SBI’s (State Bank of India) NRI home loan in detail:
Eligibility: In order to be eligible for SBI’s NRI home loans, one should be employed abroad for at least two years or have a valid job contract for a minimum period of two years abroad. He/ she should have completed six months of employment. One who has worked abroad on assignments with foreign governments or international agencies like the UNO, IMF, World Bank etc, are also eligible.
Existing NRE (non-resident external)/ NRO (non-resident ordinary) account holders with SBI are also eligible.
Amount: The minimum loan amount for SBI’s NRI home loans is Rs. 3 lakh, for maxgain Rs. 20 lakh, for realty Rs. 3 lakh and for PAL (pre-approved loan) Rs. 10 lakh.
The maximum amount for buying realty is Rs. 10 crore whereas for maxgain and PAL, it depends on the basis of LTV (loan to value) ratio as per the following:
Maxgain is a home saver loan product from SBI.
For home loans up to Rs. 75 lakh LTV ratio for salaried applicants is 80 per cent and 75 per cent for non-salaried applicants.
For home loans above Rs. 75 lakh, LTV ratio for salaried applicants is 75 per cent and 70 per cent for for non-salaried applicants.
LTV ratio is a term used by lenders to express the ratio of a loan to the value of an asset purchased.
The maximum moratorium period for SBI’s NRI home loans is 48 months.
The aggregate repayment should not exceed 50 per cent of NMI (net monthly income)/ NAI.