Buying a home is a dream for many families in India, and the State Bank of India (SBI) is one of the most trusted banks for home loans. With flexible repayment options, competitive interest rates, and longer tenure availability, SBI has become the go-to choice for homebuyers.
One common question among borrowers is: What should be the minimum salary to get an SBI home loan of ₹45 lakh, and how much EMI will they need to pay? Let’s break this down with complete details.
SBI Home Loan Eligibility for ₹45 Lakh Loan
SBI, like most banks, determines eligibility for home loans based on factors such as monthly income, credit score, age, and repayment capacity. The loan amount is directly linked to your income, as the bank typically expects the EMI not to exceed 40–50% of your net monthly income.
For a ₹45 lakh loan, the required salary will depend on the chosen tenure and prevailing interest rate. Currently, SBI home loan interest rates start from around 8.50% per annum (floating).
EMI Calculation for ₹45 Lakh SBI Home Loan
Let’s assume different tenures to calculate the EMI at an average 8.50% interest rate:
| Loan Amount | Tenure | Interest Rate | Approx. EMI | Minimum Net Monthly Salary Required* |
|---|---|---|---|---|
| ₹45,00,000 | 10 Years | 8.50% | ₹55,775 | ₹1,10,000 – ₹1,20,000 |
| ₹45,00,000 | 15 Years | 8.50% | ₹44,371 | ₹90,000 – ₹1,00,000 |
| ₹45,00,000 | 20 Years | 8.50% | ₹38,903 | ₹80,000 – ₹85,000 |
| ₹45,00,000 | 25 Years | 8.50% | ₹36,011 | ₹75,000 – ₹80,000 |
| ₹45,00,000 | 30 Years | 8.50% | ₹34,546 | ₹70,000 – ₹75,000 |
*Banks usually prefer that EMI does not exceed 40–50% of the applicant’s salary.
How Salary Impacts Eligibility
If your monthly salary is ₹80,000, you can afford an EMI of around ₹35,000–₹40,000 comfortably, which makes you eligible for a longer tenure of up to 25–30 years. On the other hand, if your salary is around ₹1.2 lakh, you can opt for shorter tenures and repay the loan much faster.
Apart from salary, your CIBIL score, existing EMIs, co-applicants, and age also play a crucial role in final approval.
Other Charges to Consider
While calculating affordability, one must not ignore additional charges such as:
- Processing fees (0.35% of the loan amount, subject to caps)
- Legal and technical evaluation fees
- Property insurance costs
These charges are generally one-time but should be factored into the overall cost of borrowing.
Conclusion
To avail an SBI home loan of ₹45 lakh, you will typically need a monthly salary of ₹70,000 to ₹1.2 lakh, depending on the repayment tenure you choose. The EMI can range between ₹34,000 to ₹56,000, which makes it essential to plan your finances carefully before applying. With SBI’s flexible tenure and competitive rates, buying your dream home can be made easier and stress-free.