NRI Home Loans

NRI Home Loans

SBI NRI Home Loan enables many non-resident Indians (NRIs) to obtain home loans while investing in real estate. Financially, it makes more sense to buy a home using a home loan rather than personal finance, especially if you can invest your personal savings elsewhere for higher returns.

Features Eligibility Documents Required
  • Low Interest Rates
  • Low Processing Fee
  • No Hidden Charges
  • No Pre Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Repayment up to 30 years
  • Home Loan Available as Overdraft
  • Interest Concession for Women Borrowers
  • Resident Type: Non Resident Indians (NRIs) or Persons of Indian Origin (PIOs)
  • Minimum Loan Amount: Rs. 15 lac
  • Minimum Age: 18 years
  • Maximum Age: 70 years
  • Loan Tenure: up to 30 years.

List of papers/ documents applicable to all applicants:

  • Employer Identity Card
  • Attested copy of valid Passport and visa.
  • Address proof mentioning the current overseas address
  • Copy of Continuous Discharge Certificate (CDC)-for applicants employed in the merchant navy.
  • PIO Card issued by Government of India. (in case of PIOs)
  • The attestation of documents may be done by FOs/Rep. Offices or Indian Embassy/Consulate or Overseas Notary Public or officials of Branch/Sourcing outfits based in India.
  • Loan Application: Completed loan application form duly filled with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

  • Permission for construction (where applicable)
  • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
  • Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

  • Bank account details for the previous 6 months overseas account showing salary and savings and Indian account if any.
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Valid work permit
  • Employment contract - an English translation duly attested by employer/ consulate / our foreign office / Embassy in case it is in any other language
  • Last three months’ salary certificate/slip
  • Last six months’ Bank Statement showing salary credit
  • Latest salary certificate /slip in original and copy of identity card issued by the current employer
  • Duly acknowledged copy of last year Individual Tax Return except for NRIs/PIOs located in Middle East countries and employees in the Merchant Navy.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • Proof of income in case of self-employed professionals/businessmen.
  • Last 2 years Audited/C.A. certified Balance Sheet and P&L accounts,
  • Last 2 years Individual Tax Return except for NRI/PIO located in Middle east countries
  • Last six months’ Bank Statement of overseas account in the name of individual as well as company/unit.
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