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For under construction houses/ flats, the loan amount will be disbursed in stages based on the progress of construction. You will need to pay interest on the disbursed amount released in stages. Such interest is called the Pre-EMI which will continue until the final disbursement of the loan.
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.
SIB Home Loan Documents Required
You are also authorize to take the matter forward with you. The application process can be summarized in the following steps. South Indian bank is one of earliest banking institutions in the country which can trace its roots to the Swadeshi Movement of India. Operating out of its headquarters in Thrissur, Kerala, it is among the largest private sector banks in India with a wide network of over 850 branches spread all over the country. Among the redeeming features of home loan bouquet of South Indian Bank, highly competitive interest rates are offered to your benefit.
Loan Tenure is a period for which you have availed the loan. You need to repay full loan and interest thereon during this period. You must know that it is not necessary that whatever loan amount you are applying for is easily extended to you by the bank. Bank will first calculate your eligibility for taking that loan amount during its loan approval process before making final decision on loan amount to be extended to you. South Indian Bank offers NRI Home Loan at the interest rate of 7.25 which is very attractive.
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.
We at SBNRI are here to help you out with everything related to home loans and other financial and legal services required by NRIs. Close relatives of an NRI borrower in India could also repay the EMI through their bank account, if any. The loan can be repaid in EMIs out of funds in your NRI account in India. You will need to submit a credit report from a Credit Rating Agency in your country of residence, if the report can be procured easily. Credit report from CIBIL or any other recognized credit agency in India. Disbursement of NRI Home Loan will be made after technical appraisal of the property and after completion of all legal documentation of the property such as the NOC and title deed.
South Indian Bank NRI Home Loan Features & Benefits
One can even negotiate on interest rate provided he/ she carries good Credit Score, good relations with the lender, clean repayment history and regular income. For taking over of housing loans from other financial institutions/ banks. Yes, you can avail loans for flats under construction wherein the project may be approved by the bank. We have a home loan scheme for retired senior citizens .
Last six months’ Bank Statement of overseas account in the name of individual as well as company/unit. We have already averred that SIB does not extend any special scheme to the high – net – worth individuals and the home loan scheme is endowed with features covering a large target audience. In such a scenario, SIB can only offer the maximum amount that is quoted in the home loan as Rs.1500L.
Intrested in SBI Home Loans ?
(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.
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.
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.
The tenure will depend on the number of floors in case of a township project in monthly instalments, including bank’s approved projects. Salaried buyers are required to repay the loan before retirement. Self-employed professionals and individuals before reaching 70 years of age.
Bank statement of ant NRI account in India in any bank incorporating regular remittances. However, in the case of NRI, you have to comply with the rules set by the RBI from time to time and also the regulations of FERA. The documentation part differs with the resident Indian to the extent that their income and other proof are different from the normal Indian standards.
SIB offers home loans to NRIs also called as Non – Residential Indians with all the features in the home loans applicable to the resident Indians. Most of the NRIs view home ownership here as an investment option. Since, the norms and features of the home loan for residents and NRIs are similar they are also benefited out of the wide canvas in offer. It works both ways as their hard currency earning fetch handsome exchange value and they are able to propose high value projects. For construction of residential house on land already owned.
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