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SBI Loan Against Property Eligibility Calculator

SBI Loan Against Property Eligibility Criteria 2021

Last Updated 07th Jul 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 18 - 70 years 18 - 70 years
Maximum Loan Tenure 15 years 15 years
Eligible Monthly Income ₹ 25,000 ₹ 25,000
  • SBI loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your SBI mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

SBI Loan Against Property Eligibility

SBI allows you to fund immediate or urgent needs with a loan against property. SBI loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. SBI lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

SBI Loan Against Property Eligibility Based on Age

    SBI considers your age as one of the important parameters to calculate your SBI property loan eligibility. To be eligible for availing a loan from SBI, one has to be of 18 years of age. The maximum age for loan from SBI can be 70 years. SBI eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 15 Years 15 Years
30 Years 15 Years 15 Years
40 Years 15 Years 15 Years
50 Years 15 Years 15 Years
60 Years 10 Years 10 Years

SBI Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. SBI typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by SBI to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% interest rate offered by bank, 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 (₹)
    50,000 75,000 100,000
    25 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    30 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    35 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    40 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    50 years 32.52 Lakh 48.78 Lakh 65.04 Lakh
    60 years 25.93 Lakh 38.90 Lakh 51.86 Lakh

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

  • Nature of Employment: SBI will check whether you are salaried or self employed. 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 Property Loan Eligibility Based on Value of Property

  • Value of Property: SBI does not finance the entire property value. The maximum Loan Against Property Eligibility would Depend upon the value of the property. You can get a maximum of 80% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 16 Lakh. The percentage of SBI loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 65% ₹ 20 Lakh ₹ 13 Lakh
    Residential Property 80% ₹ 20 Lakh ₹ 16 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with SBI, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of SBI.

SBI Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. SBI requires a minimum credit score of 650 to be eligible for a property loan.

SBI Mortgage Loan Eligibility Based on FOIR

SBI calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. SBI calculates your fixed obligations to monthly income ratio that should not be more than 65% to get a mortgage loan from SBI. Always calculate your eligibility with SBI mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

How to Calculate SBI Loan Against Property Eligibility?

To check loan against property eligibility SBI follow the below given steps:-

  • Visit to the SBI website.
  • Click on SBI loan against property.
  • To check eligibility criteria use a SBI loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for SBI Loan against property.

SBI Loan Against Property Schemes Eligibility

SBI offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular SBI loan against property products with their basic eligibility are listed as follows:

Loan Against Mortgage of Immovable Property
  • SBI offers loan against mortgage of immovable property for a loan amount ranging between Rs. 10 Lakhs to upto Rs. 5 Crore depending on the location and value of the property. You can avail of this loan for personal needs such as a marriage, educational expenses or a medical emergency. However, SBI does not provide this loan for business purposes.
  • If you have a residential or commercial property in your name or your spouse or parents, you can avail loan against property from SBI for a loan amount ranging from Rs. 10 Lakhs to upto Rs. 7.5 Crore. SBI offers an LTV( Loan to Value) ratio of upto 65% and 60% if your loan amount is upto Rs. 1 Crore and above, respectively.
State Bank Rent Plus
  • Rent Plus is a loan product for property owners who are expecting rental income from their property. To avail of this loan, you should have a residential or commercial property that you have rented out or rent out to banks, MNC etc. SBI offers this loan to fulfil both personal & business needs for loan amount upto Rs. 5 Crores and Rs.7.5 Crores depending on the location of property.

Documents Required for SBI Loan on Property

To avail SBI loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

FAQs

What factors determine the eligibility criteria of property loan from SBI?

The factors that determine the eligibility criteria of SBI property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get SBI mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure SBI of your ability to repay the loan.

What is the minimum and maximum age required for SBI loan against property?

The minimum age of the applicant should be 18 years and maximum should be 70 years for loan against property from SBI. SBI considers your age as an important parameter to determine your Loan against property tenure.

What is the tenure of SBI property loan?

SBI offers property loan for a tenure upto 15 years. However, longer the loan tenure, higher will be the eligibility. Also, higher loan tenure means higher rate of interest.

How much SBI mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from SBI up to 80% of the market value of the property if they mortgage residential property whereas you can avail up to 65% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from SBI if I am not a SBI customer?

Yes, you can get a loan against property from SBI if you are not a SBI customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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