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Home Loans for NRIs

At SBM Bank India, we understand that as a Non-Resident Indian (NRI), you are deeply connected with your homeland. Our NRI Home Loans in India are tailored to honour your bond with your homeland, enabling you to have instant access to funds to turn your dreams into reality. With winning features such as flexible repayment options, and competitive interest rates, we are committed to giving you the best deals possible. Our customer-oriented approach offers exemplary customer service with personalised assistance. Choose SBM Bank as your trusted banking partner to unlock the doors to your perfect home in India.

WINNING FEATURES

We place your financial well-being at the forefront of every service we provide. We are committed to providing you with a personalised experience while offering attractive interest rates, and incredible flexibility in terms of your loan tenure and repayments, whether you want to buy a ready to move-in property or under-construction property.

Competitive interest rates

At SBM Bank, we understand that Home Loan interest rates play a crucial role when applying for a Home Loan. That is why we offer competitive interest rates to minimise borrowing costs.

Repayment flexibility

Our Housing Loan for NRI comes with flexible repayment options so that you can choose a tenure that suits your financial capabilities and goals. You can save time by providing standing instructions to pay your EMIs directly from your SBM Bank India NRI Savings Account.

Seamless application process

Our streamlined application process ensures quick loan approvals before property selection with complete guidance from our experienced Relationship Managers.

Balance transfer facility

You can transfer your existing Home Loan with another bank to SBM Bank India to enjoy competitive interest rates and exceptional services. Our balance transfer facility enables you to make the most of our customer-centric offerings.

Loan top-up

For added convenience, our NRI Home Loans offers a top-up loan option to give access to extra funds at attractive interest rates. You do not have to worry about your home renovations or enhancing utilities.

No hidden charges

You can confidently plan your finances and budget for the loan without worrying about unexpected costs. We foster transparency to reinforce trust and cultivate strong relationships.

Joint Home Loan facility

Enjoy higher tax benefits or increased Home Loan eligibility by applying for an NRI Home Loan jointly with your Resident or Non-Resident family member.

Eligibility

To apply for NRI Home Loan, certain eligibility criteria must be met. These include your age, income, employment status and credit history. The individual should have proof of residence outside India to obtain a house loan for NRI.

The following entities are eligible for an NRI Home Loan:

Non-Resident Indians
Person of Indian Origin (PIO)
Overseas Citizen of India (OCI)
Seafarers and mariners

Documents Required

Provide essential documents that establish your identity, financial status, and other related information. The list of required documents is as follows:

Mandatory Documents: PAN Card, Completely filled and duly signed application form by POA holder or borrower himself along with all applicants latest passport size photo, Upfront initial processing fee cheque, Self-attestation of all borrowers on documents (as applicable)

KYC – Age Proof (anyone)

Passport
PAN Card
Driving License
Life Insurance Policy
Birth Certificate (issued by Govt body)
School Leaving certificate (10th)

KYC- Residence Address proof (anyone) – Passport – Driving License – Voters ID card – Aadhar Card – Letter from a recognized public authority or public servant verifying the identity and residence of the applicant/s. – Utility bill (anyone from latest 3 months from date of application.) – Notarised Rent agreement on stamp Paper – Bank Statements etc

Income Documents: 6 Months latest salary slips, Valid work permit Appointment Letter / Increment Letter / Contract Letter / Salary Certificate

Bank statement for 6 months both NRE/NRO and foreign bank a/c

Power Of Attorney (POA)

Valid Passport, Valid Visa, Copy of valid Rent Deed or title deed as foreign Residence address proof.

For balance transfer: 12 months loan account statement, Existing loan details, Bank statement from where EMI is deducted, List of Documents and Foreclosure letter issued by existing financier

Interest Rates & Charges

At SBM Bank, we maintain transparency to ensure zero hidden charges. For a comprehensive breakdown of interest rates, fees, and charges, you can check out interest rate details and schedule of charges.

Apply for an NRI Home Loan

We are committed to making your loan application process straightforward and hassle-free. Whether you are dreaming of a cosy abode for your family or a smart investment in India, we are here to help. Click here to provide your contact details and our experts will get back to you to guide you in your Home Loan application process.

Our Relationship Managers will ensure to make your home-buying journey as smooth as possible. They will assist you in gathering the necessary documents and guide you through each step of the application process. Apply for a Home Loan with SBM Bank and begin your journey towards your dream home.

FAQs

1. Can I add a co-applicant for the NRI Home Loan?

Yes, you can. As an NRI, you can include a co-applicant (usually a family member) when applying for a Home Loan. It helps to increase your eligibility chances for a higher loan amount.

2. Are there any prepayment penalties for NRI Home Loans?

No, we do not charge prepayment penalties. You can make partial or full prepayments without incurring any additional charges.

3. What is the minimum and maximum Home Loan amount I can get?

We sanction your NRI Home Loan amount by evaluating your repayment capacity, your down payment amount, the location of the property, your income, your age, existing debt obligations, among other factors.

4. How can I calculate my EMI for the loan?

You can use an online Home Loan EMI calculator to get an estimate of your monthly EMIs based on the loan amount, tenure, and interest rate.

5. Can I apply for a Home Loan for under-construction properties?

Yes, you can. SBM Bank India allows you to obtain a Home Loan for under-construction properties as well as fully constructed properties, subject to the evaluation criteria and approval process.

6. How can I contact SBM Bank for inquiries?

You can call us at our toll-free helpline number, 1800 1033 817 or write to us by visiting our website and filling out the inquiry form.

7. Is a valid visa mandatory to apply for NRI Home Loan?

Yes, it is. A valid visa is required to establish your NRI status.

8. Am I eligible to receive tax benefits for NRI Home Loans?

Yes, you are. You can enjoy various tax benefits on the principal and interest component of your NRI Home Loan, as outlined under various sections per the Income Tax Act, 1961. Since the tax benefits tend to vary every year, it is best you speak to a tax expert.

9. Is Permanent Account Number (PAN) required to get a loan for NRIs?

Yes, it is.