State Bank of India (SBI) home loan eligibility is based on a simple set of criteria that makes the home loans accessible to a wide demographic of people. There are a variety of home loan schemes with attractive interest rates and repayment tenure to meet varying requirements.
The home loan eligibility criteria for State Bank of India are as given below:
| Age | 18 to 70 years |
| Employment Type | Salaried individuals Non-salaried business people or professionals |
| Loan-to-Value (LTV) Ratio | 80% to 90% |
The following SBI loans have some additional eligibility criteria as given below:
State Bank of India’s home loan eligibility depends on a number of factors such as the age of the applicant, credit score, and income or salary.
The SBI home loan eligibility calculator given below shows you the loan amount that you are eligible for based on different ranges of monthly income considering an interest rate of 9.15% p.a. – 12.95% p.a., which is the starting interest rate, and a maximum repayment tenure of 30 years, and assuming there are no other financial commitments towards the Equated Monthly Instalments (EMI) towards other loans.
| 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 |
State Bank of India’s home loan repayment tenure goes up to 30 years. The younger the individual is when the home loan is taken, the more number of years they have to repay the loan and vicce versa. Given below is the maximum eligible tenure for SBI home loans according to different ages.
| Applicant’s Age | Maximum Eligible Tenure |
|---|---|
| 21 years to 30 years | 30 years |
| 31 years | 29 years |
| 32 years | 28 years |
| 33 years | 27 years |
| 34 years | 26 years |
| 35 years | 25 years |
| 36 years | 24 years |
| 37 years | 23 years |
| 38 years | 22 years |
| 39 years | 21 years |
| 40 years | 20 years |
| 41 years | 19 years |
| 42 years | 18 years |
| 43 years | 17 years |
| 44 years | 16 years |
| 45 years | 15 years |
The Loan to Value (LTV) ratio is the quantum of loan that is disbursed based on the value of the property that you intend to purchase. The LTV ratio for different loan amounts is as given below:
| Loan Amount | LTV Ratio |
|---|---|
| Up to Rs.20 lakh | 90% |
| Loans above Rs.20 lakh | 80% |
Your home loan eligibility is dependent on your credit score. The higher your credit score, the lower your interest rate and vice versa. Here are the ratings for different credit scores:
| Rating | Credit Score |
|---|---|
| Good | 750 and above |
| Average | 600 - 750 |
| Poor | Below 600 |
The eligibility criteria for women are the same as for other applicants although women borrowers are given an interest rate concession of 05 basis points.
State Bank of India accepts co-applicants provided they have a regular source of income or salary with documents to be furnished as proof of salary or income.
SBI home loan eligibility is determined by the factors given below:
Yes, State Bank of India provides home loans for NRIs.
The eligibility criteria for SBI’s balance transfer of home loans or top-up loans are the same as that of regular loans – the applicant should be an Indian citizen/NRI and be between 18 and 70 years of age.
SBI decides your home loan eligibility based on your age, income or salary, credit score, etc.
You can increase your chances of being approved for a State Bank of India home loan by adding a co-applicant who has a regular source of income, has a good credit score, and fits the age and Indian citizenship criteria as well.
You will be informed if you have cleared the eligibility criteria for SBI home loans through the in- principle sanction that will be provided through the bank’s official website during your application process or through the bank’s official mobile application.
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