NRI Loan

NRI LOAN

Name of Institute: State Bank of Indore
Eligibility:

  • Income : Minimum Net monthly Income (NMI) USD 500 or Net Annual Income (NAI) USD 6,000
  • Maximum permissible limit on the basis of income
    Below 45 years: 60 times Net Monthly Income (NMI) or 5 times Net Annual Income (NAI)
    45 years and above : 48 times of NMI or 4 times NAI
  • Expected rental income may be added to NMI/NAI to determine the eligible loan amount
  • Finance also available for furnishing and consumer durable up to 10 % of the project cost
  • Margin 15 % (for purchase of land)
  • Repayment : Max. 20 years for borrower aged up to 45 years / Max. 15 years above 45 years
  • Moratorium : 24 months from date of disbursement or completion of construction whichever is earlier
  • Processing Fees : 0.3 % of loan amount

1. HOUSING LOAN SCHEME
(Including Flexi/ Customised Housing /Max Gain and  Indore Bank Reality)

(Existing interest rates w.e.f. 07.07.2008 vide circular P&SB/No/ 11/2008-09 dated 07.07.2008 )

(FLOATING RATE OF INTEREST)

UP TO RS. 30 LACS-

Upto 5 years-

Above 5 years and upto 15 years

Above 15 years and upto 25 years

ABOVE  RS. 30 LACS-

Upto 5 years-

Above 5 years and upto 15 years

Above 15 years and upto 25 years

FLOOR RATE-

Floor rate, i.e. the rate below which Home Loans may not be sanctioned.
loan tenor upto 5 years-
loan tenor above 5 years-

(FIXED RATE OF INTEREST)

FOR EXISTING HOUSE LOAN i.e. SANCTIONED BEFORE 16.08.2008

Upto 10 years

FOR HOUSE LOAN. SANCTIONED ON OR AFTER 16.08.2008

For loans upto and including Rs. 30 Lacs

For loans above Rs. 30 Lacs

(No fixed rate loans are to be given beyond 10 years)

3.25% below BPLR i.e. 10.50 % p.a.

3.00% below BPLR i.e. 10.75 % p.a.

2.75% below BPLR i.e. 11.00 % p.a.

3.00% below BPLR i.e. 10.75 % p.a.

2.75% below BPLR i.e. 11.00 % p.a.

2.50% below BPLR i.e. 11.25% p.a.

3.50% below BPLR, i.e. 10.25% p.a.
3.25% below BPLR, i.e. 10.50% p.a.

12.75%

12.75%

12.75%

3.75% below BPLR i.e. 10.50 % p.a.

3.50% below BPLR i.e. 10.75 % p.a.

3.25% below BPLR i.e. 11.00 % p.a.

2.50% below BPLR i.e. 11.75 % p.a.

2.25% below BPLR i.e. 12.00 % p.a.

2.00% below BPLR i.e. 12.25 % p.a.

4.00% below BPLR, i.e. 10.25% p.a.
3.75% below BPLR, i.e. 10.50% p.a.

12.75%

12.75%

13.75%

Name of Institute: Axis Bank

Name of Scheme: Home Loan

Features:

  1. Attractive interest rates

  2. Balance Transfer facility

  3. Doorstep service

  4. Option to choose from floating rate or fixed rate

Purpose:

  1. Purchase of a plot of land and construction of a house thereon

  2. Construction of a house on plot of land already owned

  3. Purchase of a new house or flat

  4. Residual age of the property should not be less than 30 years old (Home Acquisition Plan)

  5. Extension or renovation or repair of a house or flat already owned by self (improvement or extension plan)

  6. Take-over of existing Housing Loan (Balance Transfer)

  7. Pre-allotment booking finance

  8. Loan takeover with additional refinance (Balance Transfer + top up)

  9. Loan to NRI for purchase of ready residential property only

  10. Purchase of residential plots only

Eligibility:
A) Salaried Individuals:
Any individual who is in permanent service in Government or reputed companies
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to the age of superannuation
B) Professionals
Professionals (ie, doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, management consultants only) can apply
The applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity
C) Self Employed Individuals
Any individual filing Income Tax returns can apply
The applicant in all the cases should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity

Limit:
Minimum – Rs 1 lac
Maximum – Rs 50 lacs

Margin: 15%

Repayment: Repayment period for home loans 20 years, pre-allotment bookings of housing loans 1½ year, improvement or renovation or extension of existing property 10 years

Security: Equitable mortgage of the property to be financed by way of deposit of title deeds

Processing Charges or Admission Fee:
Processing fee equivalent to 1% of the loan amount (applied for) will be collected along with the application form (taxes as applicable)

Documents Required:
For Salaried Persons:

  1. Proof of identity: Voter’s ID card or driving license or PAN card or photo credit card or employees ID card or defense or police or government department ID card

  2. Proof of income: Latest salary slip showing all deductions or Form 16 along with recent salary certificate

  3. Proof of residence: Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or employers letter certifying the current mailing address or latest NSC or other similar instruments indicating the address or existing house lease agreement

  4. Bank statement or Pass Book where salary or income is credited: Last 6 months

For others:

  1. Proof of identity: Voter’s ID card or driving license or PAN card or photo credit card

  2. roof of income: IT returns for the last 2 years and computation of income for the last 2   years certified by a CA
  3. Proof of residence: Bank account statement or latest electricity bill or latest mobile or telephone bill or latest credit card statement or latest LIC policy or insurance premium receipt or latest NSC or other similar instruments indicating the address

Bank statement or Pass Book where salary or income credited: Last 6 months

Institute’s Name: State Bank of India

Scheme: Home Loan for NRI

SBI Maxgain Home Loans: which enable the borrower to avail the Loan as an Overdraft. The borrower can park his surplus funds in the loan account, significantly reducing his interest burden/optimize yield on his funds. Borrower is eligible for International ATM-Debit Card, Internet Banking Facility and cheque book to operate the loan account

SBI-Flexi Home Loans: facility to avail Home Loan with a customized combination of fixed and floating interest rates, to effectively hedge the risks arising due to interest rate volatility

SBI-Realty Home Loans: Exclusive scheme to suit the requirements of borrowers who intend to avail loan for purchase of plot of land for construction of house

SBI-Freedom Home Loans: Tailor made product for NRIs, enabling the borrowers to avail loan by pledging other securities like Banks deposits/National Savings Certificates/ Life policies etc. standing in the name of the applicant/ third party- complete freedom from the hassles of mortgage formalities
Purpose:

  • To purchase/construct a new house / flat

  • To repair, renovate or extend an existing house/flat

  • To purchase an existing house/flat

  • To purchase a plot for construction of a dwelling unit

  • To purchase furnishings and consumer durables, as a part of the project cost

Eligibility:

  • Minimum age 21 years

  • Valid Indian Passport (for NRIs)/ valid foreign passport (for PIOs)

  • Steady source of income

  • Employed abroad for at least 2 years

  • Valid job contract or work permit

  • Minimum net monthly income (NMI) of US$ 500 or minimum Net Annual Income (NAI) of US$ 6000/- (or its equivalent in any other foreign currency)

Limit:
Minimum loan amount: Rs. 3 lakhs
Maximum loan eligibility:
60 times NMI/5 times NAI for applicants below 45 years of age
48 times NMI/4 times NAI for applicants above 45 years of age
Subject to the following:
Maximum loan amount for repairs and renovation: Rs.10 lacs
Maximum loan amount for purchase of plot for construction of house: Rs.20 lacs
Maximum Loan amount for purchase of furnishings and consumer durables: 10% of the project cost, subject to a maximum of Rs.3 lacs
Aggregate repayment obligations should not exceed 50% of NMI/NAI
Margin: 15%

Processing Fee: 0.50% of the loan amount (incl. service Tax)
Advocate’s fee and Valuer’s fee extra

Interest:

  • Interest rates are same as applicable for resident Indian borrowers for various tenures, available on fixed/floating/combination of fixed and floating rates (under SBI-Flexi Home Loans)

  • Repayment in EMIs (Equated Monthly Installments)

  • Interest is applied on daily diminishing balance basis

Repayment Period:
For borrowers aged upto 45 years : 20 years
For borrowers aged 45 years and above : 15 years
Subject to liquidation of loan by the age of 60 years or the age of retirement which ever is earlier

Mode of Repayment:

  • Remittances from abroad through normal banking channels

  • Out of funds in NRE/FCNR/NRO accounts

  • Remittance out of local funds by close relatives. Moratorium period

  • In respect of construction of new house/flat – 24 months from the date of first disbursement or 2 months after completion, whichever is earlier

  • In other cases – 2 months after last disbursement

Security:

  • Equitable mortgage by deposit of title deeds

  • Registered Mortgage may be taken when considered necessary

  • Additional security by way of lien over credit balances in deposit accounts, NSCs, Life policies ,Third Party Guarantees etc. may be taken, if security is either inadequate or not free from encumbrances

Documents Required:

  • Completed Application Form

  • 2 passport size photographs of each applicant

  • Proof of Identity – Copy of Passport/IC/PIO card (Passport with Visa stamped thereon)

  • Valid work permit

  • Employment contract. An English translation duly attested by employer/consulate/SBIs foreign branches/offices, Embassy in case of any other language

  • Last salary certificate/slip in original and copy of identity card issued by the current employer/proof of income in case of self employed professionals/businessmen

  • Details of previous employment

  • Bank Account statement/passbook for the previous six months. Overseas Bank Account Statement/Passbook showing salary and savings, if any

  • Proof of residence (driving license / utility bills etc.)

  • Copy of Continuous discharge Certificate (CDC)- for applicants employed in the merchant navy

  • Sale Deed/Agreement for Sale

  • Copy of Approved building plans/approvals in respect of proposed construction/purchase/extension

  • Original NOC under the Provisions of ULC Act

  • Copy of the Order permitting Land Conversion in case of conversion of Agricultural land

  • Non Encumbrance Certificate for 30 years

  • Copy of the land tax receipt/building tax receipt

  • Copy of the Allotment letter of Housing Board/Builder/Co-op. Society

  • Detailed Cost Estimate/Valuation Report from approved valuer (In case of outright purchase of an existing house/flat)

  • Notarized Power of Attorney in respect of applicants who propose to authorize a third party to execute the documents/complete the mortgage formalities/avail the loan instalments

Other documents as required by the Bank

Name of Institute: ICICI Bank

Name of Scheme: Home Loan for NRI

Purpose:
Purchase of residential property and plot of land

Residential Property:
Tenure of loan: For salaried person: Upto 15 yrs
For self-employed persons: Upto 10 yrs
Maximum loan eligibility: 85% of the total cost of the property

Plot of Land:
The plot must be located within municipal limits and has to be non agricultural / non farm land
Tenure of loan: For salaried persons: Upto 10 yrs
For self-employed persons: Upto 10 yrs
Maximum loan eligibility: 75% of the total cost of the property subject to the maximum of INR 50 lakh

Limit: The maximum limit: 1 crore

Minimum limit: 5 lakh

Name of Institute: IDBI Bank

Name of Scheme: NRI loans

Purpose:
Individual Home Loans, Home Extension Loans, Home Improvement Loans and Land Finance

Eligibility: NRIs who are:
a) Earning salary in a foreign currency
b) Not required to file Income Tax returns in India for their earnings
Abroad
c) Have been in employment abroad for a period of at least 2 years

Limit: Home Loan: Minimum Rs.1 lakh and maximum upto Rs.100 lakh
Note:

  1. Loan amount will be restricted to 85% of the cost of dwelling unit (including stamp duty, registration charges, amenities and car parking charges)

  2. Term of loan will not exceed retirement age or 60 years, whichever is less

Home Improvement Loan: Minimum – Rs.1 lakh and maximum upto Rs.20 lakh
Note:

  1. Loan will be restricted to 70% of cost of improvement

  2. Term of loan will not exceed retirement age or 60 years, whichever is less

Land/Plot finance: Minimum – Rs.0.50 lakh and Maximum Rs.25 lakh

Note:

  1. Loan will be restricted to 85% of agreement value including   Registration/stamp charges

  2. Term of loan will not exceed retirement age or 60 years, whichever is less

Repayment Period:
Salaried: upto 5 years
Salaried Professionals: upto 10 years

Documents Required:

Photocopies of:

  1. Employment contract (if the contract is in a language other than English, an English translation of the same attested by the Embassy/employer should be given)

  2. General Power of attorney as per Draft duly attested by Indian Consulate and POA holders signature duly notarized in India.(NRI is not in India on date of loan application)

  3. General Power of Attorney as per Draft duly notarized in India

  4. Latest salary slip/certificate

  5. Latest work permit

  6. Identity card issued by current employers

  7. Visa stamped on the passport, with the validity period clearly marked

  8. Continuos Discharge Certificate (CDC) – (for applicants employed in

  9. the merchant navy)

  10. Overseas Bank statement for the last six months

  11. NRE / NRO account bank statements (latest)

Security: The primary security for the plot loan is first mortgage of the property being
purchased. It is in borrower’s interest to ensure that the title of the plot/land is clear,

marketable and free from encumbrances

Institute’s Name: HDFC

Scheme: Housing Loan for NRIs

Features:

  1. Maximum Loan: 85% of the cost of the property (including the cost of the land) and based on the repayment capacity of the customer

  2. Maximum Term: Certain Professionals – 20 years, others – 7 years

3.   Applicant ad Co-applicant to the loan: Loan  can be applied for either individually           or   jointly. Proposed owners of the property, will have to be co-applicants. However, the           co-applicants need not be co- owners

  1. Adjustable Rate Home Loan: Loan under Adjustable Rate is linked to HDFC’s Retail Prime Lending Rate (RPLR). The rate on your loan will be revised every three months from the date of first disbursement, if there is a change in RPLR, the interest rate on your loan may change. However, the EMI on the home loan disbursed will not change*. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting in an extension of term of the loan, and vice versa when the interest rate decreases

  2. Fixed Rate: Condition apply

  3. 2-in-1 Home Loans

Purpose:

  1. Purchase of Flat, row house, bungalow from developers

  2. Existing freehold properties

  3. Properties in an existing or proposed co-operative housing society or apartment owner’s association

  4. First Power of Attorney purchases in Delhi for DDA flats allotted before 1992

Redemption Charges:
Adjustable Rate Home Loan [ARHL]:
If a prepayment is made within 3 years of the first disbursement*, under Adjustable Rate Home Loan (ARHL) option early redemption charges of 2% of the amount being prepaid is payable if the amount being repaid is more than 25% of the opening balance

Fixed Rate Home Loan [FRHL]:
Redemption charges of 2% of the amount being prepaid is payable if the amount being repaid is more than 25% of the opening balance
Incase of commercial refinance under both the FRHL and ARHL an early redemption charge of 2% is payable. Customers may be required to submit copies of your Bank Statements or any other documents that HDFC deems necessary to verify the source of prepayment.

No Charges for:

  1. Replacement of cheques

  2. Income Tax Certificates

  3. Accelerated Repayment Option

Multiple Repayment Option:

  • Step Up Repayment Facility:

Helps young executives take a much bigger loan today based on an increase in their future income, this helps executives buy a bigger home today!

  • Flexible Loan installments Plan:

Often customers, parents and their children, wish to purchase properties together. The parent is nearing retirement and their children have just started working. This option helps such customers combine the incomes and take a long term home loan where in the installment reduces upon retirement of the earning parent

  • Tranche Based EMI:

Customers purchasing an under construction property need to pay interest (on the loan amount drawn based on level of construction) till the property is ready . To help customer save this interest, we have introduced a special facility of Tranche Based EMI. Customers can fix the installments they wish to pay till the time the property is ready for possession. The minimum amount payable is the interest on the loan amount drawn. Anything over and above the interest paid by the customer goes towards Principal repayment. The customer benefits by starting EMI and hence repays the loan faster

  • Accelerated Repayment Scheme:

Accelerated Repayment Scheme offers you a great oppourtunity to repay the loan faster by increasing the EMI. Whenever you get an increment, increase in your disposable income or have lumpsum funds for loan prepayment, you can benefit by:
1. Increase in EMI means faster loan repayment
2. Saving of interest because of faster loan repayment
3. You can invest lumpsum funds rather than use it for loan prepayment. The return from the investments also gives you the comfort of paying the increased EMI.

Procedure to apply:

Dubai and Gulf Customers:
Dubai Office and Service AssociatesHDFC India, through its office in Dubai and Service Associates in Kuwait, Oman, Saudi Arabia and Qatar, offers advisory services in real estate and real estate financing to the Middle East based Non-Resident Indians who wish to acquire homes in India. These offices will coordinate the entire loan process in India from Approval, Disbursement right upto the Repayment and Collection of your property documents
Customers can apply online, too

United Kingdom Customers:
United Kingdom Office contact details – Customers in the UK can avail of a complete home purchase solution through our services of home loan, assistance in property search, expert advice on the legal processes, and technical evaluation of property. The London office coordinates the entire loan process in India from Approval, Disbursement right upto the repayment and Collection of customers’ property documents
Customers can apply online, too

NRI customers in other locations:
Can Apply Online
Their Power of Attorney (representative) in India can –

Documents Required alongwith Application Form:

  • Application form (can be downloaded) with photograph

  • Photocopy of the Employment Contract or Labour Contract and English translation countersigned by your employer

  • Latest salary certificate (in English) specifying the following:

  • Name (as it appears in the passport)

  • Date of joining

  • Passport Number

  • Designation

  • Perquisites and salary

  • Photocopy of Identity card / Labour card

  • Photocopy of latest work permit

  • Photocopy of valid resident visa stamped on the passport

  • Overseas Bank Account and NRE/NRO statement for the last six months

  • Continuous Discharge Certificate (CDC)- if applicable

  • Latest Credit Bureau Report [Applicable to customers residing in countries where Credit Bureaus exists. eg. USA, UK etc.]

  • Property related documents

  • Processing fee cheque

Security for the loan: Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security as may be necessary. Interim security may be required, if the property is under construction

Institute’s Name: Citybank

Scheme: Home loan for NRI

Eligibility:

  1. Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of AED 48000/BHD 4800 per annum

  2. An existing Citibank NRI customer for a minimum of 12 months

Borrower must also have a close blood relative residing in India, who will be a co-applicant to your loan.

Documents Required:
Income Documents (For salaried applicants whose income is being considered):

  1. Latest Salary Slip

  2. Last two year’s W2/B4/P60/Work contract

  3. Last six month’s bank statement reflecting salary credit

Personal Identification Documents (For all applicants on the loan):

  1. <Ÿo€sport size photograph
  2. Copy of passport with Visa page

Secondary Identification Documents: Driving license/PAN Card

Property Documents:

  1. Latest Sale Deed with previous chain link

  2. Allotment Letter, Payment plan and Receipts for under construction properties

Any other documents as might be required depending on the nature of the property

(Note: This product is available for NRIs in Singapore and Indonesia only)
Advantages of a Citibank Home loan for NRIs

  1. Wide ranging loan amounts – from Rs 2.1 lakh to Rs 5 crore (approx. $1.12 million)

  2. For a loan value up to Rs. 50 lakh, get 89% of the property value

  3. Tenor up to 20 years for loan up to Rs 1 crore and 15 years for loan up to Rs 5 crore.

  4. Attractive interest rates

  5. The Equated Monthly Instalments (EMIs) will be serviced out of your Citibank Rupee Checking Account

  6. Services of a dedicated Relationship Manager

  7. No partial prepayment penalty

  8. Ease of processing

  1. Criteria

  2. You are eligible for a Citibank Home Loan, if you fulfill any of the below mentioned criteria:

  3. Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of Sing $40000 per annum

  4. An existing Citibank NRI customer for a minimum of 12 months

  1. You must also have a close blood relative residing in India, who will be a co-applicant to your loan.

  1. Documents Required

  2. Income Documents (For salaried applicants whose income is being considered):

  3. Latest Salary Slip

  4. Last two year’s W2/B4/P60/Work contract

  5. Last six month’s bank statement reflecting salary credit

  1. Personal Identification Documents (For all applicants on the loan):

  2. Passport size photograph

  3. Copy of passport with Visa page

  1. Secondary Identification Documents: Driving license/PAN Card

  1. Property Documents:

  2. Latest Sale Deed with previous chain link

  3. Allotment Letter, Payment plan and Receipts for under construction properties

Any other documents as might be required depending on nature of the property

(Note: This product is available for NRIs in U K & U.S.A Only)

Advantages of a Citibank Home loan for NRIs

  1. Wide ranging loan amounts – from Rs 2.1 lakh to Rs 5 crore (approx. $1.12 million)

  2. For a loan value up to Rs. 50 lakh, get 89% of the property value

  3. Tenor up to 20 years for loan up to Rs 1 crore and 15 years for loan up to Rs 5 crore.

  4. Attractive interest rates

  5. The Equated Monthly Instalments (EMIs) will be serviced out of your Citibank Rupee Checking Account

  6. Services of a dedicated Relationship Manager

  7. No partial prepayment penalty

  8. Ease of processing

  1. Criteria

  2. You are eligible for a Citibank Home Loan, if you fulfill any of the below mentioned criteria:

  3. Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of USD 36000/CAD 48000 per annum

  4. An existing Citibank NRI customer for a minimum of 12 months

  1. You must also have a close blood relative residing in India, who will be a co-applicant to your loan.

  1. Documents Required

  2. Income Documents (For salaried applicants whose income is being considered):

  3. Latest Salary Slip

  4. Last two year’s W2/B4/P60/Work contract

  5. Last six month’s bank statement reflecting salary credit

  1. Personal Identification Documents (For all applicants on the loan):

  2. Passport size photograph

  3. Copy of passport with Visa page

  4. Driving license/PAN Card

  1. Property Documents:

  2. Latest Sale Deed with previous chain link

  3. Allotment Letter, Payment plan and Receipts for under construction properties

Any other documents as might be required depending on the nature of the property.

Institute’s Name: Bank of Baroda

Scheme: Home Loan for NRIs

Eligibility:

  1. Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport, singly or jointly. For this purpose, Person of Indian Origin means a citizen of any country other than Bangladesh / Pakistan / Sri Lanka / Afganistan / China / Iran / Nepal and Bhutan if:

  • s/he at any time held Indian passport, or

  • s/he or either of his parents or any of his grand parents was a citizen of India by virtue of the constitution of India of the Citizenship Act 1955, or

(c)The person is a spouse of an Indian citizen or a person

  1. Must be employed/self-employed or having a business unit and staying abroad at least for 2 years

  2. Must have minimum gross annual income equivalent to Rs. Five lacs per annum

  3. In case of salaried persons – 48 times of monthly income (average of last 2 years income including incentive, commission, bonus etc.)

  4. For others – 4 times of average (last 2 years) annual income.

Age: Minimum age must be 21 years. Age of the borrower plus repayment period should not be beyond retirement age or 65 years whichever is earlier

Margin:

  1. For purchase of new/ old dwelling unit or Construction of the dwelling unit : 15%

  2. For purchase of plot : 20%

  3. For repairs / renovations / extension in existing home: 20% of the project cost

Security:

  1. Equitable / legal mortgage of the property constructed / purchased or property to be renovated / repaired etc

  2. Personal guarantee of spouse / family member, residing in India. In case the spouse is also residing abroad, personal guarantee of one / two persons resident in India shall be obtained

Repayment Period:
Maximum 15 years including moratorium
Note:

  1. Payment to be remitted from abroad through normal banking channels or out of funds in NRE/ NRO accounts

  2. Post-dated cheques drawn on NRE/ NRO account of the borrower are to be obtained

  3. Close relatives of the borrower in India may also repay the installments of such loans, interest and other charges, if any, through their bank account directly to the borrower’s loan account

Part Prepayment / Premature Closure Charges:
No pre-payment / fore-closure charges if the amount is partly or fully repaid from own sources by the borrower/s
In case of take over of the account by other Bank / HFCs. – The charges @ 0.5% of balance outstanding for each year of the residual period of housing loan subject to maximum of 2.00%

Rate of Interest:

The option of flexi rate available to hedge the interest rate risk

Baroda Advance against Property to NRI
This scheme caters to NRI’s financial needs against their properties situated in India
Features:

  • Ideal use of idle property

  • Margin: 40% of the market value of property

  • Repayment of Loan: Maximum 60 EMIs

  • No prepayment charges

  • Mortgage loan from other banks can be taken over

Eligibility:

  • Non-Resident Indians (NRIs) holding Indian passport having a regular job abroad in a reputed Indian / foreign company, organization or government department

  • Must be holding a valid job contract /work permit for minimum past 2 years or employed / self-employed or having a business unit and staying abroad at least for 2 years

  • Age :
    Minimum – 21 years
    Maximum – 60 years

Limit: Minimum – Rs. 1 Lac, Maximum – Rs. 100 Lacs
Income Criteria:
Salaried: 30 times of monthly income (average)

Others: 3 times of average (last two years) annual income


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