NRI HOME LOAN

SALIENT FEATURES

Purpose of Loan

Loans to NRIs & PIOs can be extended for the following purposes.

To purchase/construct a new house / flat

• To repair, renovate or extend an existing house/flat

• To purchase an existing house/flat
• To purchase a plot for construction of a dwelling unit.
• To purchase furnishings and consumer durables, as a part of the project cost

Eligibility criteria

• Minimum age 18 years

• Valid Indian Passport (for NRIs)/ valid foreign passport (for 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)

Loan Amount
Minimum loan amount : Rs. 3 lakhs

Maximum Loan eligibility:

Maximum permissible loan amount would be determined by EMI/NMI ratio criteria as
applicable to regular Home Loans scheme for Resident Indian customers, which is 40% for
Net Annual Income (NAI) upto Rs.2 Lac, 50% for NAI above Rs.2 Lac and upto Rs.5
Lac.55% for NAI above Rs. 5 Lacs

Clubbing of income will be permitted as per the norms specified for Home Loan scheme for
residents.
Maximum Repayment Period

For borrowers aged upto 35 years: 25 years

For borrowers aged above 35 but below 45 years: 20 years

For borrowers aged 45 years and above: 15 years

Subject to liquidation of loan by the age of 60 years or the age of retirement which ever is
earlier

Mode of Repayment

• Remittances from abroad through normal banking channels

• Out of funds in NRE/FCNR/NRO accounts
• Remittance out of local funds by close relatives.

Moratorium period
For construction of new house / flat or purchase of house / flat on installments, a
Moratorium Period (repayment holiday) till 2 months after completion of construction or 18
months from the disbursement of 1st installment of loan, whichever is earlier.

Security

• Equitable mortgage by deposit of title deeds

• Registered Mortgage may be taken when considered necessary
• Additional security by way of lien over credit balances in deposit accounts, NSCs, Life
policies ,Third Party Guarantees etc. may be taken, if security is either inadequate or
not free from encumbrances

Documents Required

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.
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.

Other product highlights

Innovative and hybrid product offerings:

• Provision to add expected rent accruals, if the applicant proposes to let out
house/flat
• Door Step services within India by dedicated team of Home Loan Outbound Sales
Force
• Centralized processing of loan applications with minimum turnaround time
• Centralised processing at RACPCs( Retail Account Central Processing Cells) at
selected centers for prompt disposal