| Housing Loan Scheme to NRIs |
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 Amount of Loan |
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Maximum of
-- Rs 25 lakhs in Rural and Semi urban areas.
-- Rs 100 lakhs in Urban and Metro Areas.
Subject to 4 times Gross annual proven income (48 times Gross monthly salary income) –( 50% of expected rent will be added to the applicant’s income to arrive at the eligible loan amount.) or 75% of cost of construction, whichever is less.
Loans beyond 100 lacs may also be considered for sanction basing on the need/eligibility. |
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| Papers to be submitted |
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- Prescribed application (which may be down loaded from our site) duly filled in.
- Property statements of applicants and co-obligant.
- Location sketch of the proposed house/flat. 4) Minimum of 12 post dated cheques.
IN CASE OF PURCHASE
- Agreement for sale between vendor and purchaser
- Name and address of the vendor
- Copies of documents of title to the property and link documents in possession of the vendor along with tax receipts
- Authorization letter to receive original title deeds on registration from Registrar of Assurances.
- Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds.
- Original receipts for the payment to builder/vendor
- Copy of the approved plan and a letter from the vendor about the age of the house/flat
(The age of the house should be below 25 years in case of independent house or 20Years in case of Flat/Apartment)
- Certificate from the Approved Engineer about Present value, condition and life of the house/flat.
- Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction.
- Lay out approval Plan.
IN CASE OF CONSTRUCTION:
- Copy of the approved plan.
- Detailed estimate of construction
- Allotment letter of the house/flat issued by the Housing Board.
- Copy/original title deeds of the site
- Development Agreement between the owner of the site / Builder
- NIL Encumbrance Certificate for a minimum period of 13 years.
- Any other document stipulated by Legal Advisor / Sanctioning Authority
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| Proof of Income |
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Employees
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Prof. & self employed
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Last pay certificate, Form 16 issued by the employer/ IT Returns/ Assessment orders
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Income proof for the last 3 years supported by financial statements signed by CharteredAccountant – income tax returns /assessment orders
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| Margin |
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25% of construction cost or registration value of the flat. (The cost of land standing in the name of theapplicantcan be treated as margin) 15% in the case of out-right purchase. |
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| Processing charges |
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QUANTUM OF LOAN
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PROCESSING CHARGES
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ADMINISTRATIVE CHARGES
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Per Quarter per account
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Per Annum
per account
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Up to Rs. 10.00 lacs
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0.50 %
of loan amount subject to a maximum of Rs.10,000/-
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Rs. 100/-
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Rs. 400/-
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Above Rs. 10.00 lacs & Upto Rs.15.00 lacs
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Rs. 150/-
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Rs. 600/-
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Above Rs. 15.00 lacs
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Rs. 250/-
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Rs. 1000/-
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| Additional Documents to be submitted by NRI s |
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- Status of the applicant – NRI / Person of Indian Origin
- Passport – Date of issue, due date, endorsements
- Status and due date of VISA
- Work permit in the Country of stay
- Copy of agreement with the present employer
- Proof of Income through Salary Certificate, Income Tax returns
- Naturalization process
- Transaction being conducted by him personally or through a resident Indian Power of Attorney holder
Undertaking-cum- declaration that the loan shall not be utilized for acquisition of Agricultural / plantation /farmhouse in India and that he is eligible to acquire immovable property in India in terms of FEMA 99 and rules and regulations there under.
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| Co-obligant & Co-applicant |
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1.Co-obligation/Guarantee of third party acceptable to the Bank
2.Spouse should be co-applicant
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| Execution of Documents |
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Issuance of PA:
- Abroad, it should be attested by Indian Consulate/ High Commissioner and registered in India within THREE months.
- India: it should be registered
It should be a specific PA to execute the documents including the power to mortgage the property and to execute Debt Acknowledgement
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| Mode of Repayment |
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The Mode of Repayment is subject to certain terms and conditions stipulated by RBI from time to time. Loans can be repaid by the borrower by way of inward remittance through normal banking channel or by debit to NRE/FCNR (B)/NRO account or out of rental income derived from renting out the property. Loans can also be repaid by the borrower’s close relative through their account in India by crediting the borrower’s loan account.
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| Repayment |
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Maximum 20 years excluding gestation period payable in monthly installments (EMI)
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| Prepayment charges. |
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2% flat on the prepaid amount for all the loans where the repayment fixed is beyond 36 months. Prepayment charges will be levied on Installments paid ahead of repayment schedule.
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| Interest Rates |
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The rates prevailing are only Floating rates of interest and linked with Bench Mark Prime Lending Rate (BMPLR). The present rates of interest for loans
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Period
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BMPLR of the Bank and corresponding EMI may be ascertained from the Branch where the customer is seeking the loan
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Upto 5 years
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BMPLR-2.00
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Above 5 to 10 years
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BMPLR-1.75
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Above 10 years
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BMPLR-1.50
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| FOR REPAIRS (Except the following all other conditions as illustrated above will apply) |
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| Quantum of Finance |
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Depending on the age of the House / flat
Up to 5 years : Rs.2.00 lakhs
Above 5 & Up to 25 years : Rs.8.00 lakhs
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| Margin |
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25% of the estimated cost of repairs / renovation
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