Corp Home Premium - NRI
Non-Resident Indians[NRIs] between 18 to 60 years, holding Indian passport or Persons of Indian Origin [PIOs] holding foreign passport, singly or jointly with close relative who can be either NRI or PIO or a Resident Indian, conforming to normal borrower standards with independent & regular source of income and is residing abroad for a minimum period of one year.
In addition to spouse maximum of one resident close relative [Father, Mother, Daughter, Son, Brother, Sister] may join as co applicant Gross annual income of the NRI/PIO & co- applicant/s together shall be a minimum of Rs.10 lakhs.
If the applicant is unmarried/divorcee /widow/ widower, co-application of parent/s [irrespective of their age] OR Son, Daughter, Brother, Sister OR a suitable third party guarantee may be obtained.
Registration Charges, Stamp Duty, Documentation Charges will not be included in the project cost
For purchase of ready built house /flat/flat under construction. For construction of house in pre-owned land.
For purchase of land and construction of house thereon.
For take-over of housing loans from other Banks/Institution, originally sanctioned.
Minimum Rs.5 lakh & Maximum Rs.500 lakh based on location.
10% to 25% based on loan amount
Mortgage of house / flat. Age of the property shall not exceed 30 years.
Repayment period shall not exceed balance life of the building.
Co –application of spouse is mandatory.
Where spouse is also residing abroad, co application of any other close relative residing in India OR suitable third party guarantee of a person residing in India to be obtained.
Rate of Interest
Maximum repayment period is 30 years, including initial repayment holiday, if any, to the maximum of 18 months.
Repayment period (including repayment holiday if any,) shall not go beyond the retirement age, in case of salaried class, and 70 years of age, in case of other than salaried class
Loan proposals under this variant shall be given "Green Channel " facility for sanction. [i.e. Proposals shall be taken up for sanction at every stage , on Top Priority basis ]
Mode of Repayment
Remittance from abroad through normal banking channels.
Out of funds from NRE/FCNR/NRO accounts.
Remittance out of local funds by co applicants/ close relatives.
From the rent received from letting out/leasing out the house/flat acquired out of bank finance.