Assessing SBI Home Loan Eligibility - Based on Your Salary & Employment Status
Assessing SBI Home Loan Eligibility – Based on Your Salary & Employment Status
With ever-increasing prices of residential properties, the dream of becoming a home-owner has become difficult to realise. Being a salaried individual, you try to minimize your expenses and save as much as towards your housing dream. No matter how hard you try, you may find yourself always trying to catch up with the increasing prices of properties. As a result, a Home Loan becomes quite a necessity to realise this dream.
Home loans are offered by several financial institutions in India, and you can choose from amongst them as per your preferences. One of the most popular options amongst salaried individuals is SBI Home Loan.
SBI Home Loan
State Bank of India or SBI is a leading public sector bank of India. It offers a wide range of financial products to its customers, SBI Home Loan being one of them. SBI provides a wide range of Home Loans for its customers with different features. So, you can easily choose the most suitable option according to your requirements. You can Apply for SBI Home Loan to purchase a new residential plot, a ready to move in flat, an under-construction flat or for construction the house.
Benefits of SBI Home Loan
The major reason behind the rising popularity of SBI Home Loans amongst salaried applicants is the various benefits that are on offer. If you are also considering applying for an SBI Home Loan, then you must have a look at the desired features and benefits:
1. Reliability: SBI is one of the oldest public sector financial institutions of India with a pan-India presence. It is also regarded as one of the most trustworthy banks of India that follows customer-friendly policies. Being a public sector bank, SBI enjoys great trust from its customers. You are assured of customer-friendly terms and conditions against SBI Home Loans.
2. Best Interest rates: Rate of interest charged against SBI Home Loan is amongst the lowest in the market. At present, the interest rates against SBI Home Loans start from 8.50%, allowing you to enjoy lower EMIs for repayments.
3. No Hidden Charges: You do not have to bear the burden of hidden charges with SBI Home Loans. All the applicable charges are mentioned in the loan agreement explicitly. The processing charges levied are also minimal.
4. Fast Processing: SBI Home Loan applications are processed in quick time and that too after proper due diligence. This allows you to purchase your home in quick time and that too, with the assurance of exhaustive background checks by their legal team.
5. No foreclosure charges: Whenever you are in a position to foreclose your SBI Home Loan, you can do so without worrying about the foreclosure charges. This option helps you to save on your interest expenses and make your property free from any future encumbrances.
6. High LTV: SBI offers one of the highest LTC (Loan to Value Ratio) for Home Loan applications. It offers up to 90% finance against the price of the property to eligible customers.
SBI Home Loan Eligibility for Salaried Individuals
If you are a salaried individual and are thinking of applying for a Home Loan with SBI, then you must understand the SBI Home Loan Eligibility criteria completely. Knowing the SBI Home loan eligibility criteria for salaried individuals will help you understand the exact requirements and thus boost the chances of approval of your loan application.
These are major aspects of the SBI Home Loan eligibility criteria that are followed by the bank. Following is a detailed analysis of major factors that are considered by the bank to establish your SBI Home Loan eligibility.
1. CIBIL Score: Your CIBIL Score demonstrates your background as a responsible borrower. To get the best interest rates and highest eligibility amounts, your CIBIL score should be 750 or more. Applications are accepted from applicants with CIBIL score of 650 or more, but the approvals require stricter parameters.
2. Salary and job stability: In order to be eligible for an SBI Home Loan, you should be drawing a salary of Rs. 25,000 per month or above. Additionally, you must demonstrate job stability. There are no specified guidelines for this, but you must be working in your present job for at least one year.
3. Amount applied: Your application might be rejected even if you fulfil other eligibility criteria but fail to fulfil the EMI to salary balance ratio. This implies that no more than 65% of your salary will be considered towards EMI repayment.
4. Clear Title: The property that you want to buy with the SBI Home Loan should have a clear title. Any legal disputes or unclear title will lead to rejection of the Home Loan application.
5. Approved Employer: - The company or institution that you are working for must be in the approved list of SBI. If it is blacklisted by the bank, your job is not considered secure, and your application will be rejected.
6. Existing credit exposure: If you already have multiple running loans and high credit Card Utilisation Ratio, it is considered as excessive credit exposure and leads to rejection of the loan application.
7. Hunger for credit: If you have applied for multiple loans in the recent past, it will reflect your dependency on credit, which is not viewed favourably by SBI.
8. Co-applicant: If you have a co-applicant on board, make sure that he/she has a good CIBIL score and earns a stable income.
You must optimize your profile based on SBI Home Loan eligibility criteria for salaried applicants before applying for an SBI Home Loan. This will significantly boost the chances of your Home Loan application being approved.
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