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SBI Home Loan Eligibility Criteria
| Particulars | Details |
| Nationality | Indian Residents/NRIs/PIOs |
| Employment Type | Salaried/Self Employed |
| Minimum Age | 18 years |
| Maximum Age | 75 years |
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Eligibility Criteria of Different SBI Home Loan Schemes
Below-mentioned are the eligibility criteria for different home loan schemes offered by SBI.
SBI Regular Home Loan Eligibility
- Resident Type: Resident Indians
- Minimum Age: 18 years
- Maximum Age: 70 years
SBI NRI Home Loan Eligibility
- Resident Type: Non-resident Indians (NRIs) or Persons of Indian Origin (PIOs)
- Minimum Age: 18 years
- Maximum Age: 60 years
Read more about SBI NRI Home Loan.
SBI Flexipay Home Loan Eligibility
- Resident Type: Resident Indian
- Minimum Age: 21 years
- Maximum Age: 45 years (to apply for a loan) and up to 70 years (for loan repayment)
Read more about SBI Flexipay Home Loan.
4. SBI Privilege Home Loan Eligibility
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 75 years
Read more about SBI Privilege Home Loan.
5. SBI Shaurya Home Loan Eligibility
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 75 years
Read more about SBI Shaurya Home Loan.
6. SBI Realty Home Loan Eligibility
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 65 years
Read more about SBI Realty Home Loan.
7. SBI Home Top Up Loan
- Resident Type: Resident Indian and Non-resident Indian (NRI)
- Minimum Age: 18 years
- Maximum Age: 70 years
Read more about SBI Home Top Up Loan.
8. SBI Bridge Loan Eligibility
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 70 years
9. SBI Smart Home Top Up Loan Eligibility
- Resident Type: Resident Indian & NRI
- Minimum Age: 18 years
- Maximum Age: 70 years
- Satisfactory repayment track record of 1 year or more, after completion of moratorium
- No other Home Top-up or Insta Home Top-up loans should be active
10. SBI Insta Home Top Up Loan Eligibility
- Existing home loan customer with minimum home loan limit of Rs. 20 lakh with INB facility
- Satisfactory repayment track record of 3 years or more
- No other Home Top-up or Insta Home Top-up loans should be active
Read more about SBI Insta Home Top Up Loan.
11. SBI Home Loan to Non-Salaried Eligibility
- Resident Type: Resident Indian
- Wherever the applicant is Proprietor of a Proprietorship firm or is one of the partners in a Partnership Firm or is one of the Directors in a Company, the firm/Company:
- Should be in existence for at least the last 3 years
- Must have earned Net Profit in the last two years
- Existing Credit Facilities, if any, should be Regular and Standard. Opinion Report in this regard will be obtained from the existing Bankers
- Wherever the proposed House Property is acquired in joint names of the Proprietor and the Proprietary Firm, the firm should be our existing borrower or a debt-free entity.
- Minimum Age: 18 years
12. SBI Tribal Plus Eligibility
- Resident Type: Resident Indian
- Minimum Age: 21 years
- Maximum Age: 60 years
13. SBI Earnest Money Deposit Eligibility
- Resident Type: Resident Indian
- Minimum Age: 21 years
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SBI Home Loan Eligibility Based on Salary
Your monthly salary plays a major role in determining how much amount you can avail on your home loan. However, SBI has not disclosed the salary based matrix for determining your home loan amount eligibility. Banks and HFCs usually use EMI/NMI Ratio and the Multiplier Method (individually or as a combination) to ascertain the eligible loan amount for their home loan applicants.
EMI/NMI Ratio
It is the total proportion of a loan applicant’s Net Monthly Income (NMI) spent on paying both for their existing EMIs and for the EMI of the proposed home loan. Lenders usually approve home loans of applicants whose total EMI obligation, including that of the proposed home loan, are within 50% to 55% of their total income.
Multiplier Method
In this method, the eligible home loan amount is fixed on the basis of a pre-determined multiple of an applicant’s monthly income. Lenders usually offer home loan to salaried individuals for loan amounts of up to 72 times of their gross monthly income or 6 times of their gross annual income.
For example, if the net monthly salary of an employee is Rs. 50,000, they can avail a home loan for loan amounts of up to Rs. 36 lakh. In case of joint home loans, the lender can combine the net monthly income of all earning co-applicants to maximise the eligibility amount for home loan.
Prospective SBI home loan applicants can also use SBI home loan eligibility calculator to determine their eligible home loan amount. Home loan eligibility calculator from SBI can be easily accessed online on the bank’s website. It requires a few basic inputs such as the applicant’s monthly income, desired loan tenure, prevailing home loan interest rate and outstanding EMI obligations (if any) to give results.
Knowing eligible loan amount before applying for SBI home loan will help you plan your finances in advance and decide on the property (if not decided yet) as per your loan affordability.
Maximum Loan Amount for Different Monthly Salaries based on Multiplier Method
| Monthly Salary | Maximum Loan Amount |
| Rs. 20,000 | Rs. 14,40,000 |
| Rs. 30,000 | Rs. 21,60,000 |
| Rs. 40,000 | Rs. 28,80,000 |
| Rs. 50,000 | Rs. 36,00,000 |
| Rs. 60,000 | Rs. 43,20,000 |
| Rs. 70,000 | Rs. 50,40,000 |
| Rs. 80,000 | Rs. 57,60,000 |
| Rs. 90,000 | Rs. 64,80,000 |
| Rs. 1 lakh | Rs. 72,00,000 |
Note: For the above calculation, the existing loan repayment obligations are considered as zero. The maximum loan amount is 72 times the monthly salary for the multiplier method.
Also Read: How much home loan can I get based on my salary?
Factors affecting SBI Home Loan Eligibility
Factors that may impact your eligibility for a SBI home loan is briefly discussed below:
Credit Score
The State Bank of India has not yet disclosed the cut-off credit score for determining an individual’s eligibility for getting home loan. However, it has a credit score based home loan interest rate matrix. As per the matrix, lower interest rates are offered to applicants having highest credit scores.
This is because such applicants tend to practice greater financial discipline. Those having lower scores, on the other hand, will either have lower chances of securing the loan or will get it at higher interest rates to compensate for the increased risk of loan default.
Loan Repayment Capacity
The bank has not disclosed the relationship of an applicant’s loan repayment capacity and SBI home loan eligibility. However, like most other lenders, the bank prefers approving home loan applications of those whose total loan EMIs, including EMI of the proposed home loan, are within 50-55% of their net monthly income.
Hence, those planning to avail SBI home loan should use an online home loan EMI calculator to ascertain optimum EMIs and tenures for their SBI home loan based on their repayment capacity.
Age
To apply for SBI home loan, the applicant’s age should be at least 18 years at the time of loan application with some home loan schemes specifying 21 years as the minimum age requirement. The maximum age limit set by the bank is 70 years, with some home loan schemes such as SBI Privilege Home Loan and SBI Shaurya Home Loan having 75 years as the maximum age limit.
Relationship with the Lender
SBI has not mentioned if it will offer its existing customers any special preference or concession while evaluating their SBI home loan eligibility. However, banks and NBFCs usually offer preferential rates to their existing customers. Many lenders also offer pre-approved offers to their existing customers having good credit profiles.
This is why when looking for home loan offers, first approach those banks and NBFCs with whom you have or had deposit, loan or credit card accounts.
Tips to Improve SBI Home Loan Eligibility
- Improve your credit score – Lenders prefer lending to individuals with a higher credit score as such scores reflect disciplined and responsible credit behaviour.
- Pay higher down payment – Paying a higher home loan down payment will reduce your Loan-to-Value (LTV) ratio. As a lower LTV reduces the credit risk for the lenders, making higher down payment can improve your SBI home loan eligibility.
- Opt for longer tenure – Lenders usually sanction home loans to applicants whose total EMI obligation, including that of the proposed home loan, does not exceed 50% of their total income. As opting for longer loan tenure will decrease the home loan EMI, those having lower home loan eligibility can improve it by opting for longer tenure. Home loan applicants can use Paisabazaar home loan EMI calculator to know the optimum home loan tenures and also EMIs based on their repayment capacity.
- Add a co-applicant – When you apply for a joint home loan, lenders also consider the credit score and income of the co-applicant. Availing SBI home loan with a co-applicant with a good credit score and sufficient income can boost your home loan eligibility.
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FAQs on SBI Home Loan Eligibility
How can I check my SBI home loan eligibility?
Individuals can check the home loan eligibility criteria by visiting SBI’s website or any branch.
How to use the SBI home loan eligibility calculator?
SBI does not offer a home loan eligibility calculator on its website. Hence, individuals should visit the bank branch to know the eligible loan amount based on their income, loan repayment capacity, age, etc.
Are NRIs eligible for SBI home loans?
Yes, NRIs and PIOs can avail SBI NRI home loans.
What are the eligibility criteria for SBI balance transfer and top-up loans?
To be eligible for SBI home loan balance transfer and top up loan, individuals must have a satisfactory repayment track record of at least one year. Also, in case of top up home loan, the applicant must be at least 18 years of age and the maximum age can go up to 70 years at the time of loan maturity.
How does SBI decide my home loan eligibility?
Like most lenders, SBI also takes into account their loan applicant’s age, income, loan repayment capacity, employment profile and other factors such as credit score, property features and location etc. while evaluating the home loan eligibility of their applicant.
What is the maximum SBI home loan amount I am eligible for?
SBI approves home loans up to 90% of the property value. However, the eligible amount of home loan you are eligible for will depend primarily on your salary and repayment capacity. Use the SBI home loan eligibility calculator to easily determine your eligible SBI home loan amount. This home loan eligibility calculator is easy to use.
Applicants can enter the required values in SBI’s home loan eligibility calculator and get an estimate of their SBI home loan amount to find out their chances of loan approval and plan to buy a home (if the property is still unidentified).
On a Rs 40,000 salary, how much SBI home loan can I get?
The loan amount you can get on your salary depends of course on your monthly income, but also on your existing loan repayment obligations including the EMI of the proposed loan, the LTV ratio and the loan term. Banks and HFCs usually require the applicant’s total EMI (including the EMI of the new loan) to not exceed 50% – 55% of his monthly income.
Another way to find out your eligible home loan amount is to use the SBI home loan eligibility calculator. SBI’s home loan eligibility calculator requires a few home loan related inputs like interest rate, existing loan EMI, etc. to give the result.
How can I increase my eligibility for a higher SBI home loan amount?
You can increase your eligibility for a higher home loan amount by adding the income of your spouse, children, parents or siblings. Since a longer loan tenure results in lower EMIs, applicants above the permissible limit of EMI/NMI ratio can increase their loan tenure to reduce their EMI/NMI ratio and improve their SBI home loan eligibility.
The home loan interest rates set for you will also affect your EMI. Hence, home loan applicants should always try to choose the lender offering the lowest home loan interest rates to get a higher loan amount. However, before applying for a loan, find out the eligible loan amount using the home loan eligibility calculator of SBI, HDFC Bank or any other lender.