1. What is SBI Housing Loan Eligibility?

The SBI Housing Loan Eligibility Calculator determines the maximum loan amount you can qualify for based on your income, expenses, and current interest rates. SBI offers housing loans starting at 7.50% p.a. with a minimum income requirement of ₹30,000 per month.

2. How Does the Calculator Work?

The calculator uses the standard loan formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Total number of payments (months)

Explanation: The formula calculates the maximum loan 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 search and financial planning. SBI typically allows up to 60% of your income towards EMI payments.

4. Using the Calculator

Tips: Enter your comfortable EMI amount, current SBI interest rate (starting at 7.50%), desired loan term, and 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 for SBI housing loans?
A: The minimum monthly income requirement is ₹30,000 for salaried individuals.

Q2: What is the current interest rate?
A: SBI housing loan rates start at 7.50% p.a., but actual rates may vary based on credit profile and loan amount.

Q3: What is the maximum loan tenure?
A: SBI offers housing loans up to 30 years, subject to age criteria.

Q4: What factors affect eligibility?
A: Income, existing obligations, credit score, property value, and applicant's age all affect eligibility.

Q5: Is there a processing fee?
A: Yes, SBI charges a processing fee of 0.40% of loan amount plus GST, with a minimum of ₹10,000 plus GST.