HOME LOAN SERVICES

 


LOAN FOR NRI

If you are a Non-Resident Indian and dream of owning a home back in India, you have reached the right place. With a Bank loan you can buy or build a house, extend or renovate a house or buy land to build a house.

Guidelines Issued by the Reserve Bank of India for grant of Housing Loans to Non-Resident Indians
The Reserve Bank of India (RBI) has issued certain guidelines for granting loans to Non-Resident Indians by INDIAN BANK. The guidelines are: 

a) The loan amount should not exceed 85% of the cost of the dwelling unit. 

b) Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India. 

c) Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted to INDIAN BANK abroad through normal banking channels, the Non-Resident (External) [NR(E)] Account and /or Non-Resident (Ordinary) [NR (O)] account in India.
Synopsis of NRI Home Loan

 

Purpose:

 

For Purchase / Construction/ Extension /Improvement of a Residential dwelling unit and also for purchase of a plot.

Max. Loan Amt:

 

A maximum of 85% of the cost of dwelling unit (70% for land purchase) or Loan Eligibility whichever is lower.

*Term :

 

Upto 20 years for Professionals Upto 10 years for Non Professionals

Rate Of Interest:

 

Choice of Fixed rate / Adjustable (floating) rate on Monthly Rests based on RPLR**

Processing Fee:

1.25% of the loan amount applied for to be paid along with loan application through a Bank demand draft or a Cheque in favour of BANK payable at Dubai,UK,etc

Initial (Own) Contribution:

Initial (Own) Contribution "Own Contribution"=Total cost - Loan amount, borne by the customer must be through NRO/NRE funds.

Eligibility

Up to 36 times of the gross monthly earnings of the applicant may be issued as loan. However, there is a maximum limit. Calculation of eligibility is same as that of Indians living in the country.

Pre-Payment:

No pre-payment charges for loans under Adjustable provided the pre-payment is through own sources.*Subject to condition apply*

Documents Required along with the Loan Application Form:

1. Application form with photograph 2. Photocopy of the Employment Contract or Labour Contract and English translation countersigned by your employer 3. Latest salary certificate (in English) specifying the following: A. Name (as it appears in the passport) B. Date of joining C. Passport Number D. Designation E. Perquisites and salary4. Photocopy of Identity card / Labour card 5. Photocopy of latest work permit 6. Photocopy of valid resident visa stamped on the passport 7. Overseas Bank Account and NRE/NRO statement for the last six months. 8. Continuous Discharge Certificate (CDC)- if applicable 9. Latest Credit Bureau Report [Applicable to customers residing in countries where Credit Bureaus exists. eg. USA, UK etc.] 10. Property related documents 11. Processing fee cheque 12. General Power of Attorney.
Property documents to be submitted in India. Property Documents:1) Original Stamped & Registered Agreement Between Builder & Flat Purchaser OR Allotment Letter.2) Original Stamp Duty Receipt.3)Original Registration Receipt4) No objection Letter from Builder to Bank for Mortgage Flat.5) Original Own contribution Receipt.6) Copy of full Commencement certificate as per approved plan.7) Approved plan copy should be signed and stamped by Government authority.

Property Docs:

Property documents to be submitted in India. Property Documents:1) Original Stamped & Registered Agreement Between Builder & Flat Purchaser OR Allotment Letter.2) Original Stamp Duty Receipt.3)Original Registration Receipt4) No objection Letter from Builder to Bank for Mortgage Flat.5) Original Own contribution Receipt.6) Copy of full Commencement certificate as per approved plan.7) Approved plan copy should be signed and stamped by Government authority.

Disbursement:

 

In Indian Rupees by the Bank Branch in the place (or the branch nearest to) where your property is located

Security for the loan

 

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