State Bank of India is one of the largest banks in India that offers banking and financial products and services with its wide network of branches. As a government owned bank, they offer lowest home loan interest rates with almost minimum processing charges. SBI offers home loans for NRIs at the most flexible tenures for paying it back. These house loans are offered for buying, renovating, and extending the old property or home.
SBI NRI Home Loan Interest Rate 2020
|Interest Rate||7.95% onwards|
|Min. Age Criteria||18 years|
|Max. Age Criteria||60 years|
|Loan Tenure||Up to 30 years|
|Loan Amount||Up to 3 crore|
|Nationality||Non Resident Indians (NRIs) or Persons of Indian Origin (PIOs)|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Features of SBI NRI Home Loan
NRI Home Loan offered by SBI has a minimum turnaround time and this makes availing the loan a hassle-free process. A loan for a bigger amount can be availed through the mention of your partner’s income or by paying estimated value for collection of rent. These loans also come with advance payment options which charge no extra penalty. While taking NRI loans, you also become eligible for availing personal loans and education loans, if you have a good loan repayment record.
There is also a provision to reduce the EMI when interest rates witness a fall by 1%. No pre-payment penalty will be there, if borrower is closing the loan after half period of the original tenure. Charges on personal remittances and outstation cheques have a concession. Moreover, the borrowers can also purchase life insurance on comparatively less rates of premium. SBI also offers a free global ATM and debit card.
The moratorium period for availing a loan for a new house or flat is 18 months from disbursement date or 2 months after completing the tenure – whichever is earlier. In other cases, the moratorium period is 2 months after the last disbursement date. Also, if the borrower returns to India in between the tenure for repaying the loan, there is a provision for rescheduling the repayment obligations
SBI NRI Home Loan Eligibility
- The SBI home loan eligibility criteria for an NRI applicant is that he should be of 18 years and must be holding a valid Indian Passport.
- Apart from that, he must be having a visa which is relevant to his/her residence status and employment.
- There should be a stable source of income which is not less than USD 6000 per annum, or USD 500 per month.
- Also, he must be an employee who is working for at least two years in abroad. The repayment tenures can be calculated by using SBI NRI home loan calculator.
SBI NRI Home Loan Rates 2020
|Type of NRI Home Loan||Loan Amount||Interest Rate (per annum)|
|Women||Salaried||Above 3 Lakhs and up to 30 Lakhs||8.75-8.85%|
|Above 30 Lakhs & up to 75 Lakhs||8.90-9.00%|
|Above 75 Lakhs||9.00-9.10%|
|Non-salaried||Above 3 Lakhs and up to 30 Lakhs||8.90-9.00%|
|Above 30 Lakhs & up to 75 Lakhs||9.05-9.15%|
|Above 75 Lakhs||9.15-9.25%|
|Others||Salaried||Above 3 Lakhs and up to 30 Lakhs||8.80-9.00%|
|Above 30 Lakhs & up to 75 Lakhs||8.95-9.05%|
|Above 30 Lakhs & up to 75 Lakhs||9.05-9.15%|
|Non-salaried||Above 3 Lakhs and up to 30 Lakhs||8.95-9.05%|
|Above 30 Lakhs & up to 75 Lakhs||9.10-9.20%|
|Above 30 Lakhs & up to 75 Lakhs||9.20-9.30%|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. Also, GST and service tax shall be levied extra on the mentioned charges.
Fees and Other Charges
- The processing fees charged on availing these loans is at 0.35% of the loan amount which is at least Rs. 2000 and can go up to a maximum of Rs. 10000.
- The charges for the period of pre-sanctioning of loan include the fees charged by an advocate for searching the property and the charges for valuation of the report. Also, the charges after sanctioning of loan include the stamp duty that has to be paid for agreement and mortgage related services.
- The insurance premium on the property is also a part of such processing fee. Registration fee with CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest) is charged at Rs. 50 + GST charges on an amount up to Rs. 5 Lakhs and fee of Rs. 100 + GST charges on an amount which is more than 5 Lakhs.
Documents Required for SBI NRI Home Loan
- Employer Identity Card
- Attested copy of valid Passport and visa.
- Address proof mentioning the current overseas address
- Copy of Continuous Discharge Certificate (CDC) – for applicants employed in the merchant navy.
- PIO Card issued by Government of India. (in case of PIOs)
- The attestation of documents may be done by FOs/Rep. Offices or Indian Embassy/Consulate or Overseas Notary Public or officials of Branch/Sourcing outfits based in India.
- Loan Application: Completed loan application form duly filled with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Bank account details for the previous 6 months overseas account showing salary and savings and Indian account if any.
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Permission for construction (where applicable)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (in case of ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller.
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor
- Valid Work Permit
- Employment contract – an English translation duly attested by employer/ consulate / our foreign office / Embassy in case it is in any other language
- Last three months’ salary certificate/slip
- Last six months’ Bank Statement showing salary credit
- Latest salary certificate /slip in original and copy of identity card issued by the current employer
- Duly acknowledged copy of last year Individual Tax Return except for NRIs/PIOs located in Middle East countries and employees in the Merchant Navy.
Income Proof for Non-Salaried Applicant / Co-applicant / Guarantor
- Business address proof
- Proof of income in case of self-employed professionals/businessmen.
- Last 2 years Audited/ A. certified Balance Sheet and P&L accounts,
- Individual Tax Return except for NRI/PIO located in Middle east countries for Last 2 years.
- Last six months’ Bank Statement of overseas account in the name of individual as well as company/unit.
How to Apply SBI Home Loans for NRIs?
Interested customers can apply for SBI NRI Home loan online with paisabazaar.com. Applicants also have the option to check their loan EMI with the help of online tool offered by paisabazaar.com. Applicants just need to adjust the sliders and have to enter just the desired loan amount, loan tenure and interest rate as per your preference. Afterwards they need to fill the loan application form and submit it online.