Home Loans

Home Loan Products:

SBI NRI Home Loan

• Hassle-free centralized processing with minimum turnaround time.
• No administrative fees.
• Complete transparency with no hidden costs.
• Attractive takeover options.
• Provision to reduce EMI, when interest rates get reduced by 1%
• Eligibility for higher loans, by clubbing spouse's income.
• No prepayment penalty if loan is closed after half the original tenor.
• Unique opportunity to avail mortgage loans, student loans with minimum formalities on maintaining a good repayment record.
• Concessions on charges for personal remittances and outstation cheques.
• Provision to add expected rent accruals, if the applicant proposes to let out house / flat.
• Free personal accident insurance coverage.
• Optional life cover from SBI Life with concessions on premium.
• Complimentary International ATM cum Debit Card, International Credit Card (with waiver of joining and first year's fees).
• Complimentary E-Banking facility.
• Dedicated network of NRI Branches, Personal Banking Branches, Special Housing Finance Branches, Intensive Housing Finance Branches, and Home Loan Outbound Sales Force catering exclusively to Home Loans.

SBI-Freedom

• Get a loan to invest in property without mortgaging the same.
• Pledge any of the following liquid securities in lieu of mortgage on property:
  • Term Deposits (including SBI NRE / FCNB Deposits) in own name / in the name of third party.
  • NSCs / KVPs in own name / in the name of third party.
  • Life insurance policy in own name (to the extent of surrender value).
• Choose to repay with regular EMIs or through maturity proceeds of the pledged securities.
• Hedge your Home Loan against risk of unfavorable swing in interest rates.
• Choose customized combinations of floating and fixed interest rates as a one time irrevocable option.
• Enjoy the added advantage to select the order in which the fixed and floating rates will be availed.

SBI-Maxgain

• Park your surplus funds and withdraw the same whenever required.
• Earn optimal yield on your savings, at no extra cost.
• Get a Home Loan as an overdraft on your account.
• Minimize interest on the home loan.
• Maximize income in the wake of low yields from other deposits and investments.
• Enjoy flexibility to operate your Home Loan account like a Savings or Current account.

SBI-Realty

• Get a Home Loan to purchase a plot of land.
• Enjoy low margin, high loan eligibility with a maximum of Rs.20 lacs*
• Avail easy repayment period of up to 15 years.
• Avail another Home Loan to construct a home on the plot.
• Enjoy the benefit of running both the loans concurrently.
• Ensure that you construct the house within 2 years from the date of availing the Home Loan.

Eligibility:

Personal Criteria

• Minimum age 21 years.
• Valid Indian Passport (for NRIs) / valid foreign passport (for People of Indian Origin - PIOs).
• Steady source of income.
• Employed abroad for at least 2 years.
• Valid job contract or work permit.
• 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).
  
  

Property Types

• New home
• Home improvement or extension
• Land purchase
• Home furnishings and consumer durables

Loan Amount

For Purchase of Home

• Applicants below 45 years
  • 60 times NMI
  • or 5 times NAI
• Applicants above 45 years of age
  • 48 times NMI
  • or 4 times NAI

For Other Property Types

• Repair and renovation: Rs.10 lacs.
• Purchase of plot: Rs.20 lacs.
• Home furnishings and Consumer Durables: 10% of the project cost, subject to a maximum of Rs.3 lacs.

Additional Clause

Documents:

List of Documents

• Completed Home Loan Application Form.
• 2 passport size photographs.
• Proof of Identity - Copy of first four pages of passport and page with visa stamp, or IC / PIO card.
• Valid work permit.
• Copy of the employment contract. An English translation of the contract duly attested by employer / consulate / SBIs foreign branches / offices, or Embassy in case the contract is available in any other language.
• Last salary certificate / slip in original.
• Copy of salary certificate duly attested by Indian Embassy / Consulate / SBI Branch / Exchange Companies abroad recognized by SBI.
• Copy of identity card issued by the current employer / proof of income in case of self employed professionals / businessmen.
• Brief profile of applicant and work establishment.
• Details of previous employment.
• Bank account statement / passbook for the last six months.
• Account statement / passbook of overseas bank showing salary and savings.
• Proof of residence (driving license / utility bills).
• Copy of Continuous Discharge Certificate (CDC) - for applicants employed in the merchant navy.
• Sale Deed / Agreement for Sale.
• Copy of approved building plans / approvals in respect of proposed construction/purchase/extension.
• Original NOC under the Provisions of ULC Act.
• For Purchase / construction of house-Original title deed, non-encumbrance certificate on the property for 13 years, possession certificate and land tax receipt.
• For purchase of flat- 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 Order permitting Land Conversion in case of conversion of agricultural land.
• 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.
• Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents / complete the mortgage formalities / avail the loan installments.
• Any other documents as required by the Bank.

Additional Fees

Repayment:

Mode of Repayment

• Repayment in EMIs (Equated Monthly Installments).
• Remittances from abroad through normal banking channels.
• Funds transfer from NRE / FCNR / NRO accounts.
• Remittance from local funds by close relatives.

Repayment Period

• Applicants below 45 years: 20 years
• Applicant s above 45 years: 15 years

Moratorium

• New house / flat: 24 months from the date of first disbursement or 2 months after completion, whichever is earlier.
• Other cases: 2 months after last disbursement.
• Provision to reschedule repayment obligations if you return to India.

Interest

• Interest is applied on the basis of daily diminishing balance.
• Interest rates are same as applicable for resident Indian borrowers for various tenures, available on fixed / floating / combination of fixed and floating rates (under SBI-Flexi Home Loans).

Security

• Equitable mortgage by deposit of title deeds.
• Registered mortgage when considered necessary.
• Additional security by way of lien over credit balances in deposit accounts, NSCs, life insurance policies, third party guarantees, if security is either inadequate or not free from encumbrances.

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