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Non-Resident BTL

Non-Resident BTL

Non-Resident BTL applications will be subject to the following additional lending criteria:

Borrower: UK Incorporated SPV only

Experience: Owns minimum 1 residential property in India/Internationally either directly or through SPV.

Maximum Loan: £5,000,000 total exposure (£3,000,000 for an individual property)

Minimum Income: £40,000 per annum or equivalent (can consider lower for 'High Net Worth' individuals, please refer to SBI UK Ltd)

ICR: 130%, applicable stress rate would be Product Rate + 2.00% or 5.50% (whichever is higher).5 year Fixed Products are stressed at Pay Rate.

Application Fees: £500, payable upfront, refunded upon completion.

Geographic Restrictions: No country restrictions (excluded those on any Sanction list), KYC must be verified by an SBI branch in the UK or Internationally.

KYC Certification: KYC documents need to be verified in original by branches of SBI in India or other countries of its presence.

Other Conditions:

  1. Property needs to managed through a letting agent, or family member.
  2. Customer has account with SBI UK to hold 3 months debt reserve. Rent may be paid to this or other accounts.
  3. Debenture on borrower entity would be required if this is the sole property or letter of non-crystallisation would be required from existing debenture holder.
  4. Minimum property value of £300,000.
  5. Home Country credit report to be obtained.

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