SBI NRI Home Loan

SBI NRI Home Loans allows Non-Resident Indians to get closer to home.

SBI NRI Mortgage Allowance allows most NRIs (Non-Indigenous Indians) to get home loans while investing in real estate. With wealth, it makes sense to buy a building through a mortgage rather than through your own money especially if you can put your own money somewhere in a better return.

Features

• Low-Interest Rates
• Low Processing Fee
• No Hidden Charges
• No Prepayment Penalty
• Interest charges on Daily Reducing Balance
• Repayment up to 30 years
• Home Loan Available as Overdraft
• Interest Concession for Women Borrowers

Eligibility

· Resident Type: Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs)

· Minimum Age: 18 years

· Maximum Age: 60 years

· Loan Tenure: up to 30 years.

· Loan Amount:

Interest Rates and Fees

Fees

Consolidated Processing Fee:
0.40% of the total debt plus the applicable GST under Rs 10000 / — and a total of Rs 30000 / — and GST. Thus, for Builder Tie-Up cases where split TIR and Inspection is not required: 0.40% of the loan amount corresponds to a maximum refund of Rs 10000 / — plus applicable tax. And, in the unlikely event that TIR and Valuation are required then the normal tax as mentioned above will apply.

Post-sanction**

• Stamp duty payable for Loan agreement & mortgage.
• Property insurance premium.
• CERSAI Registration Fee of Rs 50 + GST up to Rs 5 Lakh limit; and Rs 100 + GST for limits above Rs 5 Lakh.

· *Interest rate will vary as per the risk score of the customer

· ** Based on LTV of the Customer

Documents Required

List of papers/ documents applicable to all applicants:

• 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 the 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 (Anyone): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Anyone): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

• 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, the 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

Account Statement:

• 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

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/C.A. certified Balance Sheet and P&L accounts,
• Last 2 years Individual Tax Return except for NRI/PIO located in Middle East countries
• Last six months’ Bank Statement of overseas account in the name of the individual as well as the company/unit.