SBI NRI Home Loan | Interest Rates | Documents | Eligibility | Information

SBI NRI Home Loans: Get detailed Information on Documents, Interest Rates, eligibility for State Bank of India NRI housing loans.

State Bank of India offer several loan schemes to buy a car or home for your family back in India, or to tide over unforeseen financial needs.

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NRI Home Loan Interest Rates (Floating)

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Loan Amount

Spread over the Base Rate

Current effective Rate of Interest(From: 01/04/2014)

Upto Rs. 75.00 lacs

10 bps to 15 bps above the Base Rate

10.10 % p.a. – 10.15 % p.a.

Above Rs. 75.00 lacs

25 to 30 bps above the Base Rate

10.25% p.a. – 10.30% p.a.

No Fixed Rate option will be available in any limit brackets.

You can leverage your future income, existing assets, FCNR deposits as security for the loan. To view details of loan products, eligibility criteria, and repayment options Check below Mentioned Details: –

SBI NRI Home Loan Features and Benefits

  • 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.

Eligibility Criteria for State Bank Housing Loan:

  • 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).

Documents Required for SBI Nri Home Loan:

  • 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.

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, minimum Rs. 1,000/-
Above Rs.25 Lacs & upto Rs. 75 Lacs Rs. 6,500/-
Above Rs. 75 Lacs Rs. 10,000/-


  1. Processing fee has to be paid by the customer only if the loan is sanctioned and availed.
  2. Actual charges for the following will be payable by the customer in addition to the processing fee:
    1. Pre-sanction
      i. Advocate’s fee for property search and the title investigation report.
      ii. Valuer’s fee for valuation report.
    2. Post-sanction
      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.

Repayment Period

For borrower’s age:

  • Up to 35 years: 25 years
  • Above 35 and below 45 years: 20 years
  • 45 years and above: 15 years

Note: Subject to liquidation of loan by the age of 60 years or the age of retirement whichever is earlier.


  • New house / flat: 18 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.


  • 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.

Source: State Bank of India Website


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