1. What is SBI Home Loan Eligibility?

The SBI Home Loan Eligibility Check determines how much you can borrow based on your income, existing debts, credit score, and current interest rates (starting at 8.40% p.a.). The minimum income requirement is Rs 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 (decimal, e.g., 8.40%/12/100)
• \( n \) — Number of months (loan term × 12)

Additional Checks: The calculator also verifies minimum income (Rs 30,000), maximum DTI ratio (50%), and minimum credit score (650).

3. Importance of Eligibility Check

Details: Checking eligibility before applying helps avoid unnecessary credit inquiries and gives you realistic expectations about how much you can borrow from SBI.

4. Using the Calculator

Tips: Enter your affordable monthly payment, current SBI interest rate (default 8.40%), desired loan term, monthly income, current debt-to-income ratio, and credit score. All values must be valid.

5. Frequently Asked Questions (FAQ)

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

Q2: What DTI ratio does SBI accept?
A: Typically up to 50%, meaning your total monthly debt payments shouldn't exceed 50% of your income.

Q3: What credit score is needed?
A: Minimum 650, though higher scores may get better rates.

Q4: What are current SBI home loan rates?
A: Rates start at 8.40% p.a. but may vary based on loan amount and profile.

Q5: Does this guarantee loan approval?
A: No, this is an estimate. Final approval depends on SBI's full assessment of your application.