5 factors that affect your SBI home loan eligibility

SBi home loan eligibility

The State Bank of India has been offering loans of every type, and it has been the most reliable bank for providing loans. One of the types of loans that SBI offers is the home loan. The SBI home loan rate is one of the most reasonable offer among all the other banks’ home loan rates. But, certain requirements or criteria can influence whether one can take that loan or not. And it is essential to know about those requirements.

The home loans have to be paid back to the bank with a certain interest rate as well. And you have to be eligible enough to apply as well as pay back the home loan you borrow from the bank. So, in the following discussion, we will discuss the five factors that can affect your SBI home loan eligibility.

Your income

According to the SBI home loan eligibility calculator, your income is one of the most influential factors determining your eligibility for applying for the SBI home loan. The amount of home loan that the bank will sanction for you depends on how much your annual income is. It is because then the bank gets an assurance and an estimate about the return of the home loan in time and without any hassle. Therefore, your annual income will determine how much loan the bank can offer you.

Credit score

The credit score is more like an additional or bonus factor that can benefit you when you want to apply for a home loan. The credit score determines how eligible or capable the borrower is to repay the borrowed loan in time. This factor is also a guarantee and a token of assurance for the bank that they would get back the loan within the stipulated time they provide to the borrowers. Thus, the more your credit score is, the better are your chances to reflect better in the SBI home loan eligibility calculator. Consequently, helping you get the SBI home loan effortlessly.

Stability of Employment

If you do not have a stable income, it can greatly affect your chances and eligibility to receive an SBI home loan. If you are not earning in a stable manner or your job security is not guaranteed, that reflects your possibility of being unable to pay back the loan in time. So, the more stable your job is, the better it gets to applying for and receiving a home loan from the bank. This factor can also be called the aspect of your employment status. The better your status, the better it is for your eligibility criteria for receiving the home loan. This factor is definitely not favored by the banks.

Pre-existing debt statuses

If you have any pre-existing debts that you have not completed paying back, it can affect your eligibility for getting a SBI home loan. More precisely, if you have been unable to pay back your EMIs in time, it will affect your eligibility for getting a home loan from the bank. Your pattern of borrowing money is recorded and analyzed by the CIBIL and is reported to the lender. So, you must ensure that your debt history is well taken care of by you.


Age is a crucial factor in applying for and getting a SBI home loan. It is because your age will determine the structure of repaying the loan, which will include how much EMI will be levied on the loan and what will be the time for paying back the loan.

The best age is when you are young, which, more accurately, is between the mid-20s to the early 30s. In the later years of life, the sum to be paid each month increases and at the same time, the time for paying back the rent also decreases.

These are the different factors that can affect your eligibility for claiming for SBI home loan. So, if you want to apply for an SBI home loan, ensure to apply at the best SBI home loan rate and try to satisfy the above five factors for being optimally eligible for an SBI home loan.