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The SBI home loan for NRIs is a housing finance scheme provided by the State Bank of India (SBI) for Non-Resident Indians (NRIs). Eligible candidates can borrow up to Rs.30 lakh, with a Loan-to-Value (LTV) ratio of 90% on the property price. For loan amounts exceeding Rs.30 lakh, the maximum permissible LTV ratio is 75 to 80%. Moreover, the secured loan can be used for various housing-related purposes, such as constructing/purchasing a new home or renovating/extending an existing one. The bank also allows funds to be used for residential property investment, catering to a wide range of customers. Borrowers enjoy features such as lower interest rates, minimal documentation, digital applications, quick fund disbursement, and more. Scroll down to learn more about this NRI housing loan with SBI.
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Table of Content
Feature & Benefits of SBI NRI Home Loan
Let’s take a look at the following features and benefits you can expect from an SBI home loan for NRI:
- Low interest rates
- Long repayment tenure
- No pre-payment penalty
- Available overdraft facility
- Interest calculation on daily reducing balance
- Interest concession for women borrowers
Purpose of SBI NRI Home Loan
You can apply for the NRI housing loan from SBI for the following purposes:
- To purchase a residential plot
- To purchase a ready-made home
- To construct a new home
- To renovate/upgrade your existing home
- To invest in residential property
SBI NRI Home Loan Interest Rates
Let’s examine the SBI NRI home loan interest rate and other key parameters you might be aware of before initiating your loan application.
Noun | Parameter |
Interest Rates | 8.60% p.a. onwards |
Loan Amount | 75 to 90% of the property value |
Loan Tenure | Up to 30 years |
Eligibility | Either a Non-Resident Indian (NRI) or a person of Indian Origin (PIO). |
SBI NRI Home Loan Documents Required
The following are the required documents for SBI home loan for NRI:
- Proof of Identity: PAN, Passport, Driver’s License, or Voter ID card.
- Proof of Address: Utility Bill, Aadhar Card, Passport, or Driver’s License.
- Proof of Profile: Employer Identity Card, Passport, Visa, and Address proof mentioning the current overseas address.
- Proof of Income: Last 3 months’ pay slip, last 1-year Individual Tax Return, and last 6 months’ overseas account showing salary and savings, and Indian account, if any.
- Proof of Property: A copy of the approved plan (Xerox Blueprint), the registered development agreement with the builder, the conveyance deed (for new property), and payment receipts or bank account statements reflecting all payments made to the builder/seller are required.
SBI NRI Home Loan Eligibility Criteria
The SBI home loan documents for NRIs are as follows:
- The applicant must be either a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO).
- The applicants must be aged between 18 to 60 years old.
- The applicant must have a stable source of income that covers the loan EMIs.
- The applicant must have a good credit score and credit history.
Fees and Charges for SBI NRI Home Loan
Let’s take a look at the applicable fees and charges of an NRI housing loan SBI:
Fee/Charge | Amount |
Processing Fee | Rs 6,500 + GST |
Prepayment Charges | Nil (for both fixed and Floating rate of interest) |
Late Payment Charges | Rs. 500 + GST |
Cheque Bounce Charges | Rs. 225 + GST |
Cheque Swap Charges | Rs. 225 + GST |
Duplicate Statement Issuance Charges | Rs. 100 + GST. |
Duplicate Amortisation Schedule Issuance Charges | Rs. 200 + GST. |
Duplicate Interest Certificate Issuance Charges | Rs. 100 + GST. |
Loan Conversion Charges/Switching Fee | 0.50% of the outstanding loan amount + GST |
Legal Fee | As per actuals |
Valuation Fee | As per actuals |
Tax Benefits of SBI NRI Home Loans
Following are the tax benefits you can expect from an SBI home loan for NRIs:
- Section 80C: Get a deduction of up to Rs. 1.5 lakh per annum on the principal amount you paid
- Section 24(b): Get a deduction of up to Rs. 2 lakh per annum on the interest amount you paid
Frequently Asked Questions (FAQs)
What is the minimum salary for an SBI NRI home loan?
To be eligible for an SBI NRI home loan, you require a minimum annual salary of $6,000 or $500 per month.
What is the maximum amount for an SBI NRI home loan?
You can secure a loan amount of up to Rs. 30 crore, based on your property value and creditworthiness.
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Bank Wise Home Loan Interest Rate
- Reliance Capital Home Loan Interest Rate
- DCB Bank Home Loan Interest Rate
- YES Bank Home Loan Interest Rate
- RBL Bank Home Loan Interest Rate
- ICICI Bank Home Loan Interest Rate
- Federal Bank Home Loan Interest Rate
- IDFC FIRST Bank Home Loan Interest Rate
- Deutsche Bank Home Loan Interest Rate
- HDFC Bank Home Loan Interest Rate
- Axis Bank Home Loan Interest Rate
- Kotak Bank Home Loan Interest Rate
- Housing Development Finance Corporation Home Loan Interest Rate
- IndusInd Bank Home Loan Interest Rate
- karnataka bank Home Loan Interest Rate
- LIC Housing Finance Home Loan Interest Rate
- IDBI Bank Home Loan Interest Rate
- HSBC Home Loan Interest Rate
- CITI Bank Home Loan Interest Rate
- HDFC Sales Home Loan Interest Rate
- Punjab & Sind Bank Home Loan Interest Rate
- Canara Bank Home Loan Interest Rate
- Bank of Baroda Home Loan Interest Rate
- State Bank of India Home Loan Interest Rate
- Punjab National Bank Home Loan Interest Rate
- Indian bank Home Loan Interest Rate
- Bank of India Home Loan Interest Rate
- Union Bank of India Home Loan Interest Rate
- Bank of Maharashtra Home Loan Interest Rate
- Clix Capital Home Loan Interest Rate
- Hero Housing Finance Home Loan Interest Rate
- Hero FinCorp Home Loan Interest Rate
- Vastu Housing Finance Home Loan Interest Rate
- Aadhar housing Finance Home Loan Interest Rate
- DHFL Home Loan Interest Rate
- Muthoot Finance Ltd Home Loan Interest Rate
- Edelweiss Financial Services Home Loan Interest Rate
- Piramal Housing Finance Home Loan Interest Rate
- Fullerton India Home Loan Interest Rate
- Aditya Birla Finance Limited Home Loan Interest Rate
- Capri Global Home Loan Interest Rate
- Capital First Ltd. Home Loan Interest Rate
- Poonawalla Fincorp Limited Home Loan Interest Rate
- Cholamandalam Finance Home Loan Interest Rate
- IndiaBulls Home Loan Interest Rate
- Ujjivan Small Finance Bank Home Loan Interest Rate
- Tata Capital Housing Finance Limited Home Loan Interest Rate
- L&T Finance Home Loan Interest Rate
- Godrej Housing Finance Home Loan Interest Rate
- Punjab National Bank Housing Finance Home Loan Interest Rate
- IIFL Finance Home Loan Interest Rate
- Bajaj Finserv Home Loan Interest Rate
- Home First Finance Company Home Loan Interest Rate