{"id":3279,"date":"2018-04-24T03:22:36","date_gmt":"2018-04-23T21:52:36","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=3279"},"modified":"2018-08-29T16:27:41","modified_gmt":"2018-08-29T10:57:41","slug":"sbi-home-loan-eligibility","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/sbi-home-loan-eligibility\/","title":{"rendered":"SBI Home Loan Eligibility"},"content":{"rendered":"
\n\n\n\n\n\n\n\n\n\n\n\n
Eligibility Criteria<\/strong><\/th>\nSalaried<\/strong><\/th>\nSelf-Employed<\/strong><\/th>\n<\/tr>\n<\/thead>\n
Age<\/td>\n18 years to 70 years<\/td>\n18 years to 70 years<\/td>\n<\/tr>\n
Minimum Monthly Income<\/td>\nRs.25,000.00<\/td>\nRs.25,000.00<\/td>\n<\/tr>\n
Maximum Loan Amount<\/td>\nRs.10 crore<\/td>\nRs.10 crore<\/td>\n<\/tr>\n
Maximum Loan TurnOver ratio<\/td>\n90.00%<\/td>\n90.00%<\/td>\n<\/tr>\n
Minimum Work Experience<\/td>\n2 Years<\/td>\n5 Years<\/td>\n<\/tr>\n
Rate of Interest (1 year MCLR)<\/td>\n8.20%<\/td>\n8.20%<\/td>\n<\/tr>\n
EMI Per Lakh<\/td>\nRs.748.00<\/td>\nRs.748.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Following are the factors for SBI Home Loan Eligibility described briefly:<\/strong><\/p>\n

SBI Home Loan Eligibility Based on Age<\/h3>\n

Age is a crucial factor taken into consideration while determining a candidate\u2019s\u00a0Eligibility For a Home Loan<\/a>. The lower the applicant\u2019s 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.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
Current Age<\/strong><\/th>\nMax Tenure (Salaried)<\/strong><\/th>\nMax Tenure (Self-Employed)<\/strong><\/th>\n<\/tr>\n<\/thead>\n
25 Years<\/td>\n30 years<\/td>\n30 years<\/td>\n<\/tr>\n
30 Years<\/td>\n30 years<\/td>\n30 years<\/td>\n<\/tr>\n
35 Years<\/td>\n30 years<\/td>\n30 years<\/td>\n<\/tr>\n
40 Years<\/td>\n30 years<\/td>\n30 years<\/td>\n<\/tr>\n
45 Years<\/td>\n25 years<\/td>\n25 years<\/td>\n<\/tr>\n
50 Years<\/td>\n20 years<\/td>\n20 years<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Eligibility For SBI Home Loan<\/a> Based on Net Income<\/h3>\n

The candidate\u2019s net monthly income (Income after deductions, such as, Provident Fund (PF), Employment State Insurance (ESI), etc.) gives the bank an idea of the candidate\u2019s loan servicing capacity. Based on the borrower\u2019s 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.\u00a0SBI Home Loans<\/a>\u00a0are subject to interest @ 8.2% per annum.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
Age<\/strong><\/th>\nNet Monthly income Rs.50,000.00<\/strong><\/th>\nNet Monthly income Rs.75,000.00<\/strong><\/th>\nNet Monthly income Rs.1,00,000.00<\/strong><\/th>\n<\/tr>\n
Loan Amount<\/strong><\/th>\nLoan Amount<\/strong><\/th>\nLoan Amount<\/strong><\/th>\n<\/tr>\n<\/thead>\n
25 Years<\/td>\n4226743<\/td>\n6340115<\/td>\n8453487<\/td>\n<\/tr>\n
30 Years<\/td>\n4226743<\/td>\n6340115<\/td>\n8453487<\/td>\n<\/tr>\n
35 Years<\/td>\n4226743<\/td>\n6340115<\/td>\n8453487<\/td>\n<\/tr>\n
40 Years<\/td>\n4226743<\/td>\n6340115<\/td>\n8453487<\/td>\n<\/tr>\n
45 Years<\/td>\n4036129<\/td>\n6054193<\/td>\n8072257<\/td>\n<\/tr>\n
50 Years<\/td>\n3745002<\/td>\n5617503<\/td>\n7490005<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

A candidate may opt to pay larger EMIs and have a shorter tenure for the loan to improve their eligibility.<\/p>\n

SBI Home Loan Eligibility Based On Your Employment<\/h3>\n

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.<\/p>\n

Home Loan Eligibility For SBI Depends Upon Value of the Property<\/h3>\n

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.<\/p>\n

\n\n\n\n\n\n\n\n
Value of the Property<\/strong><\/th>\nLTV<\/strong><\/th>\n<\/tr>\n<\/thead>\n
Below Rs.30 lakhs<\/td>\n90.00%<\/td>\n<\/tr>\n
Between Rs.30 lakhs and Rs.75 lakhs<\/td>\n80.00%<\/td>\n<\/tr>\n
Above Rs.75 lakhs<\/td>\n75.00%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

CIBIL Score Factor for SBI Home Loan Eligibility<\/h3>\n

The SBI checks a candidate\u2019s credit history, including their repayment record. A good CIBIL record will allow the candidate more options while selecting the duration and loan amount.<\/p>\n

Eligibility Criteria for SBI Home Loan Depends Upon Co-Applicant<\/h3>\n

To increase eligibility, a candidate may apply for a loan with a co-borrower as it will increase the candidate\u2019s repayment capacity. The co-borrower should have a stable source of income, low monetary obligations, and a good CIBIL record.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Following are … Continue reading “SBI Home Loan Eligibility”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":11031,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3279","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\r\nSBI Home Loan Eligibility - Antworks Money<\/title>\r\n<meta name=\"description\" content=\"Following are the factors for SBI Home Loan Eligibility described briefly: SBI Home Loan Eligibility Based on Age, Based on Net Income, Based Employment...\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/sbi-home-loan-eligibility\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"SBI Home Loan Eligibility - 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