SBI Home Loan Eligibility Calculator

Use the SBI Home Loan EMI calculator. It is very easy and efficient. Follow these steps to use the home loan eligibility calculator –

• Go to this site - https://homeloans.sbi/
• Insert your total monthly income
• Enter the tenure of the loan you are willing to borrow
• Enter your existing loan commitments
• Insert the Rate of Interest
• Easily check your eligibility for a home loan

SBI Home Loan Eligibility Criteria

You can head to Magicbricks to check the eligibility criteria of home loans or you can just read it out here –

• You must be a resident of India or a Non-Resident Indian
• The minimum income of the primary applicant must be 15,000 INR or above
• The minimum income of the co-applicant must be 10,000 INR or above
• The applicant must be between 18 to 70 years old

Factors Affecting SBI Home Loan Eligibility

Other than these, multiple other aspects can affect your home loan eligibility. You can easily check it out here –

• The present age is a huge factor while determining the eligibility for a home loan
• The current financial status of the applicant
• The minimum monthly salary or annual business income of the applicant
• The credit score of the applicant is also a major factor
• Applicant’s existing liabilities, including credit card debt, other loans, etc.

Tips to Improve your Home Loan Eligibility

There are multiple ways to improve your home loan eligibility. The process of determining the eligibility of loan applicants is quite complicated, but there are ways you can bend it your way. Here, check out how you can increase your eligibility –

Select a Longer Tenure

Choosing a longer repayment period will give you an edge. This is mainly because the EMI will be less, which ensures timely repayment from your side. The lender might view this as low risk. But it could also lead you to pay higher interest rates.

Open an Account with the Lender You Have Chosen

If you have chosen the lender, it is time you open an account with them. This will help you build a relationship with your lender before you start availing a loan from them.

Repay Your Debts on Time

In case you are figuring out how to set a good credit score, you can start with religiously paying your debts. This will also improve your home loan eligibility.

Add Additional Income Sources

To get an edge at your home loan eligibility, you can mention your additional income and also state the sources.