SBI Shaurya Home Loan Calculator
Introduction
SBI has introduced “Shaurya Home Loan” featured exclusively for Defense personnel.
SBI-SHL reduces burden of servicing EMI under the new plan as lower EMI would need to be serviced during the post-retirement term.
This is because the EMI to be serviced during the post-retirement term are capped at 50 percentage of the current Net Monthly Income.
SBI Shaurya Home Loan EMI is a fixed monthly instalment paid by borrowers to bank against the loan taken for repayment of your loan and payment of interest to the bank.
Every month, it is due on a fixed day of the month till your home loan is fully paid back.
Using an SBI Shaurya Home Loan Calculator, borrowers can calculate their monthly installments before applying.
SBI Shaurya Home Loan : Eligibility, Interest Rate, Features & Benefits
SBI Shaurya Home Loan Calculator
By entering your basic information like loan amount, number of months and annual interest rate,
You will be able to calculate your loan Monthly Payment, Total Interest and Total Principal and Interest.
Hence, an online Shaurya home loan calculator can assist you out significantly by providing the following benefits :
- Assist you determine the right amount that can make your EMIs affordable.
- It enables you to select the correct tenor to ensure the EMIs are easily manageable.
- Eliminates the need for manual calculation, which can deliver inaccurate results and also be time-consuming.
- Use anywhere link computer, mobile, tablet, etc.
Formula
The mathematical formula to calculate Equated Monthly Installment (EMI) is:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
where r= interest rate,
P= Loan amount,
n=tenure in number of months.
- Home Loan amount – Stands for the total amount that has been borrowed the individual.
- Interest rate – Stands for the rate at which the interest is charged on the amount borrowed.
- Tenure – Stands for the agreed loan repayment time frame between the borrower and the lender.