SBI HOME LOAN GUIDELINE AND POLICY
Hassle-free centralized processing with minimum turnaround time.
No administrative fees.
Complete transparency with no hidden costs.
Attractive takeover options.
Provision to reduce EMI, when interest rates get reduced by 1%
Eligibility for higher loans, by clubbing spouse's income.
No prepayment penalty if loan is closed after half the original tenor.
Unique opportunity to avail mortgage loans, student loans with minimum formalities on maintaining a good repayment record.
Concessions on charges for personal remittances and outstation cheques.
Provision to add expected rent accruals, if the applicant proposes to let out house / flat.
Free personal accident insurance coverage.
Optional life cover from SBI Life with concessions on premium.
Complimentary International ATM cum Debit Card, International Credit Card (with waiver of joining and first year's fees).
Complimentary E-Banking facility.
Dedicated network of NRI Branches, Personal Banking Branches, Special Housing Finance Branches, Intensive Housing Finance Branches, and Home Loan Outbound Sales Force catering exclusively to Home Loans.
SBI NRI Home Loan
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.
Get a Home Loan to purchase a plot of land.
Enjoy low margin, high loan eligibility with a maximum of Rs.20 lacs*
Avail easy repayment period of up to 15 years.
Avail another Home Loan to construct a home on the plot.
Enjoy the benefit of running both the loans concurrently.
Ensure that you construct the house within 2 years from the date of availing the Home Loan.
(*Relaxation considered on case-to-case basis)
(Other terms and conditions as applicable to regular Home Loans)
Minimum age 18 years.
Valid Indian Passport (for NRIs) / valid foreign passport (for People of Indian Origin - 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).
Home improvement or extension
Home furnishings and consumer durables
Non Resident Indians (NRI) and Persons of Indian Origin (PIO) can avail SBI Home Loans for the following:
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
Above Rs. 2 Lacs & upto Rs. 5 Lacs
Above Rs. 5 Lacs
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.
Aggregate repayment obligations should not exceed 50% of NMI / NAI Margin: 15%
Clubbing of income will be permitted as per the norms specified for Home Loan scheme for residents.
For Other Property Types
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.
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.
List of Documents
Revised processing fee structure w.e.f 1st May, 2011 is as under:
Upto Rs. 25 Lacs
0.25% of loan amount
Above Rs.25 Lacs & upto Rs. 75 Lacs
Above Rs. 75 Lacs
Processing fee has to be paid by the customer only if the loan is sanctioned and availed.
Actual charges for the following will be payable by the customer in addition to the processing fee:
i. Advocate's fee for property search and the title investigation report.
ii. Valuer's fee for valuation report.
i. Stamp duty payable for Loan agreement & mortgage.
ii. Property insurance premium.
Repayment in EMIs (Equated Monthly Installments).
Remittances from abroad through normal banking channels.
Funds transfer from NRE / FCNR / NRO accounts.
Remittance from local funds by close relatives.
Mode of Repayment
Applicants below 45 years: 20 years
Applicant s above 45 years: 15 years
New house / flat: 24 months from the date of first disbursement or 2 months after completion, whichever is earlier.
Other cases: 2 months after last disbursement.
Provision to reschedule repayment obligations if you return to India.
Note: Subject to liquidation of loan by the age of 60 years or the age of retirement whichever is earlier.
Interest is applied on the basis of daily diminishing balance.
Interest rates are same as applicable for resident Indian borrowers for various tenures, available on fixed / floating / combination of fixed and floating rates (under SBI-Flexi Home Loans).
Equitable mortgage by deposit of title deeds.
Registered mortgage when considered necessary.
Additional security by way of lien over credit balances in deposit accounts, NSCs, life insurance policies, third party guarantees, if security is either inadequate or not free from encumbrances.
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