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How to calculate mortgage loan eligibility?

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0 2023-10-11T08:52:41+00:00
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The mortgage loan criteria vary from one bank to another. I have availed of loans from SBI so I can share their criteria here. Most of the banks have the same set of criteria but it would be better if you tally these again with your respective bank. So let me share its criteria and also how to check mortgage eligibility.

What is SBI’s Mortgage Loan Eligibility Criteria?

To get mortgage loan in SBI, 

  • The applicant must have a monthly income of Rs 25,000 or Rs 3 lakhs per annum

  • Regular income from all sources will be considered (if only the bank officials appove of them)

  • The applicant’s income and the income of spouse/children/ parents/siblings may also be considered for arriving at maximum loan amount, provided they are joining the loan as a co-borrower/guarantor. 

How to Check Eligibility for Mortgage?

To check the eligibility of mortage for SBI, you can visit their official portal and get it. The website you can also follow is:

https://homeloans.sbi/calculators

But let me share how to calculate mortgage eligibility with an example:

Mortgage eligibility is calculated based on several factors, including your income, monthly expenses, and the lender's policies. Lenders generally consider your Gross Monthly Income (GMI) and your Fixed Obligation to Income Ratio (FOIR).

If you have an account with SBI, you can read the details about it here:

https://sbi.co.in/web/personal-banking/loans/loans-against-property/loan-against-mortgage-of-immovable-property#:~:text=Minimum%20Net%20Monthly%20Income%20of,this%20regard%20will%20be%20followed

 Avail home loan through NoBroker and get maximum funding

Read More:

What is Mortgage by Conditional Sale? What is simple mortgage? What is Usufructuary Mortgage? What is anomalous mortgage?

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0 2022-03-15T18:51:34+00:00
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I have availed a home loan before so I can tell you about the mortgage loan eligibility. You should know that the home loan eligibility criteria have common parameters across every bank and NBFC. However, there can be some criteria that are applicable for each lender as per their needs. According to the general criteria:
  • You should be a minimum of eighteen years old
  • You should be an Indian national
  • You should have been involved in your business or employed by your current company for a certain number of years
  • Your CIBIL score is required to be at least 650
  • You should have the monthly repaying capacity or minimum required salary
  • You should have timely paid EMIs for other loans and credit card payments for 3 months before the submission of the loan application
  • You should have all the required property documents like sale deed, property tax receipt, etc.
Banks generally provide maximum loan tenure of up to 20 years at LTV of 1% to 80%. How to Calculate Mortgage Loan Eligibility Mortgage loan eligibility is calculated based on the value of the property, Salary, LTV, CIBIL, and other obligations. Read this example to understand this better: Example – Pourush is 30 years old and wants to take a loan to expand his business. He is looking to mortgage his commercial property costing Rs. 60 lacs (market value). His monthly net income is Rs. 50000 and doesn’t have any other fixed obligations. Banks will calculate Mr. Pourush’s loan amount eligibility based on his net income, age, and his fixed expenses obligations as a percent of his net income. Based on the eligibility calculation, several banks can offer different interest rates to Mr. Pourush with different EMIs. He should pick the bank that offers the highest loan amount eligibility with the lowest EMI and lowest interest rate. Mortgage Eligibility
Bank Interest Rate Loan Amount Eligibility
SBI 8.05 percent Rs. 48.45 lacs for 15 years
HDFC 8.75 percent Rs. 44.57 lacs for 15 years
ICICI Bank 8.35 percent Rs. 46.71 lacs for 15 years
Axis Bank 8.75 percent Rs. 44.57 lacs for 15 years
PNB Housing Finance 8.75 percent Rs. 44.57 Lak lacs h for 20 years
You must remember loan amount eligibility differs from bank to bank. This is why it’s important to compare the eligibility terms and interest rates of different banks before making the final decision. You can calculate the mortgage loan eligibility of different banks by visiting their official website. Check Whether You are Eligible for NoBroker’s Home Loan Here! Read more: What are the Bank mortgage charges? What are the different kinds of mortgage in property law? I hope now you know how to calculate mortgage loan eligibility.

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