SBI NRI Home Loans
The largest financial institution in India and the only bank from the Indian subcontinent to be included in the Fortune 500 companies, SBI is perhaps the most trusted bank for NRIs. With a host of products and services at its disposal, SBI forms an integral part of the Indian diaspora. SBI’s NRI Home Loan is a popular product it offers, helping NRIs purchase their dream home without having to worry about the financial implications.
Features of SBI NRI Home Loans
- High loan amount – Individuals can obtain loans up to Rs 75 lakh under this scheme.
- Moratorium – These loans come with a maximum moratorium of 4 years.
- Repayment Tenure – The maximum repayment tenure of this loan is 30 years or before a borrower reaches the age of 70.
- Attractive interest rates – SBI offers its home loans at attractive interest rates.
Benefits of SBI NRI Home Loans
- Flexibility – Borrowers can opt to repay a loan at their ease, with flexible repayment options available.
- Multiple repayment modes – One can choose from different modes of repayment, making the entire process simpler.
- Simple process – The entire loan application process is fast and hassle free, allowing borrowers to do their other tasks.
Eligibility Criteria for SBI NRI Home Loan
Individuals looking to obtain a SBI NRI Home Loan need to satisfy the following criteria.
- Age – Potential borrowers should be at least 18 years old.
- Income – Borrowers should have a regular source of income.
- Employability – Borrowers should have a minimum work experience of 2 years or a valid job contract for 2 years.
- Account holder –Borrowers should have an existing NRE or NRO account with SBI.
- Passport – Borrowers should have a valid passport.
Fees and Charges for SBI NRI Home Loan
A fee is charged depending on the loan amount, the slab for which is mentioned below.
- Loans up to Rs 25 lakhs – 0.25% of loan amount
- Loans above Rs 25 lakh and below Rs 75 lakh – Rs 6,500
- Loans above Rs 75 lakh – Rs 10,000
Other products by SBI in the UAE for the NRIs
Frequently Asked Questions - FAQs
- What are the documents one needs to submit in order to avail this loan?
- What can this loan amount be used for?
- What is the minimum loan amount one can avail?
- Is there a penalty for pre-closure of this loan?
Borrowers need to submit a valid ID proof, income proof and documents related to the property in order to avail this loan.
This loan amount can be used to purchase a flat/house or plot. This loan will be sanctioned only after the property in question is finalized.
The minimum loan amount is Rs 3 lakhs.
No, there is no penalty for pre-closure.
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