₹5 Lakh Home Loan EMI SBI with Calculator and Interest Rates 2024

Are you thinking about buying a home? SBI makes it simple for you. Get a home loan for up to ₹5 lakh with an interest rate starting at just 8.50% annually. You can choose to pay back your loan over up to 30 years. SBI asks for a small fee to set up the loan- only 0.35% of the loan amount. This fee will be at least ₹2,000 but no more than ₹10,000, plus any GST. Managing your 5 lakh SBI home loan EMI becomes easy and clear with the bank’s help. 

SBI Home Loan Interest Rates 2024

SBI offers several types of home loans. The interest rate you need to pay depends on the type of home loan you are opting for and the amount. Here are the different types of home loans offered by SBI, along with their interest rates:

Type of Home Loan Offered by SBI	Rate of Interest
Home Loan (TL)	Starts at 8.50% and goes up to 9.65%
Home Loan Maxgain (OD)	Starts at 8.70% and goes up to 9.85%
Tribal Plus Home Loan	Starts at 8.60% and goes up to 9.55%
Top-Up Loan	Starts at 8.80% and goes up to 11.30%
Top-Up Loans (OD)	Starts at 9.00% and goes up to 9.95%
P-LAP Loan	Starts at 10.00% and goes up to 11.30%
Reverse Mortgage Loan	11.55%
Yono Insta Home Top-Up Loan	9.35%
**The rate of interest might vary according to your credit score

₹5 Lakh Home Loan EMI Details 

Are you trying to understand how much you must pay monthly for a home loan? Let’s simplify it! If you are considering a ₹5 lakh home loan from SBI, here’s how the monthly payments (EMI) can look based on the length of time you choose to repay the loan.

**Please note: We are using an 8.50% interest rate for calculating the EMI as that's the starting rate of SBI**

Tenure	EMI Amount
5 lakh home loan EMI for 5 Years	₹ 10258
10 Years	₹ 6199
15 Years	₹ 4924
20 Years	₹ 4339
25 Years	₹ 4026
30 Years	₹ 3845

How to Calculate ₹5 Lakh SBI Home Loan EMI?

The method of calculating your ₹5 lakh EMI is very simple. Here’s how you can do it using a formula:

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

Here’s what each of the letters stands for:

• EMI: Your monthly payment
• P: Your loan amount (₹5,00,000)
• R: Monthly rate of interest (annual rate divided by 12)
• N: Loan tenure in months (years multiplied by 12)

Using the above formula, you can easily calculate the monthly instalment for your ₹5 lakh SBI home loan. 

5 Lakh Home Loan SBI EMI Calculator

Is manually calculating your home loan monthly income using the formula hard for you? Don’t worry; there are several online EMI calculators available that can help you with it. NoBroker EMI Calculator and SBI Home Loan Calculator 5 lakh can help you find the monthly instalments by simply filling in the details. The details that you need to fill are as:

• Loan Amount: Fill in ₹5 lakh as that is the amount you want to borrow from SBI
• Interest Rate: Enter the interest rate at which you get your home loan. In this case, it is 8.50%
• Loan Tenure: Total number of years in which you will be repaying your loan amount

After entering these, the online calculator will provide you with:

• EMI (monthly repayment amount): This is the amount you need to repay each month
• Total Interest: This shows the amount of interest you have to pay over the total loan tenure 

How to  Qualify for a ₹5 Lakh SBI Home Loan?

Are you planning to get a ₹5 lakh SBI home loan? Here are a few criteria you need to meet to get a home loan from SBI:

• Age Requirement: To get a home loan from SBI, you need to be at least 18 years old. The maximum age should be around 70 at the end of the loan term. 
  Credit Score: A score of 750 or higher can significantly smooth the path to securing a home loan. 
• Job Stability: Another essential criterion for getting an SBI home loan is having a stable job or income source. This shows that you are capable of repaying the loan. Banks like SBI prefer it if you have been at your current job for a while. 
• Income Needs: Your income should be enough to cover the monthly payments comfortably. Generally, your yearly income should be three to four times the amount of the annual EMIs.

Essential Documents Needed for a ₹5 Lakh SBI Home Loan

Applying for a home loan might feel overwhelming, but preparing the necessary documents beforehand simplifies the process. Here’s a simple list of papers that you will need to apply for a ₹5 lakh home loan from SBI:

• Proof of Who You Are: To prove your identity, you need to bring one of the following documents: your PAN card, Aadhaar card, passport, or driver’s license. 
• Proof of Where You Live: You can use utility bills or your rental agreement to show where you live.
• Proof of Your Earnings: Include salary slips, income tax returns or Form 16.
• Proof of Your Job: You must provide an offer letter or employment verification letter from your workplace.

Bank Statements: Hand in your recent bank statements. This shows your financial history and behaviour. 

• Property Details: If you have already chosen a property, bring the sale agreement and the title deed. 
• Photographs: You will need a few passport-size photos. 
• Loan Application Form: Fill out and sign the form provided by SBI.
• Proof of investments (if any): If you have investments, bring those documents too.

SBI Home Loan 5 Lakh EMI 5 Years

Are you considering borrowing a ₹5 lakh home loan from  SBI for a 5-year term? Understanding your monthly payments is easier than you might think. Here’s a simple breakdown of what your monthly payments would look like using the formula given below:

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

For a ₹5 lakh loan at an 8.50% interest rate over five years, your monthly payment would be approximately:

EMI= ₹ [5,00,000 x 0.00708 x (1 + 0.00708)^60] / [(1 + 0.00708)^60 – 1]

EMI ≈ ₹10258

The monthly EMI for a ₹5 lakh loan will be around ₹10258 over 5 years. The total repayment amount will be ₹ 615,496, including ₹115,496 interest.

Tenure	5 Years
Loan Amount	₹5 Lakh
Rate of Interest (p.a.)	8.50%
EMI	₹10258
Total Interest	₹115,496
Total Repayment	₹ 615,496

5 Lakh Home Loan EMI of SBI for 10 Years

Planning to take a ₹5 lakh home loan from SBI for a 10-year term? Let’s break down your monthly payments with a straightforward calculation using the formula given below:

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

For a ₹5 lakh loan at an 8.50% interest rate over ten years, the EMI calculation would be:

EMI= ₹ [5,00,000 x 0.00708 x (1 + 0.00708)^120] / [(1 + 0.00708)^120 – 1]

EMI ≈ ₹6199

Your monthly ENI for a ₹5 lakh home loan will be around ₹6199 over 10 years. The total repayment amount will be ₹743,914, including ₹243,914 in interest.

Tenure	10 Years
Loan Amount	₹5 Lakh
Rate of Interest (p.a.)	8.50%
EMI	₹ 6199
Total Interest	₹ 243,914
Total Repayment	₹ 743,914

₹5 Lakh Home Loan EMI for 15 Years SBI 

Are you considering getting a SBI home loan of ₹5 lakh extending up to 15 years? Here’s how your payments would shape up using this formula:

EMI = [₹500,000 x 0.00708 x (1 + 0.00708)^180] / [(1 + 0.00708)^180 – 1]

EMI ≈ ₹4924

With an interest rate of 8.50%, your monthly instalment would be approximately ₹4924. The total repayment sum will amount to ₹ 886,266, which includes ₹ 386,266 in interest.

Tenure	15 Years
Loan Amount	₹5 Lakh
Rate of Interest (p.a.)	8.50%
EMI	₹ 4924
Total Interest	₹ 386,266
Total Repayment	₹ 886,266

₹5 Lakh Home Loan EMI for 20 Years 

Do you want to get a 20-year term for a ₹5 lakh home loan from SBI? Then here’s what you need to know about your monthly payments:

EMI = [₹500,000 x 0.00708 x (1 + 0.00708)^240] / [(1 + 0.00708)^240 – 1]

EMI ≈ ₹4339

This means your monthly EMI will be about ₹4339. The total amount repaid at the end of the term will be ₹1,041,388, with ₹541,388 paid in interest.

Tenure	20 Years
Loan Amount	₹5 Lakh
Rate of Interest (p.a.)	8.50%
EMI	₹ 4339
Total Interest	₹ 541,388
Total Repayment	₹ 1,041,388

₹5 Lakh Home Loan EMI of SBI for 25 Years

Want to take up a SBI home loan of ₹5 lakh over 25 years? Here’s a simple way of calculating your monthly payments:

EMI = [₹500,000 x 0.00708 x (1 + 0.00708)^300] / [(1 + 0.00708)^300 – 1]

EMI ≈ ₹4026

Your monthly EMI for this term will be approximately ₹4026. Total repayment will amount to ₹1,207,841, including ₹ 707,841 in interest.

Tenure	25 Years
Loan Amount	₹5 Lakh
Rate of Interest (p.a.)	8.50%
EMI	₹ 4026
Total Interest	₹ 707,841
Total Repayment	₹ 1,207,841

₹5 Lakh SBI Home Loan EMI for 30 Years

If you are considering the longest term available, a 30-year home loan for ₹5 lakh from SBI, here are the payment details:

EMI = [₹500,000 x 0.00708 x (1 + 0.00708)^360] / [(1 + 0.00708)^360 – 1]

EMI ≈ ₹3845

With a 30-year term, your monthly EMI will be about ₹3,845. The total repayment amount comes to ₹ 1,384,044, including ₹ 884,044  in interest.

Tenure	30 Years
Loan Amount	₹5 Lakh
Rate of Interest (p.a.)	8.50%
EMI	₹ 3845
Total Interest	₹ 884,044
Total Repayment	₹ 1,384,044

Different Types of Home Loans Provided by SBI

Are you planning to get a home loan? Then, SBI is your safest bet! It offers a diverse range of loans that fit your unique needs. Here are all the types of home loans offered 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 step-up moratorium
5. Sbi Privilege: Home Loan for employees of State & Central Govt/PSBs/PSUs
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 loan
11. Home Loan to Non-Salaried (Differential Offerings)
12. SBI Tribal Plus

Things to Keep in Mind While Applying for a ₹5 Lakh Home Loan from SBI

When considering a ₹5 lakh home loan from SBI, it is essential to remember a few critical tips. These suggestions will help you make informed decisions and manage your loan effectively. 

Check Your Credit Score

Start by ensuring your credit score is healthy. A score of 750 or higher boosts your chances of getting a better loan deal with lower interest rates.

Verify Your Eligibility

Make sure you meet SBI’s criteria. This includes factors like age, income and nationality.

Evaluate Your Financial Health

Consider your current income and expenses to see if you can easily manage your loan repayments. Stable employment is also crucial.

Calculate Your Monthly Payments

Use an online EMI calculator. It will show you what you must pay each month for different loan durations, helping you pick a term that fits your budget.

Understand Total Costs

Be aware of the total interest you will pay during the loan term. Knowing this will help you understand the full cost of borrowing.

Essential Tips for a Smooth ₹5 Lakh SBI Home Loan Application

Getting a home loan is a significant milestone. Here are some do’s and don’ts to help you successfully navigate your ₹5 lakh SBI home loan application.

Do’s	Don’ts
Review Your Credit Report: Ensure your credit report is correct. Correct any mistakes to enhance your likelihood of securing a favourable loan agreement.	Avoid Multiple Applications: Avoid applying for several loans simultaneously, as this can harm your credit rating.
Compare Interest Rates: Research to find the best interest rates. This can save you money in the long run.	Don’t Borrow More Than You Need: Consider your budget and financial constraints before borrowing more than you can comfortably repay.
Consider Extra Costs: Account for additional expenses like registration, insurance and taxes.	Mind Your Credit History: Do not overlook your past credit usage. A positive history can secure you better loan terms.
Maintain Financial Stability: Make sure you have a stable job and a consistent income. This shows lenders that you are capable of repaying the loan.	Watch for Hidden Costs: Stay alert to any hidden fees that may not be obvious at first.
Plan for the Future: Have a contingency plan for emergencies or financial changes. This helps manage your loan effectively and without stress.
Read the Fine Print: Review all loan terms thoroughly before agreeing to ensure there are no surprises later.

**Following these tips can help you in getting a ₹5 lakh home loan from SBI easily**

Reasons to Choose a ₹5 Lakh SBI Home Loan

Buying a new home is a big decision; therefore, choosing the right loan is very important. SBI ranks among the top banks in India and is known for offering the best home loan services. There are several reasons why the State Bank of India stands out from other service providers. These are:

Offers Variety of Options

SBI offers a vast range of home loans. Whether you are a first-time home buyer or someone looking to refinance, it offers something for each one of you.

Provides Competitive Interest rates

The bank is known to provide home loans at one of the lowest interest rates in the Indian market. This can help you manage your monthly payments easily. 

Calculates Daily Interest

Another reason to choose an SBI home loan is that it calculates the interest rates regularly. As the interest is calculated daily, you can save a significant amount of money over time. 

Low Fees

SBI is known for charging low fees for home loans. The fees charged are quite straightforward and do not have any hidden extra costs. 

Overdraft Facility

SBI also provides a facility to repay your money on or before time. If you have extra money, it allows you to pay off your loan faster than its assigned time. 

No Penalty on Prepayment

If you want to pay off your loan earlier than its assigned time, you can do that without paying any extra money. SBI does not charge any extra money on prepayment; therefore, this can be beneficial for you in saving on interest. 

Huge Network

It is among the most popular banks in India, with over 24,000 branches. Therefore, you can easily get their help no matter where you are. Their expert team is always ready to help you. 

How NoBroker Can Help You Get a ₹5 Lakh SBI Home Loan?

Getting a 5 lakh home loan EMI SBI can seem tough, but it doesn’t have to be! NoBroker Home Loan Services streamline the process, making it easy and hassle-free for you. Our team is here to guide you through every step, ensuring you get the best terms possible. 

We compare different loans to find the perfect one for you, help you understand all the details, and support you in preparing your documents and filling out the application. With NoBroker, you don’t just apply for a loan; you get a partner who cares about making sure it fits your budget and needs. Are you ready to take the next step towards owning your dream home? Contact NoBroker today to make it happen with ease!

Frequently Asked Questions

Q: Can I prepay my ₹5 lakh SBI home loan?

Ans: Yes, you can prepay your loan without paying any penalty charges.

Q: What is the highest home loan tenure provided by SBI?

Ans: SBI offers a home loan tenure of up to 30 years, depending on your eligibility.

Q: What is the interest rate at which SBI offers ₹5 lakh home loans?

Ans: The SBI's home loan interest rate starts at 8.50%. 

Q: What should be my credit score to apply for a ₹5 lakh home loan from  SBI?

Ans: A credit score above 750 is ideal to get better interest rates from SBI with easy approvals. 

Q: How can I calculate the EMI for a ₹5 lakh SBI home loan?

Ans: Using the NoBroker or SBI online EMI Calculator, you can easily calculate the EMI.