1. What is SBI Home Loan Eligibility?

The SBI Home Loan Eligibility Calculator determines the maximum loan amount you can qualify for based on your repayment capacity, current interest rates (starting at 8.40% p.a.), credit score (750+ preferred), and loan term.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Maximum 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 principal amount that can be repaid with your monthly payment over the loan term at the given interest rate.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in property selection and financial planning. SBI considers income, credit score (CIBIL 750+ preferred), and debt-to-income ratio (DTI ≤ 50%).

4. Using the Calculator

Tips: Enter your comfortable monthly EMI, current SBI interest rate (default 8.40%), desired loan term (up to 30 years), and your credit score (300-900 range).

5. Frequently Asked Questions (FAQ)

Q1: What credit score is needed for SBI home loans?
A: While 750+ is preferred, SBI may consider scores as low as 650 with strong compensating factors.

Q2: What is the maximum DTI ratio SBI allows?
A: Typically 50-60% of your gross monthly income can go toward all debt payments including the proposed EMI.

Q3: What are current SBI home loan rates?
A: Rates start at 8.40% p.a. (as of 2024) for salaried individuals, with discounts for women borrowers.

Q4: How does income affect eligibility?
A: Higher income increases eligible amount. Minimum income requirements vary by city (₹15,000-₹25,000/month typically).

Q5: Can I get 90% financing?
A: Up to 90% LTV (loan-to-value) is possible for loans ≤ ₹30 lakh, 80% for higher amounts, subject to property valuation.