State Bank of India is the largest bank in India in terms of profits,
assets, deposits, branches and employees. As of 31st March, 2000, the Bank possessed total
assets worth Rs.2,615,049 million (US$59,951 million) and total deposits worth
Rs.1,968,211 million (US$45,122 million). With a network of over 9,000 branches in India
and 51 foreign offices in 32 countries, the Bank commands about one-fifth of the total
deposits and loans in all scheduled commercial banks in the country.
The Reserve Bank of India is the single largest
shareholder of the Bank (with 59.73% stockholding followed by 14.1% NRI/FIIs, 11.8%
financial institutions, 11.1% individuals and remaining with mutual funds and corporates).
SBI's shares and bonds are listed for trading on all the major Indian stock exchanges. Its
GDR is listed on the Luxembourg Stock Exchange.
|
|
|
| |
With a view to inculcating transparency in banking
transactions and for providing information to customers, the Bank launched a Citizen's
Charter in the form of the Code of Fair Banking Practices together with the General Terms
and Conditions of Service. The Code reflects the Bank's commitment to provide service of
the highest order and serves as a document of self-discipline. Appropriately named,
'Towards Excellence', the Code is the Bank's tribute to its customers in the Golden
Jubilee year of India's independence.
The State Bank of India has, over the years, richly
merited its status as the flagship of Indian banking. The Bank has pioneered innovative
measures and contributed significantly to the growth of the Indian economy.
Housing Finance Scheme for
Non-Resident Indians
State Bank offers loans for Homes to NRIs - for buying or constructing
a new flat or house or even for renovation, alteration and extension of their existing
house or flat, provided it is for self-occupation on their return to India and not for any
other purpose. NRIs can also buy an already existing (old) constructed house or flat.
While the RBI has not prohibited banks from financing NRIs for purchase of a second house,
(if the NRI already owns one not financed by a bank) the house or flat so financed by the
bank should be for self occupation by the NRI on his return to India.
Features
- Eligibility
- The applicant must be a Non-Resident Indian
holding an Indian passport
- The applicant must have a permanent job for the
past 2 years in a reputed company, organisation or Government Department, or must be a
self-employed professional with a minimum monthly income of Rs. 10,000/-.
- The applicant's salary certificate or income statement must be
attested by our foreign branches, representative offices or the Indian embassy/ consulate.
- Wherever attestation is not feasible, the
salary/income certificate should be submitted duly notarised.
- Loan amount
36 times the
monthly net income of the applicant normally subject to a maximum of Rs. 25 lacs. Loans
above Rs. 25 lacs will also be considered on merits of the case.
- Margin
- Minimum 20% of the total cost of the flat or
house.
- The margin money should be paid by a NRI borrower by way of foreign
inward remittance through normal banking channels or out of his/her NRE/FCNB/NRO accounts in
India. This should be received in advance before disbursal of loan.
- Security
- Equitable mortgage of the property to be purchased
or constructed, including land.
AND
-
As during the course of purchase or construction
of house or flat the security will not be free and adequate, gurantee of a third party,
resident or non-resident, will be required. The guarantor should be of adequate means locally
or abroad. The guarantee may be released, at the discretion of the Bank, after the house or
flat is purchased or constucted and equitable mortgage is created in favour of the Bank.
OR
-
Lien over the balances in the accounts of the
borrower and/ or the guarantor may be made. The lien may be released, at the discretion of the
Bank, after the house or flat is purchased or constructed and equitable mortgage is created.
- Interest
The interest rate specified for housing loans granted to the public
will be applicable for housing loans granted to NRIs for the acquisition of flats or
houses. Rates of interest are subject to change from time to time. Currently the interest
rates are as under :
- Up to 2
lacs
- 12.00%*
- Rs. 2,00,001 to Rs. 5
lacs - 13.00%*
- Above Rs. 5
lacs - 14.00%*
* exclusive of interest tax.
The interest is applied on reducing balance and compounded
quarterly.
- Disbursement of loan
- Direct disbursement to seller of the house or flat
where building is in ready possession.
- For construction or renovation or extension of the
house or flat disbursement shall be made in phases linked to progress of the project.
- Repayment
- Repayment of the loan should be made by the
borrower within a period not exceeding 15 years, and in equated monthly instalments comprising
principal and interest including all charges. Payment should be remitted from abroad through
normal banking channels or out of funds in the borrower's NRE, FCNB or NRO account in India.
- If the house or flat is rented out, and the rental
income is more than the prescribed instalment, the excess income can be permitted to be
utilised towards payment of local taxes or insurance premia, etc., connected with the
immovable property. If the rental income is less than the prescribed instalment, the borrower
should remit the amount to the extent of the shortfall from abroad or pay the difference out
of his or her NRE/FCNB/NRO, NRSR account in India.
- Processing Charges
0.50% of the loan amount.
- Insurance
The house or flat should be insured for its full value in the joint
names of the borrower and the Bank at all times against fire, flood, cyclone, typhoon,
lightning, explosion, riot, strike, earthquake risks etc. The cost of the insurance must
be paid by the borrower.
For further details : www.sbi.co.in
|
|
|
|
|
|
|
