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L.Srikumar Pai
B.Sc( Engg.), MIE, MIWWA, MICI
Civil Engineer & CAD Specialist
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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 

  1. Construction of new building.

  2. 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. 
  3. Outright purchase 100% to the seller, after payment of the margin by the applicant. 
  4. Purchase of plot and construction of the building.
  5. 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: 

  1. Salary certificate issued by the employer and duly attested by an embassy official 
  2. Average monthly remittance into NRE A/c. in case of others. 
  3. Authorisation to deduct monthly installments from NRE/NRO A/c. 

    11.2    Documents to be submitted for construction/improvement of houses 

  1. A copy of the plan inclusive of site plan approved by the Corporation/Municipality /Development Authority /Panchayat as required. 
  2. 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. 
  3. Estimate approved by an official not below the rank of Asst.Engineer(Civil)/ Registered Architect / Chartered Engg. 
  4. Original and prior title deeds 
  5. Latest tax receipts 
  6. Possession certificate 
  7. Encumbrance certificate from the Sub Registrar for the last 15 years. 
  8. Title clear certificate from Bank's approved advocate 
  9. Valuation report from the Bank's approved valuator. 

    11.3    Documents to be submitted for purchase of House/Flats 

  1. A copy of the agreement for sale 
  2. A copy of the Title deeds of the present owner 
  3. A copy of the land tax receipt 
  4. A copy of the building tax receipt 
  5. Encumbrance certificate from the Sub Registrar for the last 15 years. 
  6. Title clear certificate from the Bank's approved advocate. 
  7. Valuation report of the property and building from the Bank's approved valuator. 
  8. 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: )

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