1. What is SBI Home Loan Eligibility?

The SBI Home Loan Eligibility calculator helps determine how much you can borrow from State Bank of India based on your income, current interest rates (starting at 7.50% p.a.), and repayment capacity. Minimum monthly income requirement is ₹30,000.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (years × 12)

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay monthly.

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps in financial planning, property selection, and ensures you don't apply for amounts beyond your repayment capacity.

4. Using the Calculator

Tips: Enter your comfortable monthly payment, current SBI interest rate (default 7.50%), desired loan term, and your monthly income. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is SBI's minimum income requirement?
A: ₹30,000 per month is the minimum income to qualify for an SBI home loan.

Q2: What is the current SBI home loan interest rate?
A: Rates start at 7.50% p.a. but may vary based on loan amount and applicant profile.

Q3: How is EMI calculated?
A: EMI = [P × r × (1+r)^n] ÷ [(1+r)^n-1], where P=loan amount, r=monthly rate, n=tenure in months.

Q4: What factors affect loan eligibility?
A: Income, existing debts, credit score, property value, and loan tenure all affect eligibility.

Q5: Can I get 100% financing?
A: Typically SBI offers up to 80-90% of property value; the rest must come from your own funds.