NRI Housing Loan Scheme

• Purpose: Purchase, Construction, Repair or Renovation of Residential House.
• Eligible persons: An NRI/PIO holding Indian passport or passport of any other country except Pakistan and Bangladesh.
• Minimum salary: Rs. 10000/-.
• Quantum of Loan: New- No Ceiling Repair & Renovation- Rs. 25 Lakhs.
• Rate of interest: Linked to RLLR.
• Margin
• #
  Up to Rs 30.00 lakhs - 10%
• #
  Above Rs 30.00 lakhs up to Rs 75.00 lakhs - 20%
• #
  Above Rs 75.00 lakhs - 25%
• Repayment Period
• #
  Repayment period for Purchase Construction is 30 years including morotorium.
• Holiday/Moratorium Period
• #
  Purchase of Plot & Construction of House thereon: For Individual Housing Loans, Purchase of Plot and or Construction of House, Maximum Moratorium Period is allowed for 18 Months from the date of disbursement of first instalment of Loan or completion of construction whichever is earlier. Interest to be serviced during the Moratorium period.
• #
  Purchase of Flat which is under construction for Individuals

  No. of Floors in the Project	Max. Permissible Moratorium
  Up to 7 Floor 24 Months	24 months
  > 7 Floor and ≤14 Floor 30 Months	30 months
  > 14 Floors and ≤ 21 Floors 36 Months	36 months
  More than 21 Floors 48 Months	24 months

• #
  For purchase of old house/old flat: 3 months
• Security : Immovable property to be financed must be mortgaged only with our Bank. The land should be in the name of the Applicant or jointly with his/ her spouse /close relatives (Co- obligant). The applicant should have a clear and marketable title over the property to create a valid mortgage
• Other conditions :
• #
  The loan proceeds should not be credited to NRE/FCNR account.
• #
  The repayment should be out of fresh foreign inward remittance or by debit to NRE/NRO/FCNR account of the borrower in India.
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  The repayment of loan instalment/interest and other charges can also be made by close relatives of the NRI.

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