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Home Loans

We offer attractively priced Home Loans for you,

 

Target Group : Individual or individual jointly with spouse (Group of individuals not permitted)

Purpose of the loan:
  • Purchase of Flat or House
  • Construction of Flat for own use or House
  • Purchasing land & constructing a House #
  • For major repair, renovation, extension or improvement of flat or house.
  • Takeover of Housing loans from other banks & reputed housing finance companies.
  • Reimbursement of investments already made by the borrower provided the investment has taken place within one year.

Eligible loan amount : 50 times average monthly remittance made by the borrower from abroad for credit to his / her NRE account with any bank in India, for a minimum period of 12 months, excluding bulk remittances, if any.

Quantum of loan : Maximum Rs.1.00 crore;

For renovations/additions/major
repairs/ improvements etc. : Maximum Rs.10 lacs

Minimum project cost : Rs.10 lacs

Rate of Interest : Click here to view the latest Rate of Interest 

Primary security : Land and building under EM. Property may be in the name of a NRI or jointly with another NRI /resident spouse.

Minimum Margin:
  • construction of new house/ purchase of land and construction of new house / purchase of ready built house/ flat : 25% of estimated cost
  • 30% of cost for purchase of old house/ renovation of existing house

Margin should be brought in by way of foreign inward remittance through normal
banking channels or debit to NRE, FCNR, NRO account of the NRI.

Repayment ( including holiday) :
  • Minimum 5 years & Maximum 10 years by Equated Monthly Instalments(EMIs). Repayment of the loan shall be by way of foreign inward remittance through
    normal banking channels, debit of NRE, FCNR, NRO or the rental income from
    the house financed by us.
  • Close relatives of the borrowers in India as defined under Section 6 of the
    Companies Act 1956 ( given below) also are permitted to repay the loans
    through their bank accounts directly to the housing loan accounts of the NRIs.
  • Once the NRI customer returns to India for permanent settlement as declared by him/her, the repayment may be permitted from local sources also.
Holiday / Moratorium for repayment
  • Ready built house or flat : Max. 3 months
  • New construction : Max. 12 months
Holiday period interest : Can be funded or serviced at the option of the
borrower as decided at the time of sanction.

Upfront fee : one time upfront fee 0.50% of the loan amount .

Early Closing Fee :

If closed from own sources after 2 years: : Nil
If closed from own sources before 2 years: 1% of the prepaid amount.
If closed through take over by other banks : 2% of the pre-paid amount

Penal Interest : 2% of the defaulted amount for the defaulted period.

The scheme details are furnished in brief only. For more details please contact any of the branches.