SBI NRI Home Loan 2022-23: Interest Rate & Other Charges, Eligibility

SBI NRI Home Loan 2022-23: Interest Rate & Other Charges, Eligibility

5 September 2022

Many non-resident Indians (NRI) wish to get a home in India. However, due to the crisis of funds, people fail to get their dream homes. Hence to cater to this problem, the State Bank of India provides the SBI home loan to NRIs. Users can take the SBI NRI house loan and repay it within the repayment duration of 30 years. The best part about taking a loan from SBI is that there are no hidden charges or pre-payment penalties involved. 

Before discussing the SBI NRI house loan interest rate and the eligibility criteria, let’s understand the features of the SBI home loan. 


Features of SBI Home Loan

The features of SBI home loans are as follows:

  • A low SBI house loan interest rate is provided to non-resident borrowers.
  • The bank does not charge hidden expenses during the loan sanctioning process. 
  • A prepayment penalty is also not charged to the users. Hence, the applicants can repay the loan according to their convenience. 
  • There is a separate concession provided to the women borrowers. 
  • The bank also provides tax deductions on the loan amount to the NRIs. 


SBI Home Loan for NRI: Interest Rate

The SBI Home loan interest rate depends on an individual’s CIBIL or credit score. The credit score reflects the credit behaviour of a customer. Whether a person repays the loan on time, spends less than the earnings, and has a good mix of secured and unsecured loans affects an individual’s credit score. Generally, a score below 600 is considered poor, whereas any score above 600 is regarded as excellent. The table shows the SBI house loan interest rate based on the credit score. 

Credit Score SBI Home Loan Interest Rate
Scores equal to or more than 800 8.05%
Scores between 750 to 799 8.15%
Scores between 700 to 749 8.25%
Scores between 650 to 699 8.35%
Scores between 550 to 649 8.55%
No CIBIL Score 8.25%


SBI Home Loan for NRI: Processing Fees

The processing charges for the SBI house loan involve the property’s insurance premium. If you ask for a loan between ₹10,000 to ₹30,000, the charge will be 0.40% of the total loan balance.


SBI Home Loan for NRI: Eligibility Criteria

Only NRIs who fall into the State Bank of India’s eligibility criteria will be able to receive funds from the bank. The following are the bank’s eligibility criteria:

  •  Candidates must be between the age group 18-60 years to get the loan. 
  • The loan is applicable for both salaried and non-salaried individuals.
  • The candidates should have a visa with correct information on their address and employment status. 
  • SBI NRI home loan is provided to only those candidates who have lived more than two years abroad. 
  • They should have an income of $500 per month or $6000 yearly. 


Documents Required for Availing SBI Home Loan

The following chart shows the documents needed to qualify for the SBI home loan. 

Proof of Identity Income Proof of salaried applicants Income proof of non-salaried applicants
  • Employer’s ID card
  • Address proof (India)
  • Attested copy of Passport and Visa (Attested Copy)
  • Address proof (Abroad)
  • Identity proof
  • Property-related documents
  • First Year Loan Account Statement
  • Bank account statements (Updated)
  • Work permit proof
  • Salary slips for 3 and 6 months
  • Employment contract letter
  • Copy of Income Tax Return 
  • Last two years Income Tax Return 
  • Business address proof
  • The last two years’ profit and loss accounts 
  • Last six months’ bank statement 



If you meet the eligibility criteria, apply for a loan at SBI and buy your dream home. Submit the documents required to the bank for the house loan, verify them, and sanction your desired loan amount with a good SBI home loan interest rate.

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