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Housing For NRI

    Purpose :
  • For construction of residential house on land already owned.
  • For purchase of plot and construction of residential house thereon.
  • For purchase of house/flat.
  • For renovation / extension / repair of residential house already owned.
  • For purchase of unfinished / old house and renovation /extension / repair of the same.
  • For taking over of housing loans from other financial institutions / banks.
  • Target Group:
  • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport, singly or jointly.
  • Close relative of NRI / PIO like – Spouse, Father, Mother, Son and daughter can be the joint borrower even if they are the resident of INDIA having future interest in the property.
  • Financing for Purchase of Land
  • Loan can be availed as a package,for purchasing a plot of land and construction thereon also. However, utilization of loan for purchase of land will be restricted to 75% of the cost of land or 60% of the permissible amount of total loan, whichever is lower.
  • Age minimum age 21 years. Age of the borrower plus repayment period should not be beyond 60 years of age.
  • Must be employed/self-employed or having a business unit and staying abroad at least for 1 years.
  • Must have minimum gross annual income equivalent to Rs. 3.00 Lacs per annum.
    OR
    Must have minimum gross remittance equivalent to Rs. 3.00 Lacs per annum in his NRE/NRO/FCNR during last three year.
  • Need based finance depending on the repayment capacity of the borrowers, subject to following:
  • As on date of application, if the age of the borrowers / coborrowers is less than 45 years:
  • In case of salaried persons, the Loan amount will be restricted to 72 times of monthly gross income / salary.
  • In case of others, the loan will be restricted to 6 times of the Gross Annual Income as per IT Returns / Audited Financials.
  • As on date of application, if age of the borrower or any of the coborrowers is 45 years & above
  • In case of salaried persons, the Loan amount will be restricted to 60 times of monthly gross income / salary.
  • In case of others, the loan will be restricted to 5 times of the Gross Annual Income as per IT Returns / Audited Financials
  • For assessing the loan, Income tax return for last two years is mandatory for the applicants whose income is taken into consideration. It should be ensured that there is no unjustified abnormal increase in income.
    Loan Limit :
  • Minimum loan amount: Rs. 5 lacs.
  • Maximum loan amount : Rs 500.00 lacs.
  • Total deductions including EMI of proposed loan should not exceed 50% of the amount taken for calculating eligible loan amount.
  • Interest rate
  • In cases where the NRI/PIO is not personally available for execution of loan documents or for availing disbursement of entire loan or installments of loan, an irrevocable Power of Attorney duly executed by the Borrower (NRI/PIO) in favour of any person residing in INDIA and stamped as per local laws in India should be obtained at the initial stage itself.
    *Subject to change without prior notice.
  • Equitable / Registered Mortgage of the property.
  • Personal Guarantee of spouse (if not made co-borrower and residing in INDIA) and one other person of means and standing and residing in INDIA acceptable to the Bank. (Third party guarantee of resident Indians may be waived by the Sanctioning Authority on the merit of the case)
  • In case of delay in creation of equitable mortgage of the property Collateral security to the extent of the loan amount in the shape of any other immovable property or financial securities or personal guarantee of one additional person of means and standing acceptable to the Bank will be taken.
  • In case the loan is sanctioned / disbursed on the basis of Power of attorney personal guarantee of power of attorney holder should also be obtained.
    Repayment Period
  • Upto Attainment of 60 years of Age, Maximum 10 years.
  • Moratorium Period
  • In respect of construction of new house/flat - 18 months from the date of first disbursement or 1 months after completion, whichever is earlier
  • In other cases - 3 months after last disbursement
  • Interest is to be served during moratorium period.