SBI Home Loan EMI
Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to SBI against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back. This depends on a number of factors such as:

Loan amount – This is the amount borrowed by a borrower from SBI. If you apply for a higher loan amount, your monthly EMI will be high. SBI gives minimum home loan of Rs. 15 Lakh upto an amount of Rs. 10 Cr.
Interest rate - Interest rates is the rate charged by SBI on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. Lowest interest rate offered by SBI is 8.50%. Do complete market research and compare rates and calculate EMI online before you apply for a home loan.
Loan tenure – This is the period in which you can repay your home loan in SBI. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, SBI offers house loan for a maximum tenure of 30 years.

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Abhavya is 2+ years experienced in writing for banking and finance related topics.
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