SBI Home Loan Eligibility Calculator India Apr 2017

SBI Home Loan Eligibility Criteria

Last Updated 28th Apr 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 4,285,856 6,428,784 8,571,712
    30 years 4,285,856 6,428,784 8,571,712
    35 years 4,285,856 6,428,784 8,571,712
    40 years 4,285,856 6,428,784 8,571,712
    45 years 4,087,310 6,130,965 8,174,621
    50 years 3,786,321 5,679,482 7,572,642
    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 - Apr 2017
25th Apr 17 SBI and Credai sign MoU to develop real estate sector
State Bank of India has entered into an agreement with Confederation of Real Estate Developers’ Association of India (CREDAI) to collaborate and work towards the development of the real estate sector, specifically aimed at developing affordable housing and greenhousing projects. This initiative will help millions of home buyers fulfill their dream of owning a home. SBI, the largest mortgage lender, will give CREDAI member developers an interest concession up to 35bps for construction finance for eligible affordable housing projects.
07th Apr 17 SBI has observed an increase in home loan queries since rate cut
SBI has observed a significant surge in online queries in the home loan segment after its recent rate cut announcement. Since demonetization, the bank has been reducing its lending rates and believes that lower rates would revive the lending volumes .
05th Apr 17 SBI reduces its base rate to 9.10 percent
State Bank of India has reduced its base rate by 15 basis points to 9.10 percent as compared to 9.25 percent earlier. The reduced base rate is likely to benefit old customers of the bank who have availed home loans linked to base rate. The bank has kept its marginal cost of lending rate unchanged. The new rate is effective from 1st April, 2017.
30th Mar 17 PMAY provides more benefits to lower income groups for affordable housing
Government has announced a new interest subsidy scheme for lower income groups for affordable housing segment under Pradhan Mantri Awas Yojna initiative. As per the scheme, potential home loan borrowers will become eligible for interest subsidy of 6.5 percent for loan amount up to Rs. 6 lakhs for 15 years. According to SBI officials, government’s move of providing interest subsidy can push up demand for house and mortgages and opined that housing finance companies can increase demand for house units by focusing on loans of below Rs.20 lakhs.
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.
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