Andhra Bank
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Toll Free Number : 1800 425 1515

Housing Loan Scheme to NRIs
  Purpose of Loan

For purchase/construction, repairs/renovation of House/Flat Purchase of Plot and construction of House thereof.

Non Resident Indians with minimum one year of abroad service between the age of 21 years to 65 years. Individually or Jointly with resident close relatives.
  Amount of Loan

For salaried class: Maximum amount of EMI that can be permitted is 60% of net salary drawn by the employee as per latest salary statement. Items of temporary incomes like arrears and deductions like salary advance recovery will not be taken for calculations of net salary.

For non-salaried class: 65% of monthly average income of preceding 2 years as reflected by IT returns.

Loan amount


For loans up to Rs.30.00 lakhs


For loans above Rs.30 lakhs and upto Rs.75.00 lakhs


For loans above Rs.75 lakhs


  Age of the Building

The residual life of house/flat as certified by our approved engineer should be at least 10 years over and above the repayment tenor proposed for the loan
  Processing Charges

0.50% of the loan amount subject to maximum Rs.10,000/-However there are no processing charges on Housing Loans sanctioned from 01.06.2018 to 30.09.2018
  Administrative Charges (Quarterly)

Quantum of Loan

Per quarter per account

Per annum per account

Up to Rs.10.00 lacs



Above Rs.10.00 lacs & upto Rs.15.00 lacs



Above Rs.15.00 lacs



  Liability insurance

Covered with India First Life Insurance
  • One time single premium to be debited to loan account.
  • Premium is calculated based on Age of the Borrower/Repayment Period/Loan Amount
  • Copy of School/College Certificate or Birth Certificate issue by Municipal authorities or Passport or Voter Identity Card - attested with the original - must be obtained for proof of age
  • In case of Joint Accounts, "No objection letter" to debit the premium from the loan account has to be obtained from the co borrower.
  • Where the repayment term stretches beyond age of 65 years for the borrower, liability insurance is mandatory up to the maximum period of coverage offered by Insurance Company or till due date of loan whichever is earlier.
  • Consent-cum-Authorization Form & Simple Declaration of Good Health should be obtained from the borrowers covered under the risk invariably
  Papers to be submitted

  • Prescribed application (which may be down loaded from our site) duly filled in.
  • Property statements of applicants and co-applicants.
  • Location sketch of the proposed house/flat.
  • a) Agreement for sale between vendor and purchaser
  • b) Name and address of the vendor
  • c) Copies of documents of title to the property and link documents in possession of the vendor along with tax receipts
  • d) Authorization letter to receive original title deeds on registration from Registrar of Assurances.
  • e) Receipt of delivery issued by Registrar of Assurance to deliver the original title deeds.
  • f) Original receipts for the payment to builder/vendor
  • g) Copy of the approved plan and a letter from the vendor about the age of the house/flat
  • h) Certificate from the Approved Engineer about Present value, condition and life of the house/flat.
  • i) Original deed of conveyance of land, conveying the individual / proportionate share of land along with agreement for construction.
  • j) Lay out approval Plan.
    • A. Copy of the approved plan.
    • B. Detailed estimate of construction
    • C. Allotment letter of the house/flat issued by the Housing Board.
    • D. Copy/original title deeds of the site
    • E. Development Agreement between the owner of the site / Builder
    • F. NIL Encumbrance Certificate for a minimum period of 13 years.
    • G. Any other document stipulated by Legal Advisor / Sanctioning Authority
  Additional documents to be submitted by NRI’s

  • a. Status of the applicant – NRI / Person of Indian Origin
  • b. Passport – Date of issue, due date, endorsements
  • c. Status and due date of VISA
  • d. Work permit in the Country of stay
  • e. Copy of agreement with the present employer
  • f. Proof of Income through Salary Certificate, Income Tax returns
  • g. Naturalization process (Taking Citizenship of country abroad)
  • h. Transaction being conducted by him personally or through a resident Indian Power of Attorney holder
  • i. 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.
  Co-obligant & Co-applicant

For all NRI’s Housing Loans co-obligant / co-applicant is not mandatory. However it would be always be preferable to join spouse of the applicant as co-applicant, whether she/he is having independent income or not.
  Proof income


Prof. & Self employed

Last pay certificate, Form 16 or similar certificate issued by the employer/ IT Returns/Assessment orders

Income proof for the last 2 years supported by financial statements signed by Chartered Accountant or Authorised person to sign such certificates in the country of Stay – income tax returns /assessment orders

  Execution of Documents

Issuance of PA:
1) 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 Parameter
  Gestation period

The gestation period may stretch up to 30 months from the date of release of first instalment based on specific requirements.

Maximum repayment period is 30 Years.
For Salaried Class: Loan shall co-terminate at the age of superannuation in case of salaried class without pension Benefit.
  Prepayment charges.

No Prepayment charges for all Housing Loans including takeover loans also.
  Other concessions

0.25% concession in rate of interest on Car Loans for the Housing Loan customers.
  Availing other loan facilities

Housing Loan customers can avail property term loan/over draft after satisfactory repayment period of 12 months in the Housing Loan account subject income eligibility and security norms.
  Housing Loans - Repairs
  Quantum of finance

Depending on the age of the House

Up to 5 years

Rs.10.00 lakhs

Above 5 & up to 25 years

Rs.15.00 lakhs


25% of the estimated cost of repairs / renovation.
  Purchase of plot

  • The plot located in Metro, Urban, and Semi Urban areas only and that too situated in residential areas within the Municipal/Corporation limits but not in agglomerations.
  • The construction has to be commenced within 12 months from the date of first disbursement of loan for purchase of plot and the construction there on should be completed within 30 months from the date of disbursement of first installment of loan for purchase of plot.
  • Maximum Loan component for purchase of Plot is Rs 100 lacs and Minimum Margin is 40%.
  • Assessment of Loan will be a comprehensive one basing on cost of Plot and Proposed House.
  Rate of interest

Amount of Loan



Up to Rs. 75 Lacs

One Year MCLR + 0.05%

One Year MCLR + 1.20 %

Above Rs. 75 Lacs

One Year MCLR + 0.15 %

One Year MCLR + 0.20 %

For Repairs

One Year MCLR + 1.20 %

One Year MCLR + 1.20 %