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    SBI Home Loan Eligibility

    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.

    We found 1 SBI Home Loan Eligibility
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    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.30% - 8.65% Floating
    ₹2,000 to ₹10,000 + applicable tax
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    1-30 Years
    Response Time : Within 30 minutes
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    Home Loan BYTES FROM OUR KITCHEN

    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 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 incomes 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 4226743 6340115 8453487
    30 Years 4226743 6340115 8453487
    35 Years 4226743 6340115 8453487
    40 Years 4226743 6340115 8453487
    45 Years 4036129 6054193 8072257
    50 Years 3745002 5617503 7490005

    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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    Home Loan Reviews

    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this Home loan and the process has been simple. They had provided me with a loan amount of 9,00,000 which was sufficient and the interest rate with them was nominal with the market rate. The charges which they had made has also been less and their customer support was helpful.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 22, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan has been good and the loan amount whcih they had been providing so far has been quite good. The loan amount which they had provided has been sufficient and there was no processing fee or any other charges which they had made. The interest rate with them has also been less when compared with the market rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • SBI Home Loan
      "They need to improve more "
      0.5 3.5/5 "Pretty good"
      I have a home loan with SBI . The service was not up to the mark . The loan was provide on time and the documentation was collected on time too. I received the loan amount as expected. The tenure period is 30years . I got option of preclosere and it is very nominal . The process to get the loan is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • SBI Home Loan
      "Good in Service"
      0.5 3.5/5 "Pretty good"
      I had taken a Home loan with SBI and at the time i applied for home loan my application was processed on time , it was processed with in 15 days. The rate of interest is reasonable and the overall services were satisfactory. I also carry a account in SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2019
    • SBI Home Loan
      "Good in Service"
      0.5 3.0/5 "Satisfactory"
      When i was looking for a home loan, I had applied with with SBI . When i had submitted the documents , my application was taken care and it was processed. There was no delay and processing was on time. Interest rates are reasonable compare to the market value.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Best financial service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from State bank of India where i have transfered the loan from other bank . Where they are giving satisfying rate of interest . There is nominal charges for the processing fees for the documentation . Am pretty much satisfied with the rate of interest which they have provided.
      Was this review helpful? 3
      , pune
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      It was quite a good experience with them, where the loan amount which they had provided has been sufficient, the service charges where nominal. The interest rate with them has been less when compared to other banks. There has not been any charges additionally and the customer support of them has been helpful as well.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Good Financial service"
      0.5 4.5/5 "Excellent!"
      Rate of interest is bit low compared to other bank they have given best rate of interest am fully satisfied with it , They took time like 1 month for the processing and approval for the documentation as they do property evaluation . . They have charges some nominal fees for the housing loan approval Am pretty much satisfied with the customer service .
      Was this review helpful? 3
      , kochi
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had taken my housing loan with State bank of India, the loan amount they have given me was sufficient but was below to my expectation ,was okay for me , and the rate of interest they have charged me was nominal,and the processing fee they have charged me was very nominal,there overall service was good, now my loan got closed.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 17, 2019
    • SBI Home Loan
      "Good Experience for Housing loan"
      0.5 4.0/5 "Great!"
      SBI is best for the home loan, they come down to 9% of interest its good compared to private sectors. The documentation verification is very easy and very secured as well. Even the bank gave me balance transfer, pre closure, part closure options.
      Was this review helpful? 6
      , mumbai
      Reviewed on Jan 14, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with them has been quite good and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges which they had made so far.
      Was this review helpful? 5
      , gandhinagar
      Reviewed on Jan 10, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost two years back and the experience was quite good. The loan amount has been sufficient and the interest rate has been quite low when compared with the market rate. The charges which they had made has been nominal and there has not been any hassle faced with their services.
      Was this review helpful? 4
      , bhubaneshwar
      Reviewed on Jan 10, 2019
    • SBI Home Loan
      "Need improvement"
      0.5 1.0/5 "Really Bad"
      SBI gave me the 11% of interest for the home loan amount of Rs. 10 lakhs for the loan period of 15 years, I have taken flexible loan option, but I am not fine with the service and response is very slow from their end. I suggest they need to improve the service.
      Was this review helpful? 2
      , malda
      Reviewed on Jan 10, 2019
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience with Home loan from SBI was very good, the process was smooth and i received my loan amount on time. The loan amount was sufficient and the rate of interest was nominal when compared to others. Customer service was good and tenure period for this loan is 30 years.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jan 09, 2019
    • SBI Home Loan
      "Communication should be transparent"
      0.5 4.0/5 "Great!"
      SBI home loan experience is good, they gave me the least interest around 9.2% for the loan amount of Rs. 15 lakhs. The bank approved the tenure of 15 years they have part payment and balance transfer option. They hide some charges on insurance amount, they keep charging the fee around 6000 on yearly basis.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jan 08, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a while back and it has been still running. The loan amount has been sufficient and the interest rate with them has been very low when compared with the market rate. Even during the process their customer support executives has been responsive.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Jan 08, 2019
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my housing loan with State bank of India, they have given me sufficient loan amount , and the rate of interest they have charged me up to 8.5% which was nominal for me, and the processing fee they have charged me was nominal, and the tenure period i have taken up to 10 years, overall service is good.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 07, 2019
    • SBI Home Loan
      "Interest savings loan"
      0.5 5.0/5 "Blown Away!"
      I have bought a home loan from State bank of India. I purchased this loan in 2011. Its because of the Good features like Max i have selected this SBI. When i took the loan, the interest rate was 9.25% and based on the RBI it used to fluctuate on yearly basis. They have charged me a processing fee of Rs. 6000 which is quite nominal. I have selected the tenure period of 25 years.
      Was this review helpful? 4
      , pune
      Reviewed on Jan 02, 2019
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with State bank of India, there service is good, they have given me sufficient loan amount and they have charged me rate of interest up to 8.75% which is nominal and even processing fee they have charged me was nominal ,but i dont remember they have charged me it quite long back i have taken this loan, the tenure period is up to 12-15 years, overall service is good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 02, 2019
    • SBI Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with SBI and my experience was good, the process was smooth and i received the loan amount on time. Rate of interest was nominal when compared to other banks. Customer service was fine with this bank and tenure period for this loan is 25 years.
      Was this review helpful? 6
      , ghaziabad
      Reviewed on Dec 29, 2018
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