Hi,
I have taken SBI home loan on Nov 2011. Loan amount 28.5 lacs and tenure 20 years with the interest rate 10.5 % (floating). They told me that I have to pay 28505 Rs EMI for this loan, but when I checked the max gain excel sheet calculator then I found that max gain calculator says that I have to pay Rs 28,453.83 as EMI amount for 28.5 Lacs loan with ROI 10.5 and tenure 20 years.
Am I paying more EMI that actual? I approached bank but the executive told me that you have to pay 28505 Rs as EMI. When I argued him and asked him about max gain calculator, he said that he is not aware of that and he stopped entertaining my questions.
1. Am I paying more EMI that actual?
2. What is the EMI for 28.5 lacs for 20 yrs with 10.5 % ROI assuming that there is full payment done?