Many of you will surely agree on the fact that buying a home via a loan is a big responsibility and at the same time is a long-term commitment as well. So, missing out even a single payment can lead you towards a defaulter list. And, I am sure you don’t want that. After all, it will adversely affect your credit score, hence can further down your CIBIL.
So, it is always advisable to avail a home loan before doing the thorough research and deep analysis of the product. And, thinking about home loan calculations is also one of the most important factors that you should always be aware of. Talking about calculations, how can home loan calculator SBI be missed?
Now you must be wondering why we are discussing the same? So, here’s the reason… Being country’s one of the renowned and reputed banks, SBI with its multiple financial products caters the needs of all. And, when it comes to HL, it is obvious that the name of SBI comes forth. Currently, the bank is offering the loan at an interest rate of 8.35%-8.65% per annum for a tenure of 30 years.
Well, now that you know the basic credentials of the loan offered by State Bank of India, it is important that you should also know the other vital details for a hassle-free journey. As mentioned above the calculations, so here in this article, we will talk about the same.
Yes, we will let you know how you can plan your loan journey and make it an affordable affair by keeping an eye on your loan calculations. Now, when you avail an home loan, it is a universal fact that it comes with a lot of responsibility, i.e. a long-term commitment of 30 years.
Thus, a borrower cannot afford to default on his loan during that period because doing so will lead him towards the defaulter list. So, in order to avoid such a situation, it is important that you should know about your EMIs, i.e. whether they are pocket-friendly or not. And, if we are talking about the calculations, it is obvious for an EMI Calculator to be in the picture.
That’s Right! This smart and time-saving device lets you know about your EMIs and Interest calculations in the most hassle-free manner. All it does is that after taking into consideration-Loan Amount, Interest Rate and Tenure, this device starts its functioning and with its simple algorithm it gives you the results in just a few seconds.
Let’s just give you better understanding of the same with the help of an example below:
Suppose, Ankit Verma, a 30-year-old, Sales Manager by profession works in a reputed Financial Company in Gurgaon and gets a monthly salary of ₹30,000. He wants to own a home in Gurgaon so as to reduce his transportation cost. Thus, for the same, he has applied for a home loan of ₹20 Lakh with SBI. The bank after evaluating his profile has agreed to offer him the loan at an interest rate 8.40% per annum for a tenure of 30 years.
Ankit was happy that his application was approved by the bank and in his happiness, he forgot to calculate his EMIs first and then proceed with the bank. He signed the papers and after repaying the loan for 15 years, he figured out that he couldn’t afford the monthly installment of ₹ 15,237 anymore due to rise in monthly expenses. As a result of which, he was not regular with his EMIs, hence had defaulted on his future EMIs.
Well, the same situation could have been avoided, if Ankit had already calculated his EMIs and would have known that be it affordable for him to pay till 30 years or not. This is the reason that why home loan calculator SBI came into effect and why people prefer to use this smart tool. Using the same, would give you an idea about your monthly installments and helps you in taking a calculative decision, i.e. whether you can afford to pay that EMI in the future or not.
Now that you know the importance of using this effective tool, I am sure it would no more of a hassle for you to enjoy a hassle-free loan journey.
