SBI Offers Home Loans For NRIs: Eligibility, Amount And Other Details Here
SBI (State Bank of India) offers various kinds of loans such as home loans, personal loans, and education loans among others. SBI also offers home loans for NRIs (non resident Indians), said the country's largest lender on its website -- sbi.co.in. The minimum age to apply for SBI's NRI home loan is 18 years with regular sources of income. Having a valid passport is also mandatory for such loans. As an NRI, one can get an in-principle approval on home loan through SBI's online portal as well.
SBI's (State Bank of India) NRI home loan in detail:
Eligibility: In order to be eligible for SBI's NRI home loans, one should be employed abroad for at least two years or have a valid job contract for a minimum period of two years abroad. He/ she should have completed six months of employment. One who has worked abroad on assignments with foreign governments or international agencies like the UNO, IMF, World Bank etc, are also eligible.
Existing NRE (non-resident external)/ NRO (non-resident ordinary) account holders with SBI are also eligible.
Amount: The minimum loan amount for SBI's NRI home loans is Rs 3 lakh, for maxgain Rs 20 lakh, for realty Rs 3 lakh and for PAL (pre-approved loan) Rs 10 lakh.
The maximum amount for buying realty is Rs 10 crore whereas for maxgain and PAL, it depends on the basis of LTV (loan to value) ratio as per the following:
Maxgain is a home saver loan product from SBI.
For home loans up to Rs 75 lakh LTV ratio for salaried applicants is 80 per cent and 75 per cent for non-salaried applicants.
For home loans above Rs 75 lakh, LTV ratio for salaried applicants is 75 per cent and 70 per cent for for non-salaried applicants.
LTV ratio is a term used by lenders to express the ratio of a loan to the value of an asset purchased.
The maximum moratorium period for SBI's NRI home loans is 48 months.
Repayment: For maxgain and PAL, the maximum time is 30 years or up to the age of 70 years, whichever is early and for realty it is up to 15 years.
The aggregate repayment should not exceed 50 per cent of NMI (net monthly income)/ NAI.
