Please Note: SBI is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
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 the 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 the estimated value for the collection of rent. These loans also come with advance payment options that 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 the 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 at 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 the 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 that 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/she must be an employee who has worked at least two years abroad. The repayment tenures can be calculated by using the SBI NRI home loan calculator.
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 the 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 the 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 a 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 a fee of Rs. 100 + GST charges on an amount which is more than 5 Lakhs.
SBI NRI Home Loan Interest Rate
|Up to Rs 30 Lacs||EBR + 35 bps|
(ER: Effective Rate)
|EBR + 70 bps|
|Above Rs 30 Lacs to Rs 75 Lacs||EBR + 60 bps|
|EBR + 95 bps|
|Above Rs 75 Lacs||EBR + 70 bps|
|EBR + 105bps|
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 the 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 the individual as well as company/unit.
How to Apply SBI Home Loans for NRIs?
Interested customers can apply for an SBI NRI Home loan online with paisabazaar.com. Applicants also have the option to check their loan EMI with the help of an 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.