State Bank of India (SBI) offers various kinds of loans to its customers such as home loans, personal loans and education loans among others. SBI started offering home loans for Non-Resident Indians (NRIs), stated the country’s largest lender on its website sbi.co.in , https://www.sbi.co.in/.
It as well stated on its website regarding the eligibility criteria and other information. The minimum age to apply for SBI’s NRI home loan is 18 years with regular source of income. Having a valid passport is also considered mandatory for a loan.
As an NRI, an inprinciple approval on home loan can get through SBI’s online portal as well.
To be eligible for SBI’s NRI home loans, one should be employed abroad at least for a period of two years and he/she should have completed six months of employment. The one worked with foreign governments ike UNO, IMF, World bank etc. and existing Non-Resident External (NRE)/Non-Resident Ordinary (NRO) account holders with SBI are also eligible.
The minimum loan amount for SBI’s NRI home is Rs. 3 lakh, for maxgain Rs. 20 lakh and for realty Rs. 3 lakh and for Pre Approved Loan, Rs. 10 lakh.
The maximum amount for buying realty is Rs. 10 crore while maxgain and PAL depends on the basis of Loan to Value ratio.
Read: RBI may Consider NRI Bond Issuance if Rupee Devalue below Rs. 69 to Dollar
By Sowmya Sangam
