NRIs looking to setup a base in India can now make their wish come true, thanks to SBI NRI home loan. SBI NRI home loans could be used for construction and purchase of a new flat or house. SBI home loan for NRI could even be used for renovating, repair or extension of an existing dwelling. SBI NRI home loan can be used for buying existing flat or purchase a land for building home. SBI NRI home loans could also be used for furnishing the house purchased by the homeowners.
In order to avail SBI home loan for NRI an applicant should be at least 18 years of age and should hold a valid Indian passport. For PIOs looking for SBI NRI home loans, one should have authentic foreign passport. The applicant of SBI NRI home loans should have been staying abroad for minimum two years and should have valid work permit and steady source of income.
The minimum SBI home loan for NRI is Rs 3 lakhs whereas maximum SBI NRI home loan is decided based on EMI/NMI ratio where generally loan amount is calculated equivalent to 40% of the annual income of the applicant. All SBI NRI home loan applicants have to pay processing fees which is generally 0.05% of the total loan value and should not exceed 10,000/- Rs.
SBI NRI home loan rates are same as that applicable on resident Indians. The repayment of SBI NRI home loans is done in form of EMIs. The SBI home loan tenure is dependent on the age of the applicant. SBI home loan for NRI taken by people less than 35 years of age could repay the SBI NRI home loan amount in 25 years for those above the age of 45 gets 15 years to pay back SBI home loan for NRI.
The other details and documents required to apply for SBI home loan for NRI could be collected by visiting the SBI website or nearest office today. With SBI NRI home loans, even NRIs can build a home in the country of their birth. SBI takes care of every NRI and strive for granting SBI NRI home loans of every NRI. With a reasonable interest rate, SBI makes sure that every NRI is able to purchase or build a home with SBI home loan for NRI. So NRIs, go to the official website of SBI today to apply for SBI NRI home loan.