Discover your eligibility for an SBI home loan with our SBI Home Loan Eligibility Calculator. With affordable interest rates starting at 8.50% p.a. and repayment terms of up to 30 years, SBI makes homeownership more accessible. Check if you qualify in minutes and take a step closer to your dream home.
SBI Home Loan Eligibility Criteria
SBI Home Loan eligibility criteria are designed to assess your financial stability, income, credit score, and other factors to determine your loan approval.
| Criteria | Details |
|---|---|
| Age | 18 – 70 years |
| Resident Type | Indian/ NRIs |
| Employment Type | Salaried, Self-Employed (Professionals and Non-Professionals) |
| Loan-To-Value (LTV) Ratio | 80% to 90% |
SBI Eligibility Criteria for Other Home Loan Products
| Home Loan Products | Criteria |
|---|---|
| Sbi Flexipay Home Loan | Minimum Age: 21 years Maximum Age: 45 years (to apply) |
| Sbi Privilege Home Loan | Exclusive home loan for State and Central Government employees Minimum Age: 18 years Maximum Age: 75 years |
| Shaurya Home Loan -For Defence/Navy/Airforce personnel | Exclusive home loan for employees of the defence services Minimum Age: 18 years Maximum Age: 75 years |
| Pre-Approved SBI Home Loan | Minimum Age: 18 years Maximum Age: 70 years |
| SBI Realty-For Plot Purchase | Minimum Age: 18 years Maximum Age: 65 years |
| SBI Tribal Plus | Minimum Age: 21 years Maximum Age: 60 years Loan Tenure: up to 15 years. |
SBI Home Loan Eligibility Based on Salary
- The higher your salary, the higher the home loan amount you may be eligible for.
- Typically, a higher salary allows you to qualify for a larger loan, as your income indicates the ability to repay a larger amount.
The table below provides an overview of SBI home loan eligibility based on salary, showing corresponding loan amounts at an interest rate of 9.15% p.a. to 12.95% p.a. with a maximum tenure of 30 years.
| Monthly Income | Loan Amount |
|---|---|
| Rs. 25,000 | Rs. 15,10,693 |
| Rs. 30,000 | Rs. 20,39,435 |
| Rs. 35,000 | Rs. 23,79,341 |
| Rs. 45,000 | Rs. 30,59,153 |
| Rs. 50,000 | Rs. 33,99,059 |
| Rs. 55,000 | Rs. 41,54,405 |
| Rs. 60,000 | Rs. 45,32,079 |
| Rs. 65,000 | Rs. 49,09,752 |
| Rs. 70,000 | Rs. 52,87,425 |
| Rs. 75,000 | Rs. 56,65,098 |
SBI Home Loan Eligibility Based on Age
SBI home loan repayment tenure, up to 30 years, varies based on the applicant’s age, with younger borrowers enjoying longer tenures.
| Applicant Age | Maximum Eligible Tenure |
|---|---|
| 18 – 40 years | 30 years |
| 41 years | 29 years |
| 42 years | 28 years |
| 43 years | 27 years |
| 44 years | 26 years |
| 45 years | 25 years |
| 46 years | 24 years |
| 47 years | 23 years |
| 48 years | 22 years |
| 49 years | 21 years |
SBI Home Loan Eligibility Based on Property Value
SBI home loan eligibility is not only determined by the applicant’s income but also by the value of the property being purchased. The bank evaluates the property’s market value to ensure that it serves as adequate collateral for the loan.
| Property Value | LTV Ratio |
|---|---|
| Up to Rs.30 lakh | 90.00% of the property cost |
| From Rs.30 lakh to Rs.75 lakh | 80.00% of the property cost |
| Above Rs.75 lakh | 75.00% of the property cost |
SBI Home Loan Eligibility Based on Credit Score
A strong credit score is essential for securing an SBI home loan, as it reflects your creditworthiness and repayment reliability.
| Rating | Credit Score |
|---|---|
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
SBI Home Loan Eligibility for Women
- Eligibility Criteria: Women applicants must meet the same eligibility requirements as other borrowers, including income, credit score, and property value.
- SBI HER Ghar Scheme: Under the SBI HER Ghar initiative, women are offered a 0.05% interest rate concession on home loans.
- Benefit: This discount helps make home ownership more affordable for women borrowers.
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Factors Affecting SBI Home Loan Eligibility
Several factors affect your eligibility for an SBI home loan, including:
| Factor | Impact on Eligibility |
|---|---|
| Age of the applicant | Younger applicants get longer repayment tenures |
| Financial position | Strong financials improve eligibility |
| Repayment record | Also good repayment history boosts eligibility |
| Credit score | Higher scores increase chances of approval |
| Existing liabilities | Higher liabilities reduce eligibility |
| Applicant’s profile | Stable profiles are favored |
| Property specifications | Newer, well-located properties have better eligibility |
| Loan guarantor status | Being a guarantor to another loan can affect eligibility |
How to Improve My Eligibility For SBI Home Loan?
To improve your eligibility for an SBI home loan, take these key steps to qualify for a higher loan amount with better terms.
| Factor | How to Improve Eligibility |
|---|---|
| Credit Score | Maintain a score of 750+ by clearing dues on time and reducing debt. |
| Employment Stability | Stay employed with a stable job or business for at least 2 years. |
| Debt-to-Income Ratio | Reduce existing debts or liabilities to lower your DTI ratio. |
| Loan Tenure | Opt for a longer tenure to lower monthly EMI and improve eligibility. |
| Co-applicant | Add a co-applicant with a steady income to boost eligibility. |
| Property Value | Choose a property with a higher market value to increase loan eligibility. |
| Additional Savings | Having significant savings or assets can demonstrate financial stability. |
| Avoid Unnecessary Loans | Refrain from taking new loans during the application process. |
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Home Loan Interest Rates From Other Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Conclusion
Buying a home is a big step. Getting a home loan can be hard, but we make it easy. Choosing Credit Dharma for your home loan simplifies this process. We offer expert advice and personalized assistance to make everything hassle-free. You’ll receive timely updates on your loan application and disbursement progress.
From the initial application to the final disbursement, we provide comprehensive support. Enjoy clear and honest communication at every stage, with no hidden surprises.
Frequently Asked Questions
The minimum salary required for a salaried individual to be eligible for an SBI home loan is Rs.15,000 per month. For self-employed individuals, the minimum business income should be Rs.15,000 per annum.
Yes, SBI provides up to 90.00% of the property cost as a home loan for properties valued up to Rs.30 lakh.
Eligible individuals for SBI EMI include:
-Salaried professionals aged 18 – 70 with a minimum salary of Rs. 15,000 per month.
-And Self-employed professionals and non-professionals aged 18 – 70 with a minimum annual business income of Rs.15,000.
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