State Bank of India (SBI), India’s largest bank by asset size, offers various credit facilities under which the bank is providing home loans to non-resident Indians (NRIs). With SBI NRI home loan, NRIs can avail home loans of various loan amount
and repayment tenures. According to State Bank of India, SBI NRI Home Loan allows many NRIs to get home loans when investing in properties.
and repayment tenures. According to State Bank of India, SBI NRI Home Loan allows many NRIs to get home loans when investing in properties.
The home loan is one of the biggest credit markets in the world as a large section people requires additional money in order to make big-ticket purchases such as a house or an expensive real estate asset. SBI doesn’t levy any penalty on the prepayment of home loan amount along with the interest and provides concessional interest rates for women NRI borrowers.
SBI charges the interest rate on principal home loan amount on daily reducing balance. The maximum home loan repayment tenure has been fixed at 30 years by the State Bank of India. Under the SBI NRI home loan facility, all the non-resident Indians and persons of Indian origin (PIO) are eligible to take a home loan from the designated offices of State Bank of India.
As per the prescribed guidelines by SBI, the minimum age of the borrower should be 18 years and the maximum age of the borrower should be 60 years. SBI NRI home loans are also available as an overdraft. SBI charges a processing fee at a rate of 0.35 per cent of the home loan amount excluding service taxes subject to a minimum of Rs 2,000 and a maximum of Rs 10,000 (additional service tax). Out of pocket expenses for the obtention of TIR/Valuation Report/CERSAI Registration, etc. are recovered separately, SBI said.
