1. What is SBI Home Loan Eligibility?

The SBI Home Loan Eligibility Calculator determines how much loan amount you can get from State Bank of India based on your salary, current interest rates (starting at 7.50% p.a.), and repayment capacity. The minimum income requirement is ₹30,000 per month.

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)
• \( n \) — Number of months (years × 12)

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay monthly, considering current interest rates and loan tenure.

3. Importance of Loan Eligibility Calculation

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 EMI amount, current SBI interest rate (default 7.50%), desired loan term, and your monthly income (minimum ₹30,000). The calculator will show your maximum eligible loan amount.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income requirement?
A: SBI typically requires a minimum monthly income of ₹30,000 for salaried individuals to qualify for home loans.

Q2: What is the 60x income rule?
A: Banks generally offer loans up to 60 times your monthly income, subject to EMI affordability calculations.

Q3: What are current SBI home loan rates?
A: Rates start at 7.50% p.a. (as of 2024) but may vary based on loan amount, tenure, and applicant profile.

Q4: How does tenure affect eligibility?
A: Longer tenures increase eligibility by reducing EMI burden, but increase total interest paid.

Q5: What factors affect final loan approval?
A: Credit score, existing debts, property valuation, and documentation also influence final approval beyond basic eligibility.