|Eligibility||• Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
• NRIs gainfully employed with a residual contract period / service of atleast 3 more years to run.
* NRI professionals with regular monthly income.
|Amount of Loan||* 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.
|Margin||* For Loans upto Rs. 20 lakhs : 10%
* For Loans above Rs. 20 lakhs : 20% |
|Processing fee||* Processing fee : For limits upto 10.00 lakhs: 0.25% of loan amount ; For limits above 10.00 lakhs: 0.20% of loan amount with a minimum of Rs. 2,500/- and maximum of Rs. 20,000/- (Non refundable)( to be remitted at the time of submission of application) |
* Administrative fee : For limits upto 10.00 lakhs: 0.32% of loan amount ; For limits above 10.00 lakhs: 0.25% of loan amount with a minimum of Rs. 3,200/- and maximum of Rs. 25,000/- (at the time of acceptance of sanction)
|Interest Rates||* NRI Home Loans are offered on Floating Rates only.
(Please see the Lending Rates link on home page of our Bank’s website)
|Repayment||* Loans for purchase / construction of House / Flat: Max. 15 years (including holiday period)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
The repayment may be made by way of remittance from abroad or from other domestic sources including rental income from the property etc.
Repayment of instalment of Home Loan, interest and other charges, if any can be made by close relatives through their bank account directly to the borrower’s loan account.
|Security||* Equitable Mortgage of Property purchased / constructed out of loan proceeds. |
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
|Documents to be submitted for processing the application||1. Completed Application Form with passport size photograph.
2. Salary Certificate.
3. Proof of other income like rent, interest on investment, if any.
4. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
5. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
6. Agreement of Sale / Sale Deed.
7. Approved Building Plan.
8. Title Deed Documents for 30 years.
9. Proof of title in the Revenue Records. (Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).
10. Passport copy with page containing visa stamping
11. Copy of work permit
12. Employment contract copy (an English translation duly attested by employer/consulate/embassy/our foreign branches , if it is in any other language)
13. Copy of identity card issued by the employer
14. Copy of continuous discharge certificate in respect of applicants employed in merchant navy.
15. Brief write up about employment profile for the last 3 years
16. Brief write up about the company /institution where employed i.e. constitution, activity, employee base, net profit etc.
17. Statement of overseas Bank account for the last six months which reflect salary credit , savings etc
18. Specific irrevocable Power of Attorney, if applicable, duly stamped and notarized / attested by Indian Embassy / consulate and adjudicated in India.
Additional documents for PIOs
A photocopy of the PIO card or any of the under noted documents
Current Passport indicating place of birth in India
Indian Passport if held earlier
Parents’ or grandparents’ passport with details therein substantiating his claim of being a PIO
|Value added||• Group Insurance cover: At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
• The Premium amount will be financed as a seperate loan instead of financing as a part of the loan.|
|Salient Features||For purchase or construction of a house / flat / repair / renovate or alter an existing house / flat. The scheme covers both Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs).|
|Insurance||* Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies. |