NRI Home Loans from SBI is a specially designed home loan product for Non-Resident Indians (NRIs) or Persons of 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