Eligible Applicants:
* NRIs gainfully employed with a residual contract period / service of atleast 3 years
* NRI professionals with regular monthly income.
Age criteria:
* Minimum Age : 21years; Maximum Age : 50 years
Purpose of Loan:
* For purchase / construction of House / Flat Building Plan approved by competent authority to besubmitted.
Minimum Margin to be brought in by the applicant: (on Fresh Home Loan & Take Over of Home Loan)
36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
Maximum Repayment Period:
* Loans for purchase / construction of House / Flat : 15 years (including holiday period)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.
Rate of Interest w e f 17.11.2008:
All our Home Loan Floating interest rates are linked to our BPLR (presently 13.25%)
Floating Rate of Interest for NRI Home Loans for construction/purchase of House/Flat (for both
existing accounts and fresh accounts):
Interest is calculated on daily reducing balance basis, compounded quarterly and charged to the loan account on monthly basis, from the date of disbursement.
NRI Home Loans are offered on floating rate basis only.
Service Charges:
Processing Charges : 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
Administrative Fees : 0.32 % on Loan amount (at the time of acceptance of sanction)
Engineer valuation fee and legal opinion charges to be borne by the Applicant.
Pre-closure charges:
* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable
Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.
Security:
* Equitable Mortgage of the property.
* If the home loan property could not be
offered as security for valid reasons, alternate property, the value of which is more than 2 time of the loan amount may be accepted.
Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
Group Insurance cover (IB Griha Jeevan): At the option of the applicant, Group Insurance
Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
The applicant can opt for including the premium amount as part of Home Loan Project Cost.
Checklist of documents required for processing Home Loan Proposals:
1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt /Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists
5. Proof of Employment
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
9. Balance Sheet for the past three financial years in the case of Professionals, Businessmen &
Self employed
10. Agreement of Sale / Sale Deed
11. Approved Building Plan
12. Title Deed Documents for 30 years
13. Patta
Loan for purchase of House Sites by NRIs is given with interest rate at 10.50% floating and margin of 33%. Maximum Loan amount is Rs.10 lakhs and max. repayment period is 10 years. Age at the time of availing loan Max.50 years and at the end of loan period max. 60 years.
Note: RBI guidelines in force from time to time are applicable.
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