a ₹20 lakh home loan amount, your monthly EMI would be about ₹19,695 over 15 years. This results in a total repayment of ₹3,545,100, including ₹1,545,100 in interest. 

Tenure	15 Years
Loan Amount	₹20 Lakh
Interest Rate	8.50%
EMI	₹19,695
Total Interest	₹1,545,100
Total Repayment	₹3,545,100

₹20 Lakh SBI Home Loan EMI For 20 Years

Thinking about a ₹20 lakh home loan with a 20-year term at an 8.50% interest rate? Here’s how to calculate the EMI:

EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

For a 20-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^240] / [1+0.00708]^240-1]

EMI≈ ₹17,356

For a ₹20 lakh loan amount, your monthly EMI would be about ₹17,356 over 20 years. This results in a total repayment of ₹4,165,440, including ₹2,165,440 in interest. 

Tenure	20 Years
Loan Amount	₹20 Lakh
Interest Rate	8.50%
EMI	₹17,356
Total Interest	₹2,165,440
Total Repayment	₹4,165,440

₹20 Lakh SBI Home Loan EMI for 25 Years

Planning a ₹20 lakh home loan with a 25-year term at an 8.50% interest rate? Here’s the EMI calculation:

EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

For a 25-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^120] / [1+0.00708]^120-1]

EMI≈ ₹16,105

For a ₹20 lakh loan amount, your monthly EMI would be about ₹16,105 over 25 years. This results in a total repayment of ₹4,831,500, including ₹2,831,500 in interest. 

Tenure	25 Years
Loan Amount	₹20 Lakh
Interest Rate	8.50%
EMI	₹16,105
Total Interest	₹2,831,500
Total Repayment	₹4,831,500

₹20 Lakh SBI Home Loan EMI for 30 Years

Want a ₹20 lakh home loan with a 30-year term at an 8.50% interest rate? Here’s the EMI calculation:

EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

For a 30-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^120] / [1+0.00708]^120-1]

EMI≈ ₹15,378

For a ₹20 lakh loan amount, your monthly EMI would be about ₹15,378 over 30 years. This results in a total repayment of ₹5,536,080, including ₹3,536,080 in interest. 

Tenure	30 Years
Loan Amount	₹20 Lakh
Interest Rate	8.50%
EMI	₹15,378
Total Interest	₹3,536,080
Total Repayment	₹5,536,080

Things to Keep in Mind While Applying for a ₹20 Lakh Home Loan from State Bank of India

When applying for a ₹20 lakh home loan from SBI, keep these important points in mind:

Check Your Credit Score

Make sure your credit score is good. A score above 750 helps you get better loan approval and lower interest rates. 

Assess Your Repayment Capacity

Check if you can repay the loan by looking at your current finances and job stability.

Know the Eligibility 

Ensure you meet SBI’s eligibility criteria. This includes age, nationality, and income requirements.

Understand Total Cost

Know how much interest you will pay over the loan period. This helps you make a smart borrowing decision. 

Calculate EMI

Use an EMI calculator to see your monthly payments for different loan terms. This will help you choose the best plan for your budget. 

Do’s and Don’ts for a Successful ₹20 Lakh SBI Home Loan Application

When applying for a ₹20 lakh home loan from SBI, it’s important to follow some guidelines. Here are some do’s and don’ts to help you through the process.

Do’s	Don’ts
Check Your Credit Report: Look for errors and fix them.	Avoid Multiple Applications: Don’t apply to many lenders at once.
Compare Interest Rates: Find the best deal.	Don’t Borrow Too Much: Stick to a budget-friendly EMI.
Consider Extra Costs: Think about registration, insurance, and taxes.	Mind Your Credit History: Don’t ignore your credit history.
Maintain Financial Stability: Have a steady income and job security.	Watch for Hidden Costs: Be aware of extra charges.
Plan for the Future: Be ready for emergencies or financial changes.	Read the Fine Print: Review all loan terms carefully.

Following these tips will help you easily get a ₹20 lakh home loan from SBI and avoid common mistakes. 

How NoBroker Can Help You Get a ₹20 Lakh SBI Home Loan?

Getting a home loan can be stressful, but NoBroker makes it easy. They offer expert help to find the best loan options. NoBroker guides you through the application process and helps you get a good deal. 

With NoBroker, you get a ₹20 lakh home loan EMI SBI without any hassle. Their team helps you with paperwork and ensures a smooth process. Trust NoBrokerto to make your dream home a reality. Ready to get started? Contact NoBroker today and make your home loan journey simple and stress-free!

Frequently Asked Questions