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.

Purpose of NRI Home Loan:

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.

Features and Benefits of the SBI NRI Home Loan:

• Stress-free and integrated meting out of loan with the least turnaround time.
• Absolute transparency with no veiled charges.
• Rebates on fees for personal fund transactions and outstation cheques.
• You can apply for a bigger loan by mentioning your partner’s income or by putting down expected rent collection.
• There shall be no penalty for advance payment.
• You also get a unique chance to get personal loans, education loans with nominal red tapism if you maintain a decent repayment track record.
• You can also avail life insurance from SBI Life at reduced premium rates.
• You get a free global ATM cum Debit Card.
• SBI boasts of a committed network of NRI offices, Special Housing Finance Branches, Intensive Housing Finance Branches & Home Loan Outbound Sales Force that caters solely to SBI NRI Home Loan applicants.

Loan Amount:

• Minimum Loan Sum: INR. 3 lakhs
• Maximum Loan Sum: No upper limit

• The applicant should be of at least age 18 years.
• The applicant should have a valid Indian Passport as well as the relevant employment and resident visa.
• The applicant should have a stable source of earnings (not less than USD 500 per month or USD 6000 per year).
• He/ she should have been working overseas for at least two years.

FAQs about SBI NRI Home Loan:

1. What are the income papers I should submit?

   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.

2. Is processing fee charged for SBI NRI Home Loan?

   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.

3. What are repayment modes available?

   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.

4. What is the maximum repayment tenure I can opt for?

   You can take up to 30 years to pay back the loan.

5. What if I am no longer an NRI?

   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.