SBI Home Loan Eligibility Calculator India Jan 2017

SBI Home Loan Eligibility Criteria

Last Updated 17th Jan 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 4,188,081 6,282,122 8,376,162
    30 years 4,188,081 6,282,122 8,376,162
    35 years 4,188,081 6,282,122 8,376,162
    40 years 4,188,081 6,282,122 8,376,162
    45 years 4,002,576 6,003,864 8,005,151
    50 years 3,717,843 5,576,765 7,435,686
    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 - Jan 2017
02nd Jan 17 SBI reduces home loan rates by 50 basis points
State Bank of India has reduced its home loan interest rates by 50 basis points for new home loan buyers. The new home loan rate for women up to loan amount of Rs. 75 lakhs now stands at 8.60 percent as compared to 9.10 percent earlier. Similarly, home loan rates for men up to loan amount Rs. 75 lakhs are reduced to 8.65 percent. The bank has announced a rate cut as a New Year festive cheer for home loan buyers. The rates are effective from 1st January, 2017.
30th Dec 16 SBI ties up with Magicbricks to expand its home loan business over internet
SBI has hired Magicbricks, a leading real estate property website to grow its home loan business via online portal. As per the arrangement, Magicbricks is likely to showcase the offers of 500 real estate builders whose projects are rated and approved by SBI on its portal. The portal will facilitate end to end loan processing and sanctioning for the prospective home loan buyers. SBI expects to target 80 lakh home loan buyers under this arrangement.
27th Dec 16 SBI and other banks may cut interest rates in New Year
State Bank of India along with few other banks is expected to announce a cut in lending rates effective in early January 2017. The growth of loan business has significantly come down post demonetisation. However, cutting lending rates will boost the business of personal loan and home loan.
02nd Nov 16 SBI reduces its MCLR on Home Loans from 1st November, 2016
SBI has reduced its marginal cost of fund based lending rates (MCLR) by 0.15 percent to 8.90 percent for one year.The overnight and one-month MCLR are 8.65 and 8.75 percent respectively.As a festive cheer, the bank has cut the rates of home loans to the lowest in the last six years.The revised home loan rate is 9.10 percent for women and 9.15 percent for others.
14th Oct 16 SBI merger with its associate banks - the stage is set
The stage is set for the merger of State Bank of Hyderabad and four associate banks with SBI. There will no change in the interest rates on customer loans and the rates for new customers will be as per SBI rates. All the necessary instructions will be available in the SBI notice available on SBH website validating the existing cheques for the specified time period after the merger.
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