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(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost). Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located. NRIs gainfully employed with a residual contract period / service of atleast 3 more years to run. Proof of income in case of self-employed professionals/businessmen. SBI welcomes you to explore the world of premier banking in India. Our commitment to nation-building is complete & comprehensive.
Rental income from the Indian property, which is considered for estimation of eligibility, could also be credited directly to the credit of your house loan account. Home Loan Balance Transfer is a switch of the outstanding home loan account from existing lender to another new lender where better facilities are being offered by the new lender. In simple terms, it can be understood as "Availing a new home loan from another lender to repay an existing home loan". South Indian Bank offers NRI Home Loan for a maximum of Rs. 15,00,00,000. Loan offered to the borrower is completely customised as per the requirement and the eligibility criteria of the customer. Individuals can avail reimbursement of expenses incurred in the case of loans availed for purchase of new house/flat and properties under construction within two years.
South Indian Bank Home Loan Scheme
In respect of high-net-worth individuals, no premium services or any specialized home loan are offered. The bank values all of their clients and the high-net-worth individual may be different only to the extent of liquid assets at his disposal. Reimbursement of outright purchase of ready to occupy flat / house within two years. Repurchase of ready to occupy flat / house not exceeding 20 years.
However, the items quoted are not exhaustive and there may be far more large number of charges that will be applied depending on the emerging scenario. In case of ready-to-move-in property, the full and final disbursement of the loan is done in one go. South Indian Bank offers NRI Home Loan for maximum tenure of 30 Years.
Other Important Points of South Indian Bank NRI Home Loan
SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of SBI. Copy of Employment Contract or Work Permit in English duly endorsed by the employer and the Embassy of the resident country. Alterations, renovation, refurbishment maintenance of exiting flat / house. Extension and addition to existing house without any loan limit. If you want to get a home loan in India, you can get in touch with us.
The target group is senior citizens drawing monthly pension. You can also take full benefit of the income tax rules by availing loan under this scheme. Purchase of ready to occupy/repurchase of flat aged up to 20 years. Purchase of ready to occupy/repurchase of house aged up to 30 years.
South Indian Bank NRI Home Loan
Top up Loan available for existing customers with 12 months’ regular repayment track record, Subject to conditions. For purchase or construction of a house / flat / repair / renovate or alter an existing house / flat. The scheme covers both Non Resident Indians and Persons of Indian Origin . Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years. Bank account details for the previous 6 months overseas account showing salary and savings and Indian account if any. Home loans at SIB are very generous where loan amounts as high as Rs.1500L is offered and Loan to Value of up to 90 %.
PIOs should either be born in India or their parents/ grandparents should have the current or old passport with details substantiating their claim as PIO. There are chances that if you opt for a longer term, the interest rate offered will be on lower side. For purchase of unfinished/ old house and renovation/ extension/ repair of the same. Penal Interest Defaulters will be charged a penal interest of 2% p.a. Of the defaulted amount in case he/she delays his monthly payments.
South Indian Bank NRI Home Loan Interest Rates
Minimum last 6 months bank statement with min 5 salary credits. Latest 1 year NRE a/c statement with any bank in India and/or resident accounts of spouse in which regular remittance is made OR Salary Credit account statement for last 1 year. Minimum last 6 months’ bank statement with min 5 salary credits.
We'll ensure you're the very first to know the moment rates change. Latest two years personal ITRs supported by Computation sheet, Profit & Loss account and Balance sheet. 20 years or until the date of retirement whichever is earlier for salaried class. Reimbursement should not be beyond two years from the launching of the project, for Flats/ residential unit under Construction and branch to confirm that the project is on-going. Property to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
My home loan was taken with SOUTH INDIAN BANK 2 years back. The loan amount was 45 lakhs and the interest rate was satisfactory . I was having this loan with another bank which has been transferred to South Indian Bank four years back. The interest rate which they where offering has been nominal when compared with the market rate and there has not been any additional charges which they had made so far. The Premium amount will be financed as a seperate loan instead of financing as a part of the loan.
Different banks offer NRI home loan at different interest rate to the borrowers. You must remember that interest is the major cost of your home loan which you need to pay on your outstanding loan amount till the end of your loan tenure. The repayment option may be extended beyond your retirement, if pensionable. You can also take advantage of the top-up home loan offered by the bank.
It has been a good experience i had with this home loan where the loan amount which they had given me has been sufficient and satisfactory. I had taken this loan in the year of 2008 and the interest rate during that time has been nominal when compared with the market rate. There has not been any additional charges which they had made so far.
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