Taking a home loan is a big decision, and understanding your EMI is crucial. The SVC Cooperative Bank Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.
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SVC Cooperative Bank Home Loan Interest Rates
The interest rate is a key factor in determining your EMI. SVC Cooperative Bank offers competitive interest rates to make homeownership affordable. The rates are dynamic and change based on RBI policies and the borrower’s credit profile.
Check the SVC Bank Home Loan Interest Rates for the latest interest rates.
| Category | Interest Rate (₹) |
|---|---|
| New House/Resale/Loan Balance Transfer/In Principle/Construction of Independent House (Priority Sector) | 8.50%* pa onwards |
| (Non – Priority Sector) Above 1 crore – | 9.25%* pa onwards |
| Affordable Housing Loan – Salaried | 10.25%* pa onwards |
| Affordable Housing Loan – Self Employed | 10.35%* pa onwards |
Check Out: SVC Cooperative Home Loan Eligibility Calculator
How is SVC Cooperative Bank Home Loan EMI Calculated?
The EMI for an SVC Cooperative Bank home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example Calculation:
If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:
- Loan Amount (P) = ₹50,00,000
- Interest Rate (R) = 8.5%/12 = 0.7083% per month
- Loan Tenure (N) = 20 years × 12 = 240 months
Using the EMI formula, the monthly EMI will be around ₹43,391.
Please note that these figures are approximate and can vary based on individual preferences, dining frequency, and choice of restaurants
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.
3.Loan amount
A higher loan amount will attract higher EMI. The loan amount however depends on the LTV ratio. Here is a breakdown:
| Home Loan Amount | LTV Ratio |
| Up to Rs. 30 lakhs | Up to 90% of the property’s cost |
| Above Rs. 30 lakhs to Rs. 75 lakhs | Up to 80% of the property’s cost |
| Above Rs. 75 lakhs | Up to 75% of the property’s cost |
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.
Check Out: SVC Cooperative Bank Home Loan EMI Calculator
How to Use SVC Cooperative Bank Home Loan EMI Calculator
The SVC Cooperative Bank Home Loan EMI Calculator is a powerful tool to help you calculate your monthly EMI, total interest payable, and overall repayment amount with precision. Follow these steps to use the calculator effectively:
- Input the Loan Amount: Use the slider or enter the amount you wish to borrow in the “Loan Amount” field (e.g., ₹88,00,000).
The loan amount determines the base on which your EMI is calculated. - Set the Interest Rate: Adjust the interest rate slider to match SVC’s current home loan interest rate (e.g., 11.85% p.a. in this example).
Refer to the SVC Cooperative Bank Home Loan Interest Rate to get the latest applicable interest rates. - Choose the Loan Tenure: Select the repayment period using the slider or input the desired loan tenure in years (e.g., 15 years).
Longer tenures lower your EMI but increase the total interest payable. - Review the Results: The calculator will display:
a. Monthly EMI: The fixed monthly payment (e.g., ₹1,04,767).
b. Interest Amount: The total interest you’ll pay over the loan tenure (e.g., ₹1,00,58,069).
c. Total Payable: The total amount you’ll repay, including the loan amount and interest (e.g., ₹1,88,58,069).
A pie chart visually represents the split between the loan amount and the interest payable.
How to Reduce SVC Cooperative Bank Home Loan EMI?
Here are some strategies to reduce your EMI and save money on your home loan:
| Tip | Description |
|---|---|
| Make Prepayments | Pay a lump sum to reduce the outstanding principal, which lowers your EMI. |
| Negotiate for Lower Interest Rates | If your credit score is good, request a lower interest rate. |
| Choose a Longer Tenure | Opt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost. |
Pro Tip: Use the SVC Cooperative Bank Home Loan Prepayment Guide to learn how to make prepayments and reduce your EMI.
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Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Also read: How to Reduce Home Loan Processing Fees
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Credit Dharma is your trusted partner for securing the best SVC Cooperative Bank Home Loan offers, with over ₹500 Cr+ loans handled and partnerships with 20+ leading banks. We provide exclusive access to the lowest interest rates and a seamless, digital process with fast approvals in just 1-2 weeks, backed by lifetime support from our home loan experts.
Why choose Credit Dharma? We provide:
- Lowest Interest Rates: Save more with every EMI.
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- Simple & Digital Process: No tedious paperwork or branch visits.
- Expert Guidance: Lifetime support from our team of specialists.
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Conclusion
The SVC Cooperative Bank Home Loan EMI Calculator is an essential tool for managing home loan commitments, providing an easy, accurate, and free method for understanding your financial responsibilities.
Visit the official SVC Cooperative Bank website for more information. At Credit Dharma, we ensure that you get expert-backed advice, the lowest rates, and lifetime support throughout your loan journey. Ready to calculate your EMI?
Frequently Asked Questions
EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.
Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.
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