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 housing finance scheme comes with long repayment tenure, competitive rates, and a 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 | 0.40% of the loan amount plus applicable GST | 0.35% of the loan amount plus applicable GST |
*Plus Applicable Tax
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.
| CERSAI Registration Fee |
|
CERSAI = Central Registry of Securitisation Asset Reconstruction and Security Interest
| Required proofs | Acceptable documents |
|---|---|
| Proof of identity |
|
| Income proof for the salaried |
|
| Income proof for the self-employed/non-salaried |
|
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.
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.
No. Tax benefits can be claimed only if you have filed your Income Tax Returns properly and are eligible to get exemptions.
No, you don’t need RBI’s approval provided the property is commercial or residential in nature.
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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
