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  • SBI NRI Home Loan

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  • 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 hassle-free documentation process.

    Interest Rates for the Salaried and Self-employed

    Description Salaried Self-employed
    NRI Home Loan Interest Rates
    • 8.60% - 9.05% p.a. (for women)
    • 8.65% - 9.20% p.a. (overdraft for women)
    • 8.65% - 9.10% p.a. (others)
    • 8.70% - 9.25% p.a. (overdraft for others)
    • 8.75% - 9.20% p.a. (women)
    • 8.85% - 9.40% p.a.(overdraft for women)
    • 8.80% - 9.30% p.a. (others)
    • 8.90% - 9.45% p.a. (overdraft for others)
    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 0.35% of the loan amount

    *Plus Applicable Tax

    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 Return 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 8.60% p.a.
    • No hidden charges
    • Low processing fee
    • Up to 30 years of repayment tenure
    • Overdraft facility available
    • Low interest rate for women applicants
    • No prepayment penalty charges

    FAQ’s

    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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    SBI NRI Home Loan Reviews

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