Home Loan for NRIs scheme
PURPOSE
| Loans to fulfill your dream.... |
| Planning to own a home is one of life's most rewarding challenges. Plan building a home / buying a flat. Leave the financing to us. We have the right housing finance scheme for you.. |
- Purchase of a ready built house / flat.
- Construction of house / flat.
- Purchase of site and construction of house thereon. However, loan for purchase of only site shall not be considered under Housing Loans. In case of composite Housing loans, utilisation of loan amount for purchase of plot is restricted to 60% of elaigible / sanctioned loan amount.
- For undertaking repairs, renovation, expansion, upgradation and creation of additional amenities with a monetary ceiling of Rs. 15.00 Lacs in case of repairs & renovations only.
- For acquiring second house/flat where the borrower is already having a House/flat with or without loan.
- For taking over of the HL liability from :
. • All Public Sector Banks/Private Sector Banks/Co-operative Banks/RRBs/Army Group Insurance Fund.
. • NBFCs/HFCs (irrespective of the rating by ECAI) for Salaried class of borrowers and (rated externally as A & above) for Non-Salaried class of borrowers.
ELIGIBILITY
- All Non resident Indians having valid Indian passport and persons of Indian origin (PIO) having foreign passport.
- Minimum age 21 years and maximum age 60 years.
- Spouses and close relatives of NRIs who are residents can join NRI as Joint applicants.
- Steady income source and minimum employment abroad of 2 years with valid job contract/work permit.
- Applicant should have NRI status of 3 years
- The loans for above purposes shall be sanctioned only for the properties which are non-agricultural having valid documents for usage for Housing / non agricultural purposes.
HOW MUCH YOU ARE ENTITLED TO
- 4 times of Annual Gross Income
- Higher quantum 5 years of Gross Income can considered on a case to case basis subject to certain conditions
WHAT IS YOUR CONTRIBUTION
| Amount of Housing Loans | In case of New House/ Flat & Old House/ Flat (Up to 10 Years Old) | In case of Old House/Flat (> 10 Years old) |
| Upto Rs. 30.00 Lacs | 10% | 25% |
| Above Rs. 30.00 Lacs & upto Rs.75.00 Lacs | 20% | 25% |
| Above Rs. 75.00 Lacs | 25% | 25% |
In the case of Repairs & Renovations, expansion of existing unit, upgradation and creation of additional amenities, a uniform margin of 25% on project cost is applicable.
The Margin is Stipulated on the Total Project Cost
- In case of Housing Loans where project cost is up to Rs.10 lakhs, Stamp duty, Registration Charges and other Documentation Charges can be included in the project cost for the purpose of stipulating margin as well as LTV ratio
- Where the project cost exceeds Rs.10 lakhs, the margin is stipulated only on the basic project cost which shall not include expenses towards stamp duty, registration and other documentation charges.
RATE OF INTEREST
SECURITY
- Equitable mortgage by deposit of title deeds / Registered mortgage where necessary.
- Guarantee of suitable resident Indian acceptable to Bank.
REPAYMENT
- By EMIs.
- Remittances from abroad through normal banking channels.
- Funds transfer from NRE/FCNR (B) accounts.
- Remittance from local funds by close relatives.
- ECS mandate/PDCs lodging as the case may be.
- Repayment period Max 30 years or upto the age of 60 years of borrower whichever is earlier.
Repayment period up to 30 years or till the borrower attains the age of 70 years also can be considered on a case to case basis subject to certain conditions
REPAYMENT HOLIDAY
- In the case of purchase of ready built house/flat : The repayment shall commence within TWO MONTHS from the date of first disbursement.
- In the case of purchase of Site & Construction of House thereof and OR only construction of House in the existing Site : ‘The repayment shall commence within 2 months after completion of House OR 24 months from the date of first disbursement whichever is earlier’.
- In the case of purchase of flat under construction : ‘The repayment shall start within 2 MONTHS of completion of construction OR 36 Months from the date of first disbursement, whichever is earlier.
PROCESSING FEES
- Processing fee of 0.10% subject to a minimum of Rs. 500/- and maximum of Rs. 10000/- is charged.
PREPAYMENT
- At your choice. Even in case of take over of liability by other banks / HFIs, no prepayment penalty will be charged in respect of Housing Loans carrying floating rate of interest.
DOCUMENT / FORMALITIES
- Stipulated Loan Application with 2 passport size photographs.
- Proof of Identity – Copy of first four pages of passport and page with visa stamp or IC/PIO card.
- Valid work permit.
- Copy of the employment contract. Last Salary certificate / slip in original.
- Copy of Salary certificate duly attested by Indian Embassy / Consulte / Employer.
- Copy of identity card issued by the current employer / proof of income in case of self employed professionals / businessmen.
- Brief profile of the applicant and work establishment.
- Details of previous employment.
- Bank account statement / passbook for the last six months.
- Account statement / passbook of overseas bank showing salary and savings.
- Proof of residence (driving licence / utility bills)
- Copy of Continuous Discharge Certificate (CDC) – for applicants employment in the merchant navy.
- Sale Deed /Agreement for Sale
- Copy of the approved building plan / approvals in respect of proposed construction / purchase /extension.
- Original NOC under the Provisions of ULC Acty.
- Detailed cost estimate / valuation report from Bank's Panel Chartered Engineer / Architect
- Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board
- Legal Scrutiny Report, EC for the past 13 years, Property Tax paid receipt, Khata and permission for mortgage, wherever necessary
- A brief note on the nature of business, year of establishment, type of organization, etc., (in case of self-employed)
- Balance Sheet and P&L Account for the past three years (in case of self-employed)
For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.