What Are SBI Home Loan Interest Rates & Eligibility Criteria?

State Bank of India (SBI) is the largest public sector bank in the country and is one of the biggest and primary lenders of home loans. SBI is known for providing the best interest rates in the competitive market. SBI Home Loan interest rate is acceptable throughout the country. SBI home loans are the largest mortgage lender in India, which has helped lakhs of families to achieve the dream of owning a home. SBI Home loan process includes processing, sanctioning, and documentation.

SBI Home Loan Interest Rates

SBI provides a wide range of interest rates on different products of home loans. The current home loan interest rate of SBI is 7.90% per annum.

Eligibility criteria

The State Bank of India has outlined different eligibility factors for availing a home loan which is mentioned below: 

Resident Type

All the residents of India can apply for a home loan. To meet the requirements of different people, SBI home loans offer various schemes to suit their needs. Persons of Indian origin and Non-Resident Indians can also avail of SBI Home loan schemes. Different eligibility criteria are set for different home loans. 


Age is considered important while determining the eligibility of a candidate for a home loan. It is an important factor that has to be taken into consideration while processing a home loan. The repayment tenure can be longer when the age of the applicant is lower. An applicant for the SBI Home loan must be 18 years old. Also, the maximum age for an SBI Home loan applicant should not be more than 75 years.

Net Income 

The amount of loan one can avail is strongly determined by this factor. The amount sanctioned by the banks is directly proportional to the net income of the individual. An individual’s monthly income helps the bank to get an idea of the borrower’s loan serving capacity. Both salaried and self-employed people can apply for the SBI Home loan. However, while applying for a home loan under SBI, one must meet the minimum income criteria set by the bank. 

Nature of employment

Before providing a home loan, the bank will check whether the borrower is salaried or self-employed. The bank will also do a background check of the company and the sector in which the applicant is working. SBI has set the criteria of work experience for the salaried class to a minimum of two years. The criteria for the self-employed people are a minimum of 5 years. The bank checks the income stability of the borrower before providing them with the desired amount.

Credit Score

SBI checks the credit score of the borrower, including their repayment record. A good CIBIL score will help the individual to have more options on the repayment of the loan amount and its tenure. It also enables the bank to rely on the borrower, if the credit history shows good performance. However, with a low CIBIL score, it will become challenging to claim the SBI Home loan.

Property Value

Loan to Value ratio is the proportion of the property value that the lender can finance through a loan. The lower the loan to value ratio, the better the interest rates and other terms on the home loan will be. 

Loan AmountMaximum LTV RatioMargin
Above Rs. 75 lakh75%25%
Rs 30 lakh to Rs. 75 lakh80%20%
Up to Rs. 30 lakh90%10%


The repayment capacity increases when a co-applicant is added. This increases the eligibility for home loans. The co-applicant who is added must have a good CIBIL record along with a handsome and stable income.

Anyone can apply for the loan, provided they meet the Sbi home loan eligibility criteria. The bank also goes through the details of the borrower, and once the borrower meets the requirements, the bank approves the loan.

Leave a Reply

Your email address will not be published. Required fields are marked *