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In Home Loans  -  Asked by SACHIN -  6 years ago
Answers (2)
Answer 1.

Purchase/ Construction of House/ Flat

Purchase of a plot of land for construction of House

Extension/ repair/ renovation/ alteration of an existing House/ Flat

Purchase of Furnishings and Consumer Durables as a part of the project cost.
For more details log on to sbi home loans site

Takeover of an existing loan from other Banks/ Housing Finance Companies.


Minimum age 18 years as on the date of sanction

Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.

Availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Loan Amount
ā€¢ 40 to 60 times of NMI, depending on repayment capacity as % of NMI as under -
Net Annual Income EMI/NMI Ratio
Upto Rs.2 lacs 40%
Above Rs.2 lac to Rs. 5 lacs 50%
Above Rs. 5 lacs 55%
To enhance loan eligibility you have option to add:

1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3. Depreciation, subject to some conditions.
4. Regular income from all sources.

Purchase/ Construction of a new House/ Flat/ Plot of land:
20% for loans up to Rs.30 Lacs,
20% for loans above Rs.30 lacs and upto Rs.75 lacs.
25% for loans above Rs.75 lacs.
(w.e.f. 01.01.2009)
6 years ago - By John Solomon T.
Answer 2.
Good Day!,

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of financial assistance. Do you have a bad credit or you are in need of
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6 years ago - By Mr.Alexander White
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