NRI- Housing loans
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1. Purpose
For construction,
purchase/repair/renovation/alteration of a house or for purchase of a plot for
the construction of a house for self occupation on return to India.
2. Persons Eligible
a. All Non Resident
Indians holding Indian Passports with a regular monthly income of not less
than Rs. 10000/-
b. Spouses and close
relatives of Non-Residents, who are residents jointly with the non-resident
Indian.
3. Amount of Loan
60 times the Net Monthly
Income (NMI) / Average Monthly Income (AMI) for persons upto 45 years and 48
times for persons above 45 years of age. However, the repayment obligation is
restricted to Maximum 60% of the NMI/AMI.
4. Margin
- Upto Rs.30 lac -
20%
- Above Rs.30 lac
and upto Rs.3 crore - 25%
5.
Interest
Linked to our Prime
Term Lending Rate and subject to change click on the link for present
interest rates
6. Disbursement
- Construction of new
building.
In three stages, 30%. 40% and 30% of the loan amount. The last installment
will be disbursed three or four weeks prior to the completion of the
building.
- Outright purchase
100% to the seller, after payment of the margin by the applicant.
- Purchase of plot and
construction of the building.
- The loan component
for purchase of the plot will be only 30 % of the total project coat.
7. Repayment
180
months including the repayment holiday of a maximum of 18 months.
Repayment will begin on completion of the house or 18 months from the
disbursement of the first installment of the loan, whichever is earlier.
Repayment can be made either through remittance from abroad or transfer
from NRE/FCNR/NRO A/c or by resident relatives. Rental income if any
received should go towards repayment of loan. Repayment can be from
local sources after returning to India permanently.
Premature closure
of loan permitted subject to conditions/penalty
8. Security
Mortgage of property
by deposit of title deeds.
9. Processing
Charge
Limit upto Rs.25,000/- |
Nil |
Limits above Rs.25,000 to Rs. 2 lacs |
0.55% of the loan amount (Max. Rs.500/-) |
Limits above Rs.2 lacs |
0.55% of the loan amount (Max.Rs.10,000/-) |
10. Insurance
Insurance is to be
arranged for the total cost of the building.
11. Papers to be
Submitted to Bank
In addition to the
application form (in duplicate) two copies of the passport and two passport size
photographs, a declaration-cum-Affidavit in the Bank's approved format, the
following papers are to be submitted to the Bank.
11.1
Proof of Income
(a) In the case of salaried persons:
- Salary
certificate issued by the employer and duly attested by an embassy
official
- Average monthly
remittance into NRE A/c. in case of others.
- Authorisation to
deduct monthly installments from NRE/NRO A/c.
11.2 Documents
to be submitted for construction/improvement of houses
- A copy of the
plan inclusive of site plan approved by the Corporation/Municipality
/Development Authority /Panchayat as required.
- A copy of the
building permit issued by the Corporation/ Municipality/ Panchayat as
required. In areas where building permit is not required a no Objection
Certificate from the authority concerned.
- Estimate
approved by an official not below the rank of Asst.Engineer(Civil)/
Registered Architect / Chartered Engg.
- Original and
prior title deeds
- Latest tax
receipts
- Possession
certificate
- Encumbrance
certificate from the Sub Registrar for the last 15 years.
- Title clear
certificate from Bank's approved advocate
- Valuation report
from the Bank's approved valuator.
11.3 Documents
to be submitted for purchase of House/Flats
- A copy of the
agreement for sale
- A copy of the
Title deeds of the present owner
- A copy of the
land tax receipt
- A copy of the
building tax receipt
- Encumbrance
certificate from the Sub Registrar for the last 15 years.
- Title clear
certificate from the Bank's approved advocate.
- Valuation report
of the property and building from the Bank's approved valuator.
- Estimate
approved by an official as above.
After the sale deed is
executed, the original deed along with fresh encumbrance certificate and
possession certificate should be submitted.
For purchase of plot alone all the documents shown in 11.3 except item No. iv is
to be submitted.
IV. After availing of the loan, encumbrance certificate for four months after
the date of mortgage is to be produced.
Availing loan by Power of
Attorney Holder
Housing loan can be availed on behalf of NRI by a resident power of Attorney
holder. The power of Attorney to be executed in the Bank's format.
( Courtesy:
http://www.statebankoftravancore.com )
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