SBI Home Loan Eligibility Calculator

SBI Home Loan Eligibility Calculator

sbi-home-loan-eligibility-calculatorIf you are looking for an online SBI home loan eligibility calculator, then let us tell you in the beginning itself that SBI doesn’t have any such home loan eligibility calculator on their website.

The only home loan calculator available on SBI website is a very crude and trivial one, which allows you to calculate only the EMI when you enter the inputs such as the principal amount, the loan period and the interest rate.

For calculation of SBI home loan eligibility, you actually have to contact any of the State Bank of India branch which is disbursing, the home loans to the customers. You have to give the details of your economic conditions like details of assets and income, your leverage position in terms of existing liens and liabilities and depending upon the value and location of the property you want to buy, SBI themselves will decide upon your home loan eligibility and the amount for which you qualify to get a home loan from SBI.

There is no such ready-made SBI loan eligibility calculator in which you can feed the data and get the results.

Home Loan Eligibility Calculator

Home loan eligibility calculator is a concept which is quite common and popular in western countries, where the home loan and mortgage market is quite standardized. The qualifying parameter is and criteria are highly standardized and mostly based upon your credit score, which is calculated by computerized algorithms by independent agencies.

One such home loan eligibility calculator is also available on this website, which was published in one blog post on mortgage home loan affordability calculator. Go and check it out.

SBI Home Loan Eligibility Conditions

State Bank of India, SBI, is one of the largest home loan providers in the country. It offers a host of loan programs suiting every individual need and requirement. There are two primary eligibility conditions in all of its home loan offering.

  • Minimum age: 18 years as on date of sanctions
  • Maximum age: 70 years, i.e. The aged by which the loan should be fully repaid, subject to the availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Yet another important parameter, which is a guiding principle in calculating the qualifying amount for the home loan is LTV ratio or loan to value ratio. SBI home loan eligibility conditions require that LTV ratio should not cross 90% for home loans at Rs. 20 lakh and should not cross 80% for home loans above Rs. 20 lakh.

Documents required for ensuring SBI home loan eligibility

SBI home loan eligibility also requires checking following papers and documents related to the applicants.

  • Completed loan application
  • Three passport size photograph of the loan applicant
  • Identity proof – there is a list of documents which can be presented by the applicant as a proof of identity
  • Residence proof – again there is a list of documents which can be presented by the applicant as a proof of residence.
  • Statement of bank accounts or photocopies of the passports for last few months
  • Signature identification from the present bankers
  • Personal assets and liabilities statement

The above list is only a list of documents and papers required from all types of home loan applicants for publishing their SBI home loan eligibility. In addition to them, every case of loan application may warrant for a specific papers and documents to be submitted to SBI for verification and as publishing the eligibility properly.

Leave a Reply

Contact Us

Contact Page: Click here
Email: info@loancalculators.in
DMCA.com

Disclaimer

Lots of approximations and assumptions have been made while developing the calculators.

Please make your own calculations before making any financial decision.