India’s banking giant State Bank of India (SBI) gives the facility of home loans to persons of Indian origin (PIO) and non-resident Indians (NRIs). To avail the home loan facility from the SBI, all NRIs and PIOs are needed to fulfil some specific criteria and also submit a set of prescribed documents. Prominently, SBI charges the interest rate on the principal home loan amount on the basis of the daily reducing balance. The maximum home loan repayment time duration has been fixed at 30 years by the State Bank of India.
There are lists of documents which are required to be submitted by every NRI home loan borrower. The document list covers an employer identity card, attested copy of valid Passport as well as visa, address proof specifying the current overseas address, copy of continuous discharge certificate (for candidates employed in the merchant navy), PIO card issued by Government of India (only in case of PIOs).
Besides these, a user is obliged to submit the completed home loan application form which should be duly filled with 3 passport size photographs, Identity proof from passport, PAN card, voter ID card, driver’s license and proof of address recent copy of telephone bill, water bill, electricity bill, piped gas bill or copy of the passport, driving license and Aadhar card. According to SBI, the attestation of all the documents may be done by FOs/Rep. Offices or Overseas Notary Public or Indian Embassy/Consulate or officials of branch/sourcing outfits based in India.
Apart from the primary details, SBI demands some legal property papers such as permission for construction of home or building (wherever applicable), allotment letter, registered agreement for sale (only for Maharashtra), stamped agreement for sale, share certificate (only for Maharashtra), occupancy certificate (in case of ready to move property), electricity bill, maintenance bill, property tax receipt, approved plan copy (Xerox blueprint) and registered development agreement of the real estate developer, conveyance deed (for any new property), payment receipts or bank account statement revealing all the payments made to the seller or builder.
Previous 6 months bank account detailed statements of the overseas account, details of other earlier credit facilities availed from banks and all loan account statement of last one year should be compulsorily submitted wherever applicable.