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  • SBI Home Loan Eligibility

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  • SBI is known for providing one of the best interest rates available on home loans in the market. However, applicants have to meet some basic eligibility criteria in order to avail these loan. Read more for the SBI home loan eligibility details.
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    8.30% - 8.65% Floating
    ₹2,000 to ₹10,000 + applicable tax
    1-30 Years
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    State Bank of India (SBI) is India’s largest public sector bank and is one of the premier lenders in the country. SBI is known for providing people with the finance they require at some of the most competitive interest rates in the market. SBI is well-known for their home loan products, as they are simple to apply for, given at some of the best interest rates in the market and are processed quickly. SBI has some basic eligibility criteria that all applicants for home loans need to fulfill, we have discussed these criteria objectively in the following paragraphs.

    SBI home loan eligibility criteria for salaried and self-employed professionals

    Eligibility criteria Salaried Self-Employed
    Age 18 years to 70 years 18 years to 70 years
    Minimum Monthly Income Rs.25,000.00 Rs.25,000.00
    Maximum Loan Amount Rs.10 crore Rs.10 crore
    Maximum Loan TurnOver ratio 90.00% 90.00%
    Minimum Work Experience 2 Years 5 Years
    Rate of Interest (1 year MCLR) 8.20% 8.20%
    EMI Per Lakh Rs.748.00 Rs.748.00

    SBI home loan eligibility based on age

    Age is a crucial factor taken into consideration while determining a candidate’s eligibility for a home loan. The lower the applicant’s age, the longer will be the repayment period, hence, allowing the applicant to be eligible for a higher loan amount.SBI Home Loans require the applicant to be a minimum of 18 years at the time of commencement of the loan. SBI offers home loans for a maximum tenure of 30 years, subject to the condition that the borrower will not attain the age of 70 years before the end of the loan tenure. The maximum loan tenures for various age groups have been listed below.

    Current Age Max Tenure (Salaried) Max Tenure (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

    Eligibility for SBI Home Loan based on Salary (Net Income)

    The candidate’s net monthly income (Income after deductions, such as, Provident Fund (PF), Employment State Insurance (ESI), etc.) gives the bank an idea of the candidate’s loan servicing capacity. Based on the borrower’s standard of living the bank will determine the EMI amount the borrower will be able to service after meeting his/her living expenses. The maximum loan amount on a property worth Rs.50 lakh for borrowers with net monthly income of Rs.50,000, Rs.75,000 and Rs.1,00,000 have been listed in the table below. SBI Home Loans are subject to interest @ 8.2% per annum.

    Age Net Monthly income Rs.50,000.00 Net Monthly income Rs.75,000.00 Net Monthly income Rs.1,00,000.00
    Loan Amount Loan Amount Loan Amount
    25 Years 42.26 Lakh 63.40 Lakh 84.53 Lakh
    30 Years 42.26 Lakh 63.40 Lakh 84.53 Lakh
    35 Years 42.26 Lakh 63.40 Lakh 84.53 Lakh
    40 Years 42.26 Lakh 63.40 Lakh 84.53 Lakh
    45 Years 40.36 Lakh 60.54 Lakh 80.72 Lakh
    50 Years 37.45 Lakh 56.17 Lakh 74.90 Lakh

    A candidate may opt to pay larger EMIs and have a shorter tenure for the loan to improve their eligibility.

    SBI home loan eligibility based on your employement

    SBI verifies whether candidates are self-employed or salaried during their screening process. It requires the applicant to have a minimum of two years work experience with a steady source of income for salaried individuals and requires a minimum of 5 years of experience in their respective fields for self-employed individuals.

    Home loan eligibility for SBI depends upon value of property

    SBI finances up to 90% of the value of the property. The table below lists the various Loan to Value (LTV) ratios for various loan amounts.

    Value of property LTV
    Below Rs.30 lakhs 90.00%
    Between Rs.30 lakhs and Rs.75 lakhs 80.00%
    Above Rs.75 lakhs 75.00%

    CIBIL score factor for SBI home loan eligibility

    The SBI checks a candidate’s credit history, including their repayment record. A good CIBIL record will allow the candidate more options while selecting the duration and loan amount.

    Eligibility criteria for SBI home loan depends upon co-applicant

    To increase eligibility, a candidate may apply for a loan with a co-borrower as it will increase the candidate’s repayment capacity. The co-borrower should have a stable source of income, low monetary obligations, and a good CIBIL record.


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