To begin with the process you must know the kind of products available at the State Bank of India. Here is a brief overview of all available housing finance options:
SBI Maxgain: The loan is granted as an Overdraft. The minimum and maximum loan amount is Rs. 5 lacs and Rs. 1 Crore respectively. This scheme is also open for NRIs.
SBI Realty: A good financing solution to buy a plot of land for constructing a housing unit. The maximum amount you can finance under this program is Rs. 10 crore with the repayment period not exceeding 15 years. NRIs can also apply for this loan.
SBI Home Plus: Basically a loan against property, you can use the money to repair or improve an existing housing structure, or purchase a car or other consumer durables. You can even use the fund to meet education or medical expenses, or for any other personal requirements.
NRI Home Loans: A lending solution for NRIs and PIOs, who are over 18 years of age and are in possession of a valid Indian passport or a foreign passport. The candidate must have at least 2 years of employment tenure in India or abroad. Minimum loan amount is Rs. 3 lacs whereas the maximum limit is determined by EMI/NMI ratio criteria.
SBI Tribal Plus: It is a special scheme designed for the people living in a hilly or tribal area. The finance is provided against Third Party Guarantee and the amount one can have to the maximum is Rs. 10 lacs. The maximum term is 15 years.
Gram Niwas: This home financing scheme is designed for people living in abject poverty in rural and semi-urban areas. The loan amount can be used for purchase or construction of a house, repairs and renovations, purchase of plot, etc.
Sahyog Niwas: A rural housing finance scheme for self help groups who need help for purchase, construction, renovation, repair, and purchase of a plot or land.
SBI Green Home Loan: An innovative scheme to encourage housing projects that pay much attention towards reducing carbon emission and promoting Renewable Energy. Under the scheme, the bank offers a concession of 0.25% in interest rates and waiver of processing fees.
Documents Checklist for Non-Residents IndianSBI home loan document requirements are common for most loan programs listed above. Here is a list of documents for non-residents Indian.
- Completed application form
- 3 passport size photographs
- An identity proof (copies of voters ID card, passport, PAN card or driving license)
- A residence proof (copies of recent telephone or electricity bill, property tax receipt, passport, or voters ID card)
- Passbook or Bank statement (for last six months)
- Signature identification from present bankers
- A statement on Personal Assets and Liabilities
- Business address proof (for non-salaried individuals)
- Original salary certificate and TDS certificate on Form 16 / IT returns for last two financial years (for salaried persons)
SBI Home Loan Documents for NRINon-Resident Indians require an altogether different set of documents to provide testimonials to their eligibility for an SBI housing loan program.
- An age certificate verifying that their age is not less than 18 years
- A valid Indian passport or a valid foreign passport in case of PIOs
- An income proof
- A proof that the candidate has been employed abroad for at least 2 years
- Valid job contract or work permits
- The minimum Net Monthly Income (NMI) must be USD 500 or the minimum Net Annual Income (NAI) must be USD 6000.
Last Updated On: 2011/09/08