A "low interest" loan shouldn't mean you have very little interest in paying it back!
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 financing scheme comes with long repayment tenure, competitive rates, and hassle-free documentation process.
| Description | Salaried | Self-employed |
| NRI Home Loan Interest Rates |
|
|
| Loan Tenure | Up to 30 years | Up to 30 years |
| Loan Amount | As per SBI’s discretion | As per SBI’s discretion |
| Processing Fees | 0.35% of the loan amount + applicable tax | 0.35% of the loan amount + applicable tax |
| CERSAI Registration Fee |
|
CERSAI = Central Registry of Securitisation Asset Reconstruction and Security Interest
GST = Goods and Services Tax
| Required proofs | Acceptable documents |
|---|---|
| Proof of identity |
|
| Income proof for the salaried |
|
| Income proof for the self-employed/non-salaried |
|
1. 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.
2. 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.
3. 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.
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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