In today’s world, people have grown custom to luxury and man-made or artificial needs. Often to fulfill these needs and luxuries a person takes the help of banks. This help is in the form of loans. A loan is a financial scheme where a borrower requests a sum of money from a reliable lender and gets bound in an agreement, to return the borrowed loan amount in the given period. Loans are of two types secured and unsecured. Secured loans are where the borrower is expected to pledge an asset as a sense of security. This does not happen in unsecured loans. The collateral can be shares or even gold articles. Loans are further categorized into different types, Home loans, Personal loans, Car Loans and Gold Loans.
Home loans are the type of loans that are issued when the borrower provides the property or the property to be purchased as collateral. Thus making this loan scheme, a secured type.
Home loans provide an interest rate of a minimum of 6.25%. Several banks offer great deals on home loans. The State Bank of India is one such institute. Known for its great benefits and interest rates, both online and offline. This bank like every other lender has an eligibility calculator available online. The SBI home loan eligibility calculator is an online tool that helps you calculate the exact loan amount and related EMI. It is of great help, as the borrower no longer has to deal with last-minute changes. To provide further help, in this article, we will discuss the working algorithm of the Home Loan Eligibility Calculator SBI bank.
Eligibility criteria for Home Loan – SBI
Before we understand how the SBI home loan eligibility calculator works let us first learn about the criteria that make you eligible to be able to apply for a home loan.
- Both Indian citizens and NRIs (Non-Resident India) can apply.
- The age limit is between 21 to 65 years. Age is an important factor when applying for a home loan.
- You can be an employee of any category, salaried, self-employed, public or private sector.
- You need to have a monthly salary of about 10 thousand if you are a salaried employee
- For self-employed, it is 2 Lakhs.
- Maintain a CIBIL score above 750 points.
- You need to be careful with your unpaid debts. The lender always checks your financial history. The late EMI payments can directly affect your eligibility.
- Your property worth is also an important factor that makes you eligible. The more the property is worth the more eligible you are.
How to calculate home loan eligibility in SBI
A home loan eligibility calculator is an online tool provided by the bank to help you understand how eligible you are. This calculator mainly is dependent on your income and your capacity to repay the lender on time. Other factors that determine your eligibility are Credit score, age and repayment history. The entire process is not difficult or lengthy. Here are the steps that you must follow.
- Visit the online website of the State Bank of India.
- Search for “Home Loan”
- Find the calculator next.
- Enter employment type
- The gross monthly income
- Current residential PIN code (if asked)
- And click on “Submit”.
After all of these steps, you will easily get to access the eligibility score for a stipulated home loan.
Benefits of SBI home loan
SBI is known for the offers and benefits it provides. It is one of the top leading banks that provide the best deals all the time They are the largest mortgage lender bank and have been successful. Given below are the benefits you will get to derive if you choose SBI bank for a home loan
- They grant you attractive and affordable interest rates. 8.15% as the starting home loan interest rate.
- Differential home loan schemes like Flexipay Home loan for younger salaried employees. Shaurya Home loan for those who belong to defence and Privilege Home loan options are available.
- The EMI amount range starts from Rs 744 per lakh.
- If you haven’t decided on your property, you can apply for Pre-approved Home loans. This is a great idea, as the bank then provides you with an estimated loan amount to help you narrow your property search.
- The bank provides you with complete transparency during the entire process.
Home loans are a great option if you are looking forward to buying your dream house while paying low-interest rates and flexible tenure. The SBI home loan interest rate starts at 6.70% p.a along with zero processing fees. The tenure is scheduled for 3 to 30 years. Here’s hoping that this article was helpful enough, clearing all of your doubts. Also, do make sure to check out the SBI home loan eligibility calculator available online and make a thoughtful decision accordingly.
