Reasons for the loan:

• The construction of a residential building.
• The purchase of a residential building or flat.
• Extension to existing constructions with finance for additional plinth area.
• Takeover of existing home loans from other Financial Institutions.
• The purchase of residential plots.

Security:

• Equitable Mortgage of land with building proposed to be constructed.
• Equitable Mortgage on the house or flat proposed to be purchased.
• The valuation of land or building to be taken.
• Up-to-date Encumbrance Certificate, Possession Certificate etc to be taken.
• The building to be insured for the full value by way of a bank clause.
• Post dated cheques, covering repayment of instalments in advance for each year, required by the bank.

Repayment Process:

• Maximum repayment period of 20 years, including initial holiday.
• In the case of purchase of plots, the repayment period is a maximum of 10 years, excluding initial holiday.
• The initial holiday period is a maximum of 18 months.
• The repayment of the instalments is collected by post dated cheques for each year.

Insurance Cover:

• The NRI can opt for a single premium mortgage protection plan. Under the scheme, the NRI has to pay a single premium when taking the loan. This insurance cover will take care of the outstanding loan amount in case the NRI expires during the course of the loan period

NRI Eligible

• NRI with an annual income of at least Rs. 1,20,000. The loan will have to be repaid before the NRI reaches the age of 60.
• Any NRI (Non-Resident Indian) or PIO (Person of Indian Origin) below the age of 55 and employed overseas for at least the past 24 months, with assured recurring earnings can avail of this loan.

Loan Amount Eligible

• Maximum loan amount of Rs. 2.5 crores (Rs 50 lakhs for the purchase of plot). The loan amount eligible is subject to the lower of the following :-
• 60% of construction cost or valuation cost of the house or flat for new purchase
• 70% of purchase cost in the case of residential plots
• In case the NRI is employed, 60 times net monthly take home salary of the NRI, including the salary of his/her spouse, will be given as a loan. Other permanent incomes of the NRI like interest on deposits or investments, rental income etc. can also be taken into consideration when arriving at the net monthly income. The loan will be granted subject to the production of satisfactory evidence by the NRI.
• The loan shall be restricted so that the loan can be repaid within the remaining period of the NRI’s employment with 30% of his earnings.
• Only loans above Rs. 2 lakhs will be considered

 

• A passport with a VISA stamped duly verified /attested.
• A valid work permit.
• The employment contract of the NRI duly verified /attested.
• A copy of the continuous discharge certificate (in case the NRI is in the Merchant Navy).
• Details of previous employment of the NRI, if any.
• Bank account details for last 6 months.
• Proof of residence.
• Proof of income in case the NRI is self employed.
• Copy of labour card or identity card duly verified/attested.
• Salary certificate / slip duly verified.
• A Power of Attorney duly notarized