The Benefits of taking SBI NRI Home Loan

Every Non Resident Indian (NRI) or Person of Indian Origin (PIO) desires to buy a property in their home country i.e. India. Now SBI has come up to make them fulfil their dreams with the fantastic scheme of sib nri home loan. All that an NRI needs to avail sbi nri home loan is to be over 18 years old and hold a valid Indian passport. The applicant also needs to have been abroad for a minimum duration of 2 years and should be working with a steady source of income. It’s even simpler for a PIO to take sbi nri home loan as all they need is a valid foreign passport.

The SBI NRI Home Loan is multifaceted and can be used to buy or construct a new home, even to renovate or repair one’s existing home. Not only this, the sbi nri home loan can also be utilised to purchase existing flats or land for constructing a house. If the requirement is just to furnish an existing home, sbi nri home loan can be availed for that too. There are rarely any loans which provide these many options and flexibility.

A loan applicant can avail loans from Rs 3 lakhs to upto 40% of their annual income. Sbi nri home loan comes with a processing fee of Rs 10,000 or 0.05% of the loan amount whichever is less. The calculation of repayment amount and tenure is done by using sbi home loan emi calculator, which factors in various parameters like the applicant’s age and annual income. One can just login to the SBI website or walk in to its branch to avail the loan.

The mode to repay sbi nri home loan is through Equated Monthly Instalments or EMIs as they are commonly called. For an applicant who is under 35 years of age, the loan can be repaid in 25 years while for 45 years old applicants; the tenure generally is 15 years to repay the loan amount. The rate of interest for the loan offered under sbi nri home loan is the same that is offered to resident Indians, and can be both floating as well as fixed depending on the terms and conditions mentioned in the sbi nri home loan agreement.

Many NRIs and PIOs have already benefitted from the sbi nri home loan in fulfilling their dreams of owning a beautiful home. SBI takes special care of its NRI customers and is known to approve a large percentage of loan applications. The sbi home loan emi calculator is a wonderful tool with which any applicant can calculate their EMIs and repayment tenure.

Now building a dream home in their country of birth is possible by the use of sbi nri home loan, for every NRI. Details of entitlement, application forms and other parameters can be checked online on the SBI website or in person by walking into any of SBIs branches all across the world. The extremely reasonable interest rates offered by sbi nri home loan, make it one of the best home loans for NRIs.

Was this helpful? 0 0 Comments

You're reading The Benefits of taking SBI NRI Home Loan.