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NRI Home Loan

Corp Home Premium-NRI: A housing loan designed for NRIs & PIOs




CORP HOME PREMIUM -NRI


A Housing Loan Scheme specially designed for Non-Resident Indians (NRIs) & Persons of Indian Origin (PIOs)

PURPOSE

►For purchase of ready built house/flat
►For construction of house in pre- owned land
►For purchase of land and construction of house thereon
►For takeover of housing loans from other Banks/Institutions

ELIGIBILITY

vNon-Resident Indians [NRIs] 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, with independent & regular source of income and is residing abroad for a minimum period of one year.
vAge of the borrower/s shall be between 18 years to 60 years; Repayment period shall not exceed retirement age in case of salaried class and 70 years of age in case of other than salaried class.
vGross income of NRI applicant and co applicant/s together shall be a minimum of Rs.10 lakhs.
vCo –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 required. In addition to spouse maximum of one Resident-close relative as co applicant may be obtained for supplementing repayment capacity.
vWhere property is owned by applicant’s parents/spouse who do not have independent/regular income, they should join as co applicant only, irrespective of their age
vApplicant /Co applicant shall be confirmed in the service & shall have ONE year aggregate service in previous & present employment together.

Project Cost:
Project cost consists of purchase price only. Registration charges, stamp duty, documentation charges, VAT & Service Tax shall not be included in the project cost.

LOAN AMOUNT:
Minimum - Rs.25 lakh ; Maximum – Rs.500 lakh
Area
Loan Amount
Loan for land
Metro & Port Town CentresRs.500 lakhRs.100 lakh
Urban CentresRs.100 lakhRs.25 lakh
Semi Urban & Rural CentresRs.25 lakhRs.10 lakh


Margin:
Loan AmountMargin
For Loans up to Rs.20 lakh

10%
For Loan of Rs.20 lakh & up to Rs.75 lakh

20%
For Loans above Rs.75 lakh

25%


REPAYMENT PERIOD
Age of the House/Flat

[Maximum age shall not exceed 30 years]
Repayment Period
Upto 10 years25 years
Above 10 years & upto 20 years20 years
Above 20 years & upto 30 years15 years


* Repayment period should not exceed retirement date for salaried persons and 70
years of age for other than salaried persons.
* Housing loans under Fixed Rate of Interest is offered upto 15 years only.

SECURITY

vEquitable Mortgage of House / Flat financed and co-obligation of spouse/ parents/other close relative
vAge of the property : not to exceed 30 years

PRE-PAYMENT PENALTY :

NIL

RATE OF INTEREST

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vFixed rate loans are subject to reset once in 5 years at the discretion of the Bank & Maximum repayment period under fixed rate loan is 15 years

PROCESSING CHARGES
For Loans up to Rs.25 lakh - Processing Charges are fully waived (from 1.10.2013 to 31.12.2013)
For Loans above Rs.25 lakh - 50% applicable processing charges are waived (from 1.10.2013 to 31.12.2013).

For Loans upto Rs. 50 lakhs - Rs. 5000/-+ applicable Tax
For Loans above Rs.50 lakhs - Rs. 15000/- + applicable Tax

Note: The changes are exclusive of applicable Service Tax

MODE OF REPAYMENT

vRemittance from abroad through normal banking channels
vOut of funds from NRE/FCNR/NRO accounts
vRemittance out of local funds by co applicants/ close relatives

INSURANCE

Insurance of the mortgaged property mandatory and insurance premium shall be borne by borrower

AGE OF THE PROPERTY

Age of the property to be mortgaged shall not exceed 30 years


INSURANCE OF LIFE OF BORROWER

vOption available
vPremium amount can be added to loan amount

OTHER CONDITIONS

vFor execution of documents, Power of Attorney also considered, if the POA is executed by a Notary Public or any Court, Judge, Magistrate, Indian Consul or Vice Consul or representative of the Central Governments as per rules

vIf the POA is executed outside India, same should be authenticated by the Indian embassy
vCorp Flexi loans are not considered under this variant

INCOME PROOF

vSalary Slip for last 3 months/ Income Tax Returns / Balance Sheet for past 3 years
vWhere salary slip is not available but salary is directly credited, statement of account to which the salary is credited be considered for income proof.
vWhere the borrower is exempted from income tax or no income tax is levied in the country, in such cases, aggregate inward remittance made to his account with our Bank or any other Bank/s are considered for income and such account statement/s for income proof are accepted.

GREEN CHANNEL FACILITY

vLoan proposals under the scheme are given "Green Channel " facility for sanction.
vProposals shall be taken up for sanction at every stage, on TOP PRIORITY BASIS.

The most Importanat Terms & Conditions:

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