SBI Home Loan Eligibility Calculator India Mar 2017

SBI Home Loan Eligibility Criteria

Last Updated 27th Mar 2017
Eligibility Conditions SalariedSelf Employed
Age 18 to 70 years 18 to 70 years
Minimum Monthly Income Rs. 25000 Rs. 25000
Maximum Loan Amount Rs. 100,000,000 Rs. 100,000,000
Maximum LTV 90% 90%
Minimum Work Experience 2 Years 5 Years
Rate of Interest - linked to 1 Year MCLR 8.2% 8.2%
EMI Per Lakh Rs. 748 Rs. 748
Home Loan Eligibility Calculator
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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. To be eligible for SBI home loan, you must be at least 18 years of age at the time of loan commencement. SBI offers home loans for a maximum period of 30 subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 years for salaried borrowers and 30 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 years 30 years 30 years
    30 years 30 years 30 years
    35 years 30 years 30 years
    40 years 30 years 30 years
    45 years 25 years 25 years
    50 years 20 years 20 years

    SBI home loan eligibility based on income

  • 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 net monthly income is Rs 70,000 and the value of house you are buying is Rs. 50 lakh, then at 8.2 % interest rate offered by SBI, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
  • Age Net Monthly Income (Rs.)
    50,000 75,000 100,000
    25 years 4,226,743 6,340,115 8,453,487
    30 years 4,226,743 6,340,115 8,453,487
    35 years 4,226,743 6,340,115 8,453,487
    40 years 4,226,743 6,340,115 8,453,487
    45 years 4,036,129 6,054,193 8,072,257
    50 years 3,745,002 5,617,503 7,490,005
    You may consider repaying any loans with short tenure and high EMI in order to increase your home loan eligibility.
  • Nature of Employment: SBI will check whether you are salaried or self employed an 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 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 lakh 90%
    Between 30 lakh and 75 lakh 80%
    Above 75 lakh 75%
  • 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.
  • CIBIL Score: When checking eligibility for home loan, SBI will look at the complete CIBIL report. SBI will check your repayment history for all current and past loans and credit cards.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.
SBI Home Loan Eligibility Calculator News - Mar 2017
24th Mar 17 Assam government signed MoU with SBI to provide subsidized education and home loan
Assam government has signed memorandum of understanding with the leading public sector bank State Bank of India to provide subsidized education and home loan. As per the signed MoU, SBI will offer higher education loans and home loans to the state government employees at nominal rate of interest. Assam government will provide interest subsidy of 3.50 percent for housing loan and 4 percent for education loan.
17th Mar 17 SBI Chief says the merger with associate banks may lead to small rise in costs
Chairman of State Bank of India has stated that the merger of SBI with its associate banks may lead to marginal increase in the costs for the bank, especially till the third quarter of FY18. Post merger, the bank expects to report higher growth in its business across all loan segments including home loan and personal loans.
16th Mar 17 SBI signs MoU with realty body, CREDAI
State Bank of India has signed a memorandum of understanding (MoU) with the largest realty body of India CREDAI to jointly roll out various initiatives for the development of real estate sector. Under the MoU, the bank will provide easy home loans to potential borrowers and loans to real estate developers for constructing homes.
11th Mar 17 SBI sign Rs. 1,800 crore deal with KFW Development Bank to facilitate loans for affordable housing
State Bank of India has signed a deal worth Rs. 1,800 crore (274 million dollar) with German Bank KFW Development Bank to support loan facility for affordable housing. Under the deal, the bank will provide home loans to Economic Weaker Sections (EWS) and Lower Income Group (LIG) with an aim of meeting the objective of “Affordable Housing for All” under the flagship of Pradhan Mantri Awas Yojna Scheme.
10th Mar 17 India Mortgage Guarantee Corporation (IMGC) launches guarantee cover for Pradhan Mantri Awas Yojna
IMGC, a leading mortgage firm of India has launched a guarantee cover for Pradhan Mantri Awas Yojna to cover and lower the risk on home loan portfolio of banks including SBI lending under the scheme. Under the new scheme, home loan buyers registered under PMAY Scheme can extend loans with tenure of up to 30 years with an option of extending the repayment by 7 years beyond retirement age. The product is expected to help government in meeting the objective of Housing for All by 2022.
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