1. What is SBI Home Loan Eligibility?

The SBI Home Loan Eligibility Calculator helps determine how much loan amount you can get from State Bank of India based on your income, credit score, and repayment capacity. Current rates start at 8.40% p.a. with minimum requirements of ₹30,000 monthly income and 750+ credit score.

2. How Does the Calculator Work?

The calculator uses the principal amount 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)

Eligibility Criteria: Minimum ₹30,000 monthly income and credit score of 750 or higher.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in property search and financial planning. SBI offers competitive rates starting at 8.40% p.a. for qualified applicants.

4. Using the Calculator

Tips: Enter your comfortable EMI amount, current interest rate (default 8.40%), loan term in years, monthly income, and credit score. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income for SBI home loan?
A: ₹30,000 per month is the minimum income requirement for SBI home loans.

Q2: What credit score is needed?
A: You need a credit score of 750 or higher to qualify for SBI's best rates.

Q3: What is the current interest rate?
A: Rates start at 8.40% p.a. but may vary based on loan amount and applicant profile.

Q4: How is EMI calculated?
A: EMI is calculated using the formula: \( PMT = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} \)

Q5: Can I get loan with lower credit score?
A: Scores below 750 may still qualify but with higher interest rates or additional requirements.