fbimg

SBI Home Loan Eligibility Calculator India 2019

Last Updated 10th Dec 2019

Loan Eligibility Calculator SBI

5th December 2019 – RBI keeps Repo Rate unchanged at 5.15%

Eligibility CriteriaSBI Home Loan
Eligible Age of Borrower18 - 70 years
Minimum Eligible IncomeRs. 25,000 and above
Work Experience for Salaried2 years
Business Stability for Self Employed5 years
Loan Amount EligibilityRs. 25 Lakh to Rs. 10 Cr
Maximum loan as percent of property valueUpto 90%
Maximum EMI as percent of incomeUp to 65%
Home Loan Eligibility Calculator
+91
Rs.

SBI home loan eligibility based on salary

  • Net Income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is Rs. 25,000 and the value of house you are buying is Rs. 40 lakh, then at interest rate of 8.15% offered by SBI, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be Rs. 38.43 Lakh to Rs. 45.06 Lakh depending on your age. Similarly, if your salary is Rs. 75,000, you might get eligible for a loan amount of Rs. 76.85 Lakh to Rs. 90.13 Lakh for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (Rs.)
25,000 50,000 75,000
25 years45.06 Lakh67.60 Lakh90.13 Lakh
30 years45.06 Lakh67.60 Lakh90.13 Lakh
35 years45.06 Lakh67.60 Lakh90.13 Lakh
40 years43.67 Lakh65.50 Lakh87.34 Lakh
45 years41.57 Lakh62.36 Lakh83.14 Lakh
50 years38.43 Lakh57.64 Lakh76.85 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your SBI home loan eligibility.

  • Nature of Employment: SBI will check whether you are salaried or self employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. SBI requires minimum income history and job stability of more than 2 years for salaried individuals and of 5 years for self employed individuals.

SBI home loan eligibility based on age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. SBI home loan age limit to get the loan is 18 years of age at the time of loan commencement. SBI offers home loans for a maximum period of 35 years subject to the condition that the borrower’s age at the end of the tenure must not exceed 35 years for salaried borrowers and 35 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years35 years35 years
30 years35 years35 years
35 years35 years35 years
40 years30 years30 years
45 years25 years25 years
50 years20 years20 years

Home loan eligibility SBI based on value of property

  • Value of property: SBI will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 lakh90%
Between 30 lakh and 75 lakh80%
Above 75 lakh75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

The housing loan eligibility calculator SBI can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for SBI Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, SBI will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to SBI will get approved. However, low CIBIL score will decrease your eligibility to get home loan. SBI requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from SBI.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from SBI, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator SBI for quick calculation of your home loan eligibility.

SBI Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter that SBI uses to determine your SBI home loan eligibility. SBI considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for home loan from SBI is 0.65. Calculate your eligibility with SBI home loan calculator and apply for eligible loan amount hassle free.

SBI Home loan for Women Eligibility

In the case of sole woman applicant, SBI offers concessional home loan rate of 8.15% for women borrowers, although the eligibility criteria are the same for them. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

FAQs on SBI Home Loan Eligibility Calculator

What is the criteria to get SBI home loan?

The basic criteria to get a home loan from SBI are as following:

Age18 - 70 years
IncomeRs. 25,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above
How much home loan can I get on my salary from SBI?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from SBI?

The minimum salary required to avail home loan from SBI is Rs. 25,000.

Is SBI good for home loan?

The lowest interest rate provided by SBI is 8.15% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

SBI Home Loan News - Dec 2019
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More