Having a house to call one’s own in one’s own country- NRI folks spend a major chunk of their lives chasing this dream. Distance was a major hindrance in spite of a gamut of housing loan schemes offered by public and private bank alike. While the matter at hand has ginned up discussion on the same and attracted attention to a horde of other issues faced by NRIs when applying for a loan, it is a trivial front in the general affordability conflicts. It is not the case anymore. NRI home loans are now encouraged as investments back home- a way to ensure that monies made abroad are sailed back to the country.
The SBI NRI home loan presents you with reasonable interest rates and flexible repayment tenure. Plus, the loan could be availed at an area where you wish to build your home. This is but, just the tip of an iceberg. If you want more information, BankBazaar.com will tell you everything you want to know about SBI NRI Housing Loan. The game begins as you open an SBI account.
Non Resident Indians (NRI) and Persons of Indian Origin (PIO) can apply for SBI NRI Home Loans to buy a new house, renovate or extend the old house, purchase property and/or furnish the house.
| Purpose | Amount | Percentage of Disbursement (For both finished & under construction) |
|---|---|---|
| To buy house | Up to INR 20 lakhs Between INR 20 to 75 lakhs More than INR 75 lakhs |
90 percent 80 percent 75 percent |
| Repair & renovation | Up to INR 10 lakhs | |
| To buy land | Up to INR 20 lakhs | |
| To furnish house | Up to INR 3 lakhs |
| LOAN SUM | RATES OF INTEREST (FLOATING) |
|---|---|
| Up to INR 75 lakhs | 9.85 percent per annum to 9.90 percent per annum |
| More than INR 75 lakhs | 9.85 percent per annum to 9.90 percent per annum |
A duplicate copy of the job contract attested by your company owner and a consulate representative is the most important document. The most recent salary slips (duly attested by Indian Embassy/ SBI Branch/ Exchange Firms overseas accepted by SBI) are other required income documents.
Yes, SBI levies a nominal processing fee of .25 percent of the loan or INR 1000 for loans below INR 25 lakhs. For amount between INR 25 to 75 lakhs, it is INR 6500 and for amount above INR 75 lakhs, you will be charged INR 10,000.
You can pay back in EMIs by remitting the money directly from abroad via any banking channels such as NRE / FCNR (B) / NRO accounts. A family member can also pay on your behalf.
You can take up to 30 years to pay back the loan.
If you have decided to stop working abroad and come back, there is a shift in the NRI status to resident. You can visit your nearest SBI office and rework it accordingly by submitting the changed income details and the rest.
In short SBI is quite liberal and generous when it comes to lending to NRIs.
GST Rate of 18% Applicable for All Financial Services Effective July 1, 2017.
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