SBI NRI Home Loans Interest Rates Eligibility Documents Process

NRI Home Loans from SBI is a specially designed home loan product for Non-Resident Indians (NRIs) or Persons SBI NRI Home Loansof Indian Origin (PIO). While the loan amount under this product has no upper cap, the minimum loan amount is fixed at Rs 3 lakhs. Also to be eligible for the SBI NRI Home Loans, the applicant should should meet a whole set of conditions as outlined in the following sections.

Check Eligibility for SBI NRI Home Loans

NRI Home Loans from State Bank of India, have the following eligibility criteria

  • The NR applicant should be atleast of 18 years.
  • Home Loan Applicant should hold either a PIO (person of Indian Origin) card or a valid Indian Passport
  • The applicant should have a regular income, and valid proofs for the source of this income. Minimum Net Monthly Income (NMI) of US$ 500 or minimum Net Annual Income (NAI) of US$ 6000/- (or its equivalent in any other foreign currency).
  • The applicant should be working or based outside India (in select foreign locations) for atleast 24 months
  • The applicant should have valid documents to work abroad – the relevant work permit etc

Documents for SBI NRI Home Loan:

Like most NRI Home Loans, the documents needed to apply for the SBI NRI Home loan comprises of a lengthy list. Following is the set that you would be required to keep handy:

  • Identification related documents
    • 2 passport size photographs
    • Passport Copy or PIO Card
  • Documents establishing NRI or PIO status
    • Passport Copy or PIO Card
    • Valid Work Permit, which has not expired.
    • Proof of residence in the foreign country. This would include documents like driving license, utility bills, medical insurance cards etc
  • Proof of income/employment
    • Employment agreement or contract. In those cases where the language of the agreement/contract is not English but someother foreign language, the applicant would need to get an English translation of the same duly attested by employer or consulate or foreign branches of SBI or the embassy
    • Latest Salary slip or declaration (in original also)
    • Salary certificate duly attested
    • Corporate ID card, issued by the company currently employed with
    • Profile of the employer, the corporate background and office details
    • Previous employment history – including salary statements, joining/offer letters, experience certificates etc
    • Bank statements from the account in which current salary gets credited. This will be used to also check the current savings and the savings history
  • Property related documents
    • Agreement for sale or the sale-deed
    • Copy of approved building plans or construction plans
    • In case of any proposed construction or extension, approvals for the same
    • If Agricultural land: Copy of order permitting Land conversion
    • If Purchase / construction of house – Original title deed, non-encumbrance certificate on the property for 13 years, possession certificate and land tax receipt.
    • If Flat Purchase – construction agreement, allotment letter, copy of approved plan, estimates-payment schedule, undertaking from the builder in Form B format as specified by the bank
    • Copy of the land tax receipt / building tax receipt.
    • Copy of the Allotment letter of Housing Board / Builder / Co-op. Society.
    • Detailed Cost Estimate / Valuation Report from approved valuer in case of outright purchase of an existing house / flat.
    • Undertaking from the builder in Form B, which is the specified format for the bank.
    • Original NOC under the Provisions of ULC Act.
  • If you want to authorize a 3rd party to process the home loan on your behalf, a Notarized Power of Attorney would also be needed.
  • Completed Home Loan Application Form. The Home Loan application form is available online or at any SBI branch.
  • Other documents may be by the Bank depending on the specific case/file

SBI Pre-approved Home Loan

State Bank of India (SBI) also provides SBI pre-approved home loans (SBI PAL) to applicants who have not yet identified their properties but need the comfort of a home loan approval letter to decide or negotiate better. The bank provides applicants with a formal letter which is equivalent to a Pre-approved Home Loan offer. The offer is valid for 4 months and if the applicant wants to use the offer during this period, he/she needs to furnish the property documents as the additional paperwork.

Important thing to note is that the bank charges full processing fees for the approval letter and the same is non-refundable in the scenario that the customer does not take up the offer in the 120 days of offer validity.

Key features of SBI Pre Approved Home Loan

  • Minimum Loan amount of Rs 10 Lakhs
  • Loan Eligibility letter is valid for a max of 120 days from the date of issuance
  • Processing fees is collected prior to the issuance of the Pre-approved Loan Arrangement Letter. If the property documents are submitted within the 120 days validity period, the processing fees would not be levied again during the actual sanction of the home loan by SBI.
  • All other terms are similar to the normal home loan product from SBI

Still confused about what are Pre-approved home loans?

First time home buyer? Read our special Home loan tips for 1st time home buyers (India)