₹20 Lakh SBI Home Loan EMI: Interest Rates

₹20 Lakh SBI Home Loan EMI: Interest Rates, EMI Details and Calculator

Are you planning to apply for a ₹20 lakh home loan from SBI? This guide will help you understand everything about the 20 lakh home loan EMI SBI, including how to calculate your EMI, the required documents, and tips for a smooth approval process. With simple steps and expert guidance, you can easily manage your SBI 20 lakh home loan EMI and move closer to owning your dream home. Let’s get started!

What is the ₹20 Lakh SBI Home Loan EMI?

Dreaming of owning your own home? A home loan can help make that dream come true. In this guide, we’ll explain everything about the SBI 20 lakh home loan EMI and the key factors that affect it. A home loan is an amount borrowed from a bank or financial institution to buy, build, or renovate a property. You repay it through EMIs (Equated Monthly Instalments) — fixed monthly payments that include both principal and interest. Understanding your 20 lakh home loan EMI SBI helps you plan your finances smartly and choose the best repayment option.

₹20 Lakh SBI Home Loan EMI Details

Want to know the State Bank of India housing loan EMI for 20 lakhs? Your monthly EMI depends on the interest rate and the loan tenure. Here is a table showing the EMI for a ₹20 lakh loan at an 8.50% fixed rate for different loan tenures:

SBI Home Loan Interest Rates 2025

State Bank of India offers different interest rates for home loans. The rates depend on the loan type and amount. Here are some examples:

Why Choose SBI Home Loan?

₹20 Lakh SBI Home Loan EMI makes it easier to turn your dream of owning a home into reality. With over 20 lakh happy families already trusting SBI, it’s one of the most reliable choices for homebuyers in India.

Here’s why you should choose SBI for your home loan:

• Multiple Loan Options: SBI offers various home loan schemes to match your needs — whether you’re buying, constructing, or transferring an existing loan.

• Low Interest Rates: Enjoy some of the lowest home loan interest rates in the market, helping you save more.

• Daily Reducing Balance: Interest is calculated daily, ensuring you pay less over time.

• Low Fees & No Hidden Charges: SBI offers minimal processing fees and complete transparency.

• Overdraft Facility: Use extra funds to repay your loan faster and reduce interest costs.

• No Prepayment Penalty: Pay off your loan early without any extra charges.

• Extensive Network: With over 24,000 branches, SBI’s wide reach ensures easy assistance anywhere in India.

SBI Home Loan Types

₹20 Lakh SBI Home Loan EMI offers a wide range of home loans to suit different needs:

• General Home Loan (Purchase/Construction/Takeover)

• Balance Transfer Home Loan

• NRI Home Loan

• SBI Flex pay Home Loan (Higher eligibility with flexible repayment)

• SBI Privilege Home Loan (For Govt/PSU employees)

• Shaurya Home Loan (For Defense/Navy/Air Force personnel)

• Pre-Approved Home Loan

• SBI Realty Loan (For Plot Purchase)

• Home Top-Up Loan / YONO Insta Home Top-Up

• Home Loan for Non-Salaried Individuals

• SBI Tribal Plus

How to Calculate ₹20 Lakh SBI Home Loan EMI?

Want to know how to calculate the EMI for a ₹20 lakh SBI home loan? Use this formula to calculate effectively:

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

Here’s what the letters mean:

• EMI: Your monthly payment
• P: The loan amount (₹20,00,000)
• R: Monthly interest rate (annual rate divided by 12)
• N: Loan tenure in months (years multiplied by 12)

This formula helps you find your monthly payment. Knowing this can help you plan your budget better.

₹20 Lakh SBI Home Loan EMI Calculator

Use an EMI calculator to find out your monthly payments for a ₹20 lakh home loan. You can find calculators online, like the SBI Home Loan Calculator and NoBroker EMI Calculator. Here’s how to use it:

• Loan Amount: Enter ₹20 lakh as the amount you want to borrow
• Interest Rate: Type in the interest rate, for example, 8.50% (as it is the starting interest rate provided by SBI for home loans)
• Loan Tenure: Choose how many years you want to repay the loan

The calculator will give you two important numbers:

• Monthly Repayment (EMI): This is how much you need to pay every month
• Total Interest: This shows how much interest you will pay over the loan period

Who Can Get a ₹20 Lakh SBI Home Loan?

To get a ₹20 Lakh SBI Home Loan EMI, you need to meet some rules. Here’s what you need:

• Age: You must be at least 21 years old. You should be under 60 or 65 years old when the loan ends.
• Credit Score: You need a good credit score. A score above 750 is best.
• Income: Your income should be enough to cover the EMI. Usually, your yearly income should be 3 to 4 times the EMI amount.
• Job Stability: You should have a stable job. Lenders prefer it if you have worked for a long time.

Eligibility for ₹20 Lakh Home Loan

Before applying for a ₹20 lakh SBI home loan EMI, it’s important to understand the eligibility requirements. While each bank may have its own criteria, most lenders — including SBI — consider factors like income, credit score, age, and employment type when reviewing your application.

Both individuals who are salaried and those who are self-employed are eligible to apply for a home loan. You must be at least 18 years old, and the maximum eligible age ranges from 60 to 70 years, depending on the bank’s policies. Indian residents and NRIs are both eligible to apply.

To qualify for a 20 lakh home loan EMI SBI, you should ideally have a minimum monthly income of ₹35,000. A credit score of 750 or above improves your chances of loan approval and helps you get a better interest rate.

For salaried applicants, three years of work experience, salary slips, and bank statements for the last six months are generally required. Self-employed applicants must show proof of business existence and income records for the past five years, such as balance sheets and profit & loss statements.

Use the 20 lakh home loan EMI calculator SBI to estimate your monthly instalments before applying. For example:

• ₹20 lakh loan EMI for 10 years SBI – around ₹24,797/month

• ₹20 lakh home loan EMI for 20 years SBI – around ₹16,112/month

This helps you plan your finances and choose a comfortable repayment tenure.

Documents Required for ₹20 Lakh Home Loan

Here’s a list of documents you’ll need to apply for a ₹20 lakh SBI home loan EMI:

• Duly filled and signed home loan application form
• Recent passport-sized photographs
• Proof of address (Aadhaar, Passport, Voter ID, or Utility Bills) 
• Age proof (Birth Certificate, Class 10th Certificate, etc.)
• Bank statements for the last 6 months
• Form 16 or ITR for salaried applicants
• CA-certified Balance Sheet and P&L statement for self-employed individuals
• Business profile for self-employed applicants
• Processing fee cheque

₹20 Lakh SBI Home Loan EMI For 5 Years

Considering a ₹20 lakh home loan with a 5-year term at an 8.50% interest rate? Here’s how to calculate the EMI for this loan:

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

For a 5-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^60] / [1+0.00708]^60-1]

EMI≈ ₹41,033

With a ₹20 lakh loan amount, your monthly EMI would be around ₹₹41,033 over five years. This results in a total repayment of ₹2,461,980, including ₹461,980 interest.

₹20 Lakh SBI Home Loan EMI For 10 Years

Planning a ₹20 lakh loan Emi for 10 years sbi tenure at an 8.50% interest rate? Here’s how to calculate the EMI:

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

For a 10-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^120] / [1+0.00708]^120-1]

EMI≈ ₹24,797

For a ₹20 lakh loan amount, your monthly EMI would be approximately ₹24,797 over ten years. This results in a tidal repayment of ₹2,975,640, including ₹975,640 in interest.

₹20 Lakh SBI Home Loan EMI For 15 Years

Thinking about a ₹20 lakh home loan with a 15-year term at an 8.50% interest rate? Here’s how to calculate the EMI:
EMI= [P x R x (1+R)^N-1] / [(1+R)^N-1]

For a 15-term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^180] / [1+0.00708]^180-1]

EMI≈ ₹19,695

For a ₹20 lakh home loan amount, your monthly EMI would be about ₹19,695 over 15 years. This results in a total repayment of ₹3,545,100, including ₹1,545,100 in interest.

₹20 Lakh SBI Home Loan EMI For 20 Years

Thinking about a ₹20 lakh home loan Emi for 20 years sbi term at an 8.50% interest rate? Here’s how to calculate the EMI:

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

For a 20-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^240] / [1+0.00708]^240-1]

EMI≈ ₹17,356

For a ₹20 lakh loan amount, your monthly EMI would be about ₹17,356 over 20 years. This results in a total repayment of ₹4,165,440, including ₹2,165,440 in interest.

₹20 Lakh SBI Home Loan EMI for 25 Years

Planning a ₹20 lakh home loan with a 25-year term at an 8.50% interest rate? Here’s the EMI calculation:

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

For a 25-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^120] / [1+0.00708]^120-1]

EMI≈ ₹16,105

For a ₹20 lakh loan amount, your monthly EMI would be about ₹16,105 over 25 years. This results in a total repayment of ₹4,831,500, including ₹2,831,500 in interest.

₹20 Lakh SBI Home Loan EMI for 30 Years

Want a ₹20 lakh home loan with a 30-year term at an 8.50% interest rate? Here’s the EMI calculation:

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

For a 30-year term:

EMI= [20,00,000 x 0.00708 x (1+0.00708)^120] / [1+0.00708]^120-1]

EMI≈ ₹15,378

For a ₹20 lakh loan amount, your monthly EMI would be about ₹15,378 over 30 years. This results in a total repayment of ₹5,536,080, including ₹3,536,080 in interest.

Things to Keep in Mind While Applying for a ₹20 Lakh Home Loan from State Bank of India

When applying for a ₹20 lakh SBI home loan EMI, keep these important points in mind:

Check Your Credit Score

Make sure your credit score is good. A score above 750 helps you get better loan approval and lower interest rates.

Assess Your Repayment Capacity

Check if you can repay the loan by looking at your current finances and job stability.

Know the Eligibility

Ensure you meet SBI’s eligibility criteria. This includes age, nationality, and income requirements.

Understand Total Cost

Know how much interest you will pay over the loan period. This helps you make a smart borrowing decision.

Calculate EMI

Use an EMI calculator to see your monthly payments for different loan terms. This will help you choose the best plan for your budget.

Do’s and Don’ts for a Successful ₹20 Lakh SBI Home Loan Application

When applying for a ₹20 lakh SBI home loan EMI, it’s important to follow some guidelines. Here are some dos and don’ts to help you through the process.

Following these tips will help you easily get a ₹20 lakh home loan from SBI and avoid common mistakes.

How NoBroker Can Help You Get a ₹20 Lakh SBI Home Loan?

Getting a home loan can be stressful, but NoBroker makes it easy. They offer expert help to find the best loan options. NoBroker guides you through the application process and helps you get a good deal.

With NoBroker, you get a ₹20 lakh SBI home loan EMI without any hassle. Their team helps you with paperwork and ensures a smooth process. Trust NoBroker to to make your dream home a reality. Ready to get started? Contact NoBroker today and make your home loan journey simple and stress-free!

Conclusion

A ₹20 lakh SBI home loan is a smart and affordable way to make your dream home a reality. With flexible tenures, attractive interest rates, and easy eligibility, SBI ensures that owning a home is within your reach. By using the ₹20 lakh SBI home loan EMI, you can plan your monthly budget efficiently and choose a repayment option that suits your income.