NRI HOME LOAN

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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.

Loan Amount

Minimum Loan Amount: Rs. 3 lakhs
Maximum Loan Amount:

For Purchase of Home

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:

Net Annual Income (NAI) / Maximum permissible loan amount
Upto Rs. 2 Lacs / 40%
Above Rs. 2 Lacsupto Rs. 5 Lacs / 50%
Above Rs. 5 Lacs / 55%

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

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

Aggregate repayment obligations should not exceed 50% of NMI / NAI.

Documents:

List of Documents

  • Each every page should be notary / consulate / SBIs foreign branches / offices, or Embassy.

Each and every page of Power of Attorney should be stamping by Indian embassy or consulate

  • Completed Home Loan Application Form duly filled by the applicant
  • 3 passport size photographs.
  • Proof of Identity - Copy of first four pages of passport and page with visa stamp, or IC / PIO card. And employee id
  • 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.
  • Processing Fee:

Processing fee structure (inclusive of Service Tax) is as under:

Loan Amount / Processing Fee
Upto Rs. 25 Lacs / 0.25% of loan amount
Above Rs.25 Lacs and upto Rs. 75 Lacs / Rs. 6,500/-
Above Rs. 75 Lacs / Rs. 10,000/-

Note:

  1. Processing fee has to be paid by the customer only if the loan is sanctioned and availed.
  • Each every page of personal documents i.e., id, address proof, salary slips, IT Returns etc., should be notary / consulate / SBIs foreign branches / offices, or Embassy.