| Purpose / Objective | For purchase of House Site on ownership basis; House site should be located in layout approved by Government authority. Loan for purchase of house site at rural area is not permitted. |
| Eligibility | • Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
• NRIs gainfully employed with a residual contract period / service of atleast 3 more years to run.
• NRI professionals with regular monthly income. |
| Amount of Loan | *30 times of Gross Monthly Income;
The cap on Plot Loan per borrower has been fixed as under:
*For purchase of property in Rural area : Rs. 50.00 lakhs
*For purchase of property in Semi-urban area : Rs. 100.00 lakhs
*For purchase of property in Urban area : Rs. 200.00 lakhs
*For purchase of property in Metro : Rs. 300.00 lakhs. |
| Margin | 25% on Land cost |
| Processing fee | 1.15 % on Loan amount. |
| Interest Rates | Please see the Lending Rates link on home page |
| Repayment | Not Exceeding 180 EMIs (No Holiday Period). |
| Prepayment charges | NIL |
| Security | * Equitable Mortgage of Property purchased out of loan proceeds.
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
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| Documents to be submitted for processing the application | As detailed in our NRI Home Loan product.
All the applicable/relevant documentary evidences are to be submitted
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| Value added | Group Insurance cover - finance available for premium amount also |
| Other Requirements/Details | • Property to be purchased should be in a good accessible developed/developing area and the Bank should be able to sell the same without problem in case of default.
• Property should be properly protected by fencing/compound wall.
• The lay out of the house site should have been approved by the appropriate authorities like CMDA, BDA, DDA, Town Planning Authorities etc.
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