If you want the cheapest home loan, then the home loan rates in SBI, ICICI Bank start from 6.70 percent. You can also find out how much EMI will cost you for the month.
If you want to fulfill your dream of home, then the bank can help you all the way. The bank is offering many types of discounts on home loan (best home loan offers). The interest rate for buying a house is also very low. Apart from this, the bank is also giving many types of discounts.
Despite all this, there is only one question in everyone’s mind that how much EMI will you have to pay in a month. Equated Monthly Installment (EMI) is important because it is deducted from your salary. This shows how much burden will be on you and how will the rest of the expenses go to the house.
If you want to know what will be the monthly EMI on your loan, the way to calculate it is simple. This formula of MS Excel can be used in this way. EMI = [P x (R/100) x (1+R/100) ^n] / [(1+R/100)^ n-1] Here P= Principal loan amount, R= interest rate per month, n= No. of Monthly Installments
Now let us explain by giving you an example to understand how to remove it. Suppose you have to take a loan of Rs 30 lakh. Your installment will be completed in 180 months. The annual interest rate will be 9 percent. Converting the interest rate on a monthly basis, it will be 0.75 per cent per month.
Now look at the formula by adding this amount and the interest rate
EMI = [3000000 x (.75/100) x (1+.75/100) ^180] / [(1+.75/100)^180-1] = Rs 30,428
Now understand how cheap a home loan is in which bank and where will your EMI be reduced on this basis. These days home loans are available at very cheap rates in SBI, Kotak Mahindra Bank, ICICI Bank and HDFC.
Home loan rates in SBI, ICICI Bank start from 6.70 percent. The interest rate for home loans in Kotak Mahindra Bank is starting from 6.65 percent. If you have a good civil score, then you will get a bank loan at 6.75 percent interest.
