NRI Loan India

I want to get information about the State Bank of India NRI Loan eligibility as well as Home Loan Products. So here can you provide me information about it?

[Shaleen]

If you want to get information about the State Bank of India NRI Loan eligibility as well as Home Loan Products, then here I am telling you about it as you want.

Home Loan Products:
a) SBI NRI Home Loan

Loan for purchase of flat / plot after the property has been finalized

b) SBI Maxgain (Home loan as an overdraft)
The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like Savings Bank or Current Account. Cheque Book and Internet Banking facility is also provided

You may park your surplus funds / savings in Maxgain account, with an option to withdraw funds whenever required


c) SBI Realty
For purchase of a plot for construction of house

You will also be eligible to avail another Home Loan for construction of house on the plot financed under the SBI Realty with the benefit of running both the loans concurrently

The construction of house should commence within 2 years from the date of availing of loan



d) SBI PAL (Pre-Approved Loan)
Sanction of Home Loan limits before finalization of the property

Pre-approved loan arrangement letter (PLAL) will carry the eligible loan amount calculated on the basis of prevailing interest rates

Loan eligibility will be assessed on the basis of income details

Pre-approved loan arrangement letter (PLAL) will be valid for a period of 4 months.

Eligibility Criteria:
Minimum age of the Person should be 18 years with regular sources of income (clubbing of income of co-borrowers / guarantors and expected rent accruals on proposed property is permitted subject to certain conditions)

Person should have Valid Passport

Employed abroad for at least 2 years or a valid job contract for a minimum period of 2 years abroad but has completed 6 months of employment or working abroad on assignments with foreign Governments / government agencies or International / Regional Agencies like the UNO, IMF, World Bank etc. or Central Government, State Government or Public Sector Undertakings, officials deputed abroad on temporary assignments or posted to their offices (including Indian Diplomatic Missions) abroad

Existing NRE / NRO account holder with SBI


b) Loan Amount
Minimum Loan Amount:
For NRI Home Loan: Rs. 3 lack

For Maxgain: Rs. 20 lack

For Realty: Rs. 3 lack

For PAL: Rs. 10 lack