SBI NRI Home Loan

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.

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.

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:

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