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  • SBI NRI Home Loan

    Having a house of your own is like a dream come true. However, due to work or business, you may have to shift to a different country, and purchasing a house in your own land may seem like a distant affair.

    SBI has come up with a scheme, SBI NRI Home Loan, that lets you buy a house in your own country even if you are living overseas. Designed for Non-resident Indians (NRIs), the housing finance scheme comes with long repayment tenure, competitive rates, and a hassle-free documentation process.

    Interest Rates for the Salaried and Self-employed

    Description Salaried Self-employed
    NRI Home Loan Interest Rates
    • 6.75% p.a. to 7.10% p.a.(for salaried women)
    • 6.80% p.a. to 7.15% p.a. (for salaried men)
    • 6.90% p.a. to 7.25% p.a. (for non-salaried women)
    • 6.95% p.a. to 7.30% p.a. (for non-salaried men)
    Loan Tenure Up to 30 years Up to 30 years
    Loan Amount As per SBI’s discretion As per SBI’s discretion
    Processing Fees 0.40% of the loan amount plus applicable GST 0.35% of the loan amount plus applicable GST

    *Plus Applicable Tax

    SBI Home Loan Festive Offer

    State Bank of India (SBI) has rolled out a limited period festive season offer. During this period, the bank will be offering Credit Score linked home loans starting at an interest rate of 6.70% p.a. During the festive offer, the bank will also offer incentives for non-salaried borrowers. The benefit of a processing fee waiver will also be offered to the borrowers on their loans during this offer period. This offer will be valid for all borrowers irrespective of the loan amount that they borrow.

    Additional Fees and Charges

    CERSAI Registration Fee 
    • Rs.50 + GST for loans up to Rs.5 lakh 
    • Rs.100 + GST for loans above Rs.5 lakh 

    CERSAI = Central Registry of Securitisation Asset Reconstruction and Security Interest

    Eligibility Criteria

    • Resident type: Non-resident Indians and Persons of Indian Origin (PIOs)
    • Age: Minimum age of 18 years and maximum of 60 years
    • Employment type: Salaried and non-salaried

    Documents Required for the Salaried and Self-employed

    Required proofs Acceptable documents
    Proof of identity
    • Employer’s ID card
    • Attested copy of passport and Visa
    • Address proof (overseas)
    • Identity proof
    • Indian residential address proof
    • Property-related documents
    • Latest bank account statements
    • Loan account statement for the last 1 year (if applicable)
    Income proof for the salaried
    • Work permit proof
    • Last 3 months’ salary slips
    • Last 6 months’ bank statements
    • Employment contract letter
    • Copy of Income Tax Return except for those living in the Middle East
    Income proof for the self-employed/non-salaried
    • Last 2 years’ profit and loss accounts audited and certified by C.A. (Chartered Accountant)
    • Last 2 years’ Income Tax Returns except for those living in the Middle East
    • Business address proof
    • Last 6 months’ individual and company-related bank statements

    Features of SBI NRI Home Loan

    • Rates starting from 6.75% p.a.
    • No hidden charges
    • Low processing fee
    • Up to 30 years of repayment tenure
    • Overdraft facility available
    • Low interest rate for women applicants
    • Interest charges on daily reducing balance

    FAQs on SBI NRI Home Loan

    1. What’s the mode of repayment?

      You can repay the amount through the usual banking channels that are permitted by RBI (Reserve Bank of India). Accounts like NRO, NRE, NRNR, and FCNR are generally used to repay the loan amount from abroad.

    2. Can I add a co-applicant while applying?

      Yes, you need to have a co-applicant to apply for the loan. However, SBI will verify the co-applicant’s documents and personal details before sanctioning the loan. Also, adding a woman co-applicant will help you save on the interest. SBI offers special concessions on interest rates for women.

    3. Are there any additional tax benefits for NRIs?

      No. Tax benefits can be claimed only if you have filed your Income Tax Returns properly and are eligible to get exemptions.

    4. Do I need RBI’s approval to buy an immovable property in India?

      No, you don’t need RBI’s approval provided the property is commercial or residential in nature.

    5. Being an NRI, can I sell a home or land without the permission of RBI?

      Yes, as per the rules and regulations set by RBI, you can sell a home or land without RBI’s permission. However, note that if an NRI or PIO purchases the property, the funds should be either remitted to India or paid through non-resident accounts maintained with the banks in India.


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