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State Bank Of India NRI Home Loan

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.

SBI NRI Home Loan Interest Rates 2021

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

SBI NRI Housing Loan Features & Benefits

Here are the best highlights of SBI NRI housing finance that you cannot avoid: 

  • Purpose

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.  

  • Loan Amount

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.

  • Rate of Interest

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.

  • Loan Repayment Tenure

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.

  • Prepayment

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.

Fee and Charges of State Bank NRI Home Loan

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

Eligibility for State Bank NRI Housing Loan

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:

  • This loan is offered to the Non Resident Indians (NRIs) or Persons of Indian Origins (PIOs).
  • Applicants should have a minimum age of 18 years at the time of application.
  • Applicants should not be beyond the age of 60 years while the loan completes.
  • Applicants should meet the minimum income criteria.
  • Applicants should carry a good credit report.

Documents Required for SBI NRI Home Loan

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

Compare other bank home loan interest rates

BANKS 

INTEREST RATE

AXIS Bank Home Loan

7.75% to 9.40%

State Bank Of India Home Loan

6.95% onwards 

HDFC Bank Home Loan

6.95% to 7.50%

Kotak Mahindra Bank Home Loan

7.40% to 9.70%

Yes Bank Home Loan

9.60% to 10.55%

Citi Bank Home Loan

7.34% to 8.29%

ICICI Bank Home Loan

6.95% to 8.05%

Standard Chartered Bank Home Loan

Starting at 8.71%

IDBI Bank Home Loan

7.80% to 8.80%

RBL Bank Home Loan

9.75% to 10.05%

HSBC Bank Home Loan

8.55% to 8.655

IndusInd Bank Home Loan

8.00% to 15.00%

Bank of Baroda Home Loan

6.85% to 7.75%

Bank of India Home Loan

6.85% to 7.755

Canara Bank Home Loan

6.90% to 8.90%

Indian Bank Home Loan

7.55% to 8.40%

Punjab National Bank Home Loan

Starting at 7.00%

SBI NRI Home Loan EMI Calculator

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:

  • Navigate to the official website of the State Bank of India.
  • Click on the “Personal Finance” dropdown in the “Personal” menu. 
  • After that, you have to go to the “Home Loans” section.
  • Now, find and click on the “Home Loan EMI Calculator” option.
  • In the calculator, you need to enter the SBI NRI home loan amount, rate of interest and the repayment period. 

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. 

How to Apply for SBI NRI  Home Loan?

Here are the different ways to apply for SBI NRI home loan:

  • Apply for SBI home loan offline

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. 

  • Apply for SBI home loan online

You can apply for a State Bank NRI home loan online by following these simple steps:

  • Navigate to the official website of the State Bank of India.
  • Click on the “Personal Finance” dropdown in the “Personal” menu. 
  • After that, you have to go to the “Home Loans” section
  • Find and click the “NRI Home Loan” option.
  • Now, click the “Apply Now” button.
  • Fill in all the details that are required in the home loan application form.
  • Submit your application.

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.

State Bank Of India Loan Customer Care

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

FAQs On SBI NRI Home Loan

Q.1 What is the SBI NRI home loan interest rate?

The interest rates on SBI NRI home loans ranges from 6.95% per annum to 7.15% per annum. 

Q.2 What is the processing fee for SBI Regular home loan?

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.

Q.3 How do I track my SBI NRI home loan application status?

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:

  • Go to the official website of SBI bank.
  • Expand the “Personal Finance” dropdown in the “Personal” section.
  • Now, move to the “Home Loans” page.
  • Click on the “Application Tracker” option. 
  • After that, you have to enter your registered mobile number and reference number in the SBI home loan application tracker.
  • Hit the “Track” button.

Alternatively, you can track your SBI NRI home loan application status offline by contacting the State Bank of India customer care.

Q.4 What is the maximum loan repayment tenure for SBI NRI home loan? 

The bank offers maximise SBI NRI home loan repayment tenure for 30 years. 

Q.5 How do I apply for a State Bank of India home loan? 

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.

Q.6 Can I make prepayment of my SBI home loan?

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/2021

Know More About

Sbi Nri Home Loan

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

Sbi Nri Home Loan Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959