SBI Home Loan Eligibility

Please Note: SBI is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only

SBI Home Loan Eligibility Criteria

Nationality	Indian Residents/NRIs/PIOs
Employment Type	Salaried/Self Employed
Minimum Age	18 years
Maximum Age	75 years

Eligibility Criteria of Different SBI Home Loan Schemes

1. SBI Regular Home Loan Eligibility

• Resident Type: Resident Indians
• Minimum Age: 18 years
• Maximum Age: 70 years

2. SBI NRI Home Loan Eligibility

• Resident Type: Non-resident Indians (NRIs) or Persons of Indian Origin (PIOs)
• Minimum Age: 18 years
• Maximum Age: 60 years

Read more about SBI NRI Home Loan.

3. SBI Flexipay Home Loan Eligibility

• Resident Type: Resident Indian
• Minimum Age: 21 years
• Maximum Age: 45 years (to apply for a loan) and up to 70 years (for loan repayment)

Read more about SBI Flexipay Home Loan.

4. SBI Privilege Home Loan Eligibility

• Resident Type: Resident Indian
• Minimum Age: 18 years
• Maximum Age: 75 years

Read more about SBI Privilege Home Loan.

5. SBI Shaurya Home Loan Eligibility

• Resident Type: Resident Indian
• Minimum Age: 18 years
• Maximum Age: 75 years

Read more about SBI Shaurya Home Loan.

6. SBI Realty Home Loan Eligibility

• Resident Type: Resident Indian
• Minimum Age: 18 years
• Maximum Age: 65 years

Read more about SBI Realty Home Loan.

7. SBI Home Top Up Loan

• Resident Type: Resident Indian and Non-resident Indian (NRI)
• Minimum Age: 18 years
• Maximum Age: 70 years

Read more about SBI Home Top Up Loan.

8. SBI Bridge Loan Eligibility

• Resident Type: Resident Indian
• Minimum Age: 18 years
• Maximum Age: 70 years

9. SBI Smart Home Top Up Loan Eligibility

• Resident Type: Resident Indian & NRI
• Minimum Age: 18 years
• Maximum Age: 70 years
• Satisfactory repayment track record of 1 year or more, after completion of moratorium
• No other Home Top-up or Insta Home Top-up loans should be active

Read more about SBI Smart Home Top Up Loan.

10. SBI Insta Home Top Up Loan Eligibility

• Existing home loan customer with minimum home loan limit of Rs. 20 lakh with INB facility
• Satisfactory repayment track record of 3 years or more
• No other Home Top-up or Insta Home Top-up loans should be active

Read more about SBI Insta Home Top Up Loan.

11. SBI Home Loan to Non-Salaried Eligibility

• Resident Type: Resident Indian
• Wherever the applicant is Proprietor of a Proprietorship firm or is one of the partners in a Partnership Firm or is one of the Directors in a Company, the firm/Company:
  • Should be in existence for at least the last 3 years
  • Must have earned Net Profit in the last two years
  • Existing Credit Facilities, if any, should be Regular and Standard. Opinion Report in this regard will be obtained from the existing Bankers
  • Wherever the proposed House Property is acquired in joint names of the Proprietor and the Proprietary Firm, the firm should be our existing borrower or a debt-free entity.
• Minimum Age: 18 years

12. SBI Tribal Plus Eligibility

• Resident Type: Resident Indian
• Minimum Age: 21 years
• Maximum Age: 60 years

13. SBI Earnest Money Deposit Eligibility

• Resident Type: Resident Indian
• Minimum Age: 21 years

Compare home loan eligibility of top banks and HFCs in India.

SBI Home Loan Eligibility Based on Salary

Your monthly salary plays a major role in determining how much amount you can avail on your home loan. However, SBI has not disclosed the salary based matrix for determining your home loan amount eligibility. Banks and HFCs usually use EMI/NMI Ratio and the Multiplier Method (individually or as a combination) to ascertain the eligible loan amount for their home loan applicants.

• EMI/NMI Ratio is the total proportion of a loan applicant’s Net Monthly Income (NMI) spent on paying both for their existing EMIs and for the EMI of the proposed home loan. Lenders usually approve home loans of applicants whose total EMI obligation, including that of the proposed home loan, are within 50% to 60% of their total income.
• Under the Multiplier Method, the eligible home loan amount is fixed on the basis of a pre-determined multiple of an applicant’s monthly income. Lenders usually offer home loans to salaried individuals for loan amounts of up to 72 times of their gross monthly income or 6 times of their gross annual income. For example, if the net monthly salary of an employee is Rs. 50,000, they can avail a home loan for loan amounts of up to Rs. 36 lakh. In case of joint home loans, the lender can combine the net monthly income of all earning co-applicants to maximise the eligibility amount for home loan.

Prospective SBI home loan applicants can also use SBI home loan eligibility calculator to determine their eligible home loan amount. Home loan eligibility calculator from SBI can be easily accessed online on the bank’s website. It requires a few basic inputs such as the applicant’s monthly income, desired loan tenure, prevailing home loan interest rate and outstanding EMI obligations (if any) to give results. Knowing eligible loan amount before applying for SBI home loan will help you plan your finances in advance and decide on the property (if not decided yet) as per your loan affordability.

Illustration of Maximum Loan Amount for Different Monthly Salaries based on Multiplier Method

Monthly Salary	Maximum Loan Amount
Rs. 20,000	Rs. 14,40,000
Rs. 30,000	Rs. 21,60,000
Rs. 40,000	Rs. 28,80,000
Rs. 50,000	Rs. 36,00,000
Rs. 60,000	Rs. 43,20,000
Rs. 70,000	Rs. 50,40,000
Rs. 80,000	Rs. 57,60,000
Rs. 90,000	Rs. 64,80,000
Rs. 1 lakh	Rs. 72,00,000

Note: For the above calculation, the existing loan repayment obligations are considered as zero. The maximum loan amount is 72 times the monthly salary for the multiplier method.

Also Read:- How much home loan can I get based on my salary?

Tips to Improve SBI Home Loan Eligibility

• Improve your credit score – Lenders prefer lending to individuals with a higher credit score as such scores reflect disciplined and responsible credit behaviour.

• Pay higher down payment – Paying a higher home loan down payment will reduce your Loan-to-Value (LTV) ratio. As a lower LTV reduces the credit risk for the lenders, making higher down payment can improve your SBI home loan eligibility.
• Opt for longer tenure – Lenders usually sanction home loans to applicants whose total EMI obligation, including that of the proposed home loan, does not exceed 50% of their total income. As opting for longer loan tenure will decrease the home loan EMI, those having lower home loan eligibility can improve it by opting for longer tenure. Home loan applicants can use Paisabazaar home loan EMI calculator to know the optimum home loan tenures and also EMIs based on their repayment capacity.
• Add a co-applicant – When you apply for a joint home loan, lenders also consider the credit score and income of the co-applicant. Availing SBI home loan with a co-applicant with a good credit score and sufficient income can boost your home loan eligibility.

FAQs

1. What is the minimum credit score required to apply for SBI home loan?

Ans. State Bank of India has not specified the cut-off credit score for determining SBI home loan eligibility. Like other lenders, SBI too prefers sanctioning loans to applicants having credit scores of 750 and above. Some lenders also offer personal loan at lower interest rates to those having higher credit scores.

Applicants having zero or low credit scores can use Step Up Credit Card co-branded with SBM Bank India Ltd. , a lifetime free secured card issued against fixed deposits of SBM Bank, to improve their credit scores and enhance their personal loan eligibility.

2. What is the maximum SBI home loan amount I am eligible for?

Ans. SBI sanctions home loans up to 90% of the property cost. However, the home loan amount that you are eligible for will depend primarily on your salary and repayment capacity. Use the SBI home loan eligibility calculator to easily determine your eligible SBI home loan amount. Using this home loan eligibility calculator is easy. Applicants can enter required values in the home loan eligibility calculator of SBI and get an estimate of their SBI home loan amount to ascertain their chances of loan approval and plan for house purchase (if the property is still unidentified).

3. On a Rs 40,000 salary, how much SBI home loan can I get?

Ans. How much loan amount you can get on your salary depends, of course, on your monthly income but also on your existing loan repayment obligations including the EMI of the proposed loan, LTV ratio and loan tenure. Banks and HFCs usually require the total EMI of an applicant (including the EMI of the new loan) to not exceed 55% – 60% of their monthly income. Another way to ascertain your eligible home loan amount is by using the SBI home loan eligibility calculator. The home loan eligibility calculator of SBI requires a few home loan related inputs such as interest rate, existing loan EMIs, etc. to give results.

4. How can I increase my eligibility for a higher SBI home loan amount?

Ans. You can add the income of your spouse, children, parents or siblings to increase your eligibility for a higher home loan amount. As longer loan tenure results in lower EMIs, applicants exceeding the permissible limit of EMI/NMI ratio can extend their loan tenure to reduce their EMI/NMI ratio and improve their SBI home loan eligibility. The home loan interest rates set for you will also affect your EMIs. Hence, home loan applicants should always try to opt for the lender offering the lowest home loan interest rates to get a higher loan amount. However, before applying for the loan, ascertain the eligible loan amount by using the home loan eligibility calculator of SBI, HDFC Bank or any other lender.