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, expenses, interest rate, and loan tenure. Current rates start at 7.50% p.a. with minimum income requirement of ₹30,000 per month.

2. How Does the Calculator Work?

The calculator uses the loan principal formula:

Where:

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

Note: SBI typically allows up to 60% of your monthly income to go towards EMI payments.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in property search and financial planning. It prevents application rejections and helps set realistic budgets.

4. Using the Calculator

Tips: Enter your comfortable EMI amount, current SBI interest rate (starting at 7.50%), desired loan term, and your monthly income (minimum ₹30,000). The calculator will show what loan amount this translates to and your maximum eligibility.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income for SBI home loan?
A: The minimum monthly income requirement is ₹30,000 for salaried individuals.

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

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

Q4: What factors affect loan eligibility?
A: Income, existing obligations, credit score, property value, applicant age, and employment stability.

Q5: Can I get 100% home loan from SBI?
A: No, SBI typically finances up to 75-90% of property value depending on loan amount and property type.