SBI NRI home loan is a branch of SBI home loans that is dedicated to provide financial help to the Non Resident Indians (NRIs) who wish to make purchase of a property. As someone who lives in a different country, buying a house in your own country may appear to be a hectic task. But thanks to the State Bank of India NRI home loan, it offers funds to make your dream come true at notably competitive interest rates, long loan repayment tenure and easy-headed process of application. Let us unfold this section and explore this type of State bank of home loan better.
|
Loan Amount |
As per the bank’s discretion |
|
Interest Charges |
Starts at 6.95% per annum to 7.15% |
|
Processing Fees |
Up to 0.40% of the loan amount plus applicable taxes (Maximum Rs 10,000) |
|
Tenure |
Up to 30 years |
|
Prepayment/ Foreclosure |
NIL |
Here are the best highlights of SBI NRI housing finance that you cannot avoid:
SBI NRI home loans are designed to meet the financial requirements of Non Resident Indians (NRIs) and Persons of Indian Origins (PIOs) to help make purchase of new house/flat or construction of house.
The bank offers the home loan amount by determining certain eligibility profile of the applicant. The bank takes a number of checkpoints such as income, repayment history, existing debts etc. into consideration when deciding the loan amount.
SBI NRI home loan interest rates are quite affordable and they come with interest concessions. The interest rates on this State bank home loan start at 6.95% per annum and go up to 7.15% per annum.
This SBI home loan scheme comes for an incredibly long period of time when it comes to the loan repayment. The lender allows borrowers to enjoy SBI NRI home loan repayment tenure ranging up to 30 years.
The bank allows you to close your loan before the tenure completion by making prepayment and reduce the expense of interest charges. Know that the lender does not charge any prepayment penalty on the SBI NRI home loan prepayment.
To apply for a home loan you have to pay fees and charges applied by the SBI NRI. It covers all charges and fees made by a bank to their customers. The following charges are taken from SBI NRI Home Loan i.e processing fee, Prepayment charges and CERSAI Registration charges etc.
|
TYPE |
CHARGES |
|
Processing fee |
0.40% of the loan amount plus applicable GST subject to a minimum Rs.10000 and maximum Rs.30000 plus GST |
|
Prepayment charges |
NIL |
|
CERSAI Registration charges |
Rs.50 plus GST for loan upto Rs.5 lakh Rs.100 plus GST for loan above Rs.5 lakh |
There is a set of SBI home loan eligibility requirements that you have to fulfill to ensure that you qualify for this home loan scheme easily. The eligibility criteria includes factors such as age, income etc. which you should go through before applying for this loan.
Here is the SBI NRI home loan eligibility criteria:
The lender demands certain documents to be submitted at the time of SBI home loan application. These documents are crucial to let the process be carried ahead and thus you should make sure that you have all the required SBI NRI home loan documents ready.
Here are the documents required for SBI NRI home loan application:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
|
BANKS |
INTEREST RATE |
|
7.75% to 9.40% |
|
|
6.95% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
SBI home loan calculator is an amazing way to check the amount you are going to pay for your home loan monthly instalments. It is, indeed, an easy tool that helps you check your monthly expense and mould the budget accordingly.
Here is how to use SBI home loan EMI calculator:
You can now find the payable SBI NRI home loan EMI amount right next to the calculator.
In order to calculate your home loan instalments right away, you can tap the BankSathi home EMI calculator where you need to input the amount of loan, tenure and interest rate. Once you have done that, you can hit the “Calculate” button and the tool will give you the detailed EMI calculation, monthly and annually.
Here are the different ways to apply for SBI NRI home loan:
In order to apply for a State Bank NRI home loan offline, you simply have to go to the nearest branch of State Bank of India. Make sure you have all the required documents that will be required at the time of SBI home loan application.
You can apply for a State Bank NRI home loan online by following these simple steps:
You will soon hear from the bank representative regarding the further steps for loan application. You can also reach out to the SBI bank customer support and know more about this loan.
You can get in touch with the State bank of India customer support in case of any further grievances, complaints or to have any assistance related to the SBI NRI home loan.
Here is the SBI NRI home loan customer care number:
Toll-free: 1800 11 2018
The interest rates on SBI NRI home loans ranges from 6.95% per annum to 7.15% per annum.
The bank charges SBI NRI home loan processing fees of
0.40% of the loan amount (subject to the maximum of Rs 10,000) plus applicable taxes.
You can track your SBI home loan application online or offline. In order to track SBI NRI home loan online, you can do the following:
Alternatively, you can track your SBI NRI home loan application status offline by contacting the State Bank of India customer care.
The bank offers maximise SBI NRI home loan repayment tenure for 30 years.
You can apply for the SBI home loan offline or online. To apply online, you need to go to the official website of SBI. If you wish to apply offline, then you can visit the nearest branch of the bank with all the required documents.
Yes. You are allowed to make SBI home loan prepayment. However, you must contact the bank in order to enquire about the prepayment terms and conditions.
Last Updated on : 01/May/2021Know More About
You're eligible for a Sbi Nri Home Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Sbi Nri Home Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 6.95% - 0% |
| Processing Fees | 0.40% of the loan amount plus applicable GST subject to a minimum Rs.10000 and maximum Rs.30000 plus GST |
| Loan Tenure | 1 year to 30 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Home Loans EMI Calculator