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:
- Property needs to managed through a letting agent, or family member.
- Customer has account with SBI UK to hold 3 months debt reserve. Rent may be paid to this or other accounts.
- 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.
- Minimum property value of £300,000.
- Home Country credit report to be obtained.
