NRI BankingLoansProperty LoanMortgage Loan- NRI


Mortgage Loan- NRI
 

Mortgage loan enables you to unlock the value of your property for various needs. You may use mortgage loans to meet family needs, marriage, medical expense, education etc. SIB Mortgage Loan accepts wide range of properties and enables you to get the maximum loan amount.

Variants of SIB Mortgage Loan for NRI Segment

  • Drop Line Overdraft
  • Term Loan
     

Features

Quantum of Loan

  • Minimum of Rs 5.00 lacs & Maximum of Rs 1.00 Cr
     

Tenure of Loan

  • Minimum of 36 months and Maximum of 180 months.
  • For Salaried, tenure is allowed up to retirement date or maximum 60 whichever is earlier.
  • For self employed, tenure is allowed up to 70 years of age.
     

Eligibility criteria

  • Minimum 2 Years of total employment with minimum 1 year of current Self Employed
  • Regular source of income
  • Minimum 3 years of business experience

Types of Property

  • Residential Property
  • Commercial Property
  • Residential Plot (located in Corporation or Municipality. Panchayat residential properties situated in prime locations are accepted, if the total extent of the property is below 30 Cents.), Commercial Plot, Industrial
  • The marked property must have clear road access with a minimum width of 12.00 feet.

Loan to value (LTV) Range from 40% to 70%. Depending on type of property and internal assessment.
 

Restricted Property List

  • Agriculture Property
  • Schools, Hostels, Hospitals, Farm House, Auctioned Property, Disputed Property etc.
     

Charges

  • Processing Fee:- Upto 1.50%
  • Preclosure Charges:- Nil for term loan variant to individuals
  • Preclosure Charges:- 2% fo the Drawing power for Drop Line OD using own funds and 3% of the drawing power for takeover of loan.
  • Commitment charges at 0.025% of the unutilized portion per quarter for Drop Line OD above Rs 1.00cr.
  • Other charges (Documentation, Property valuation, CIBIL, Cersai etc)
     

Documents Required*

  • Salaried
    • Latest Salary Slips for 3 months
    • Salary account credit statement for 12 months
    • NRI account statement for 12 months
    • KYC of the applicant
    • Property documents( Title Deeds, Land Tax, Property Tax, Possession Certificate, Encumbrance Certificate, Location Sketch etc)
    • Overseas account statement and domestic account statement (self/spouse) where monthly remittances are received along with salary certificate/job contract is mandatory.
  • Self Employed
    • KYC documents
    • Business Proofs, License, Profit Sharing Agreements/Shareholding Structure.
    • Financials for latest two year .
    • NRI account statement for 12 months
    • Income Tax Returns or Relevant Tax Filing Documents
    • Property documents( Title Deeds, Land Tax, Property Tax, Possession Certificate, Encumbrance Certificate, Location Sketch etc)
    • Overseas account statement and domestic account statement (self/spouse) where monthly remittances are received along with salary certificate/job contract is mandatory.

*The above documents are indicative and not exhaustive, Bank reserves right to demand for additional documents at the time of processing application.

 Minimum Bureau Score

  • 690 (Satisfactory Bureau report with score of 0 /-1 (i.e applicants without any track record)