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NRI- Marriange, Medical &
other loans
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If your money is blocked
in landed assets and you need funds for urgent/important needs like sister's
marriage, medical treatment, purchase of land or setup business for your ward
etc., we offer a new facility to NRIs.
Scheme Loan
against mortgage of immovable properties (land and or building) other than
agricultural property or plantation or farm house, held by NRIs / Persons of
Indian origin.
Eligibility
Non Resident Indians or persons of Indian origin and their close relatives.
Purpose
All personal and own business purposes or a combination of both, other than
those specifically prohibited by Reserve Bank of India.
Disbursement
As required by the applicant. The proceeds cannot be credited to NRE/NRNR/FCNR
accounts. It can be credited to NRO account. Loan amount will not be remitted
outside India.
Loan Amount
Minimum Rs. 50,000/- Maximum Rs. 100 lacs subject to not exceeding
24 months Net monthly Income or 1.5 times Net annual Income
Income level
Minimum NMI Rs. 12,000/- or Minimum NAI Rs. 1,50,000/-
Proof of Income
Salary certificate for salaried class; certified auditors certificate
in case of self employed; In the absence of either Average monthly remittance in
the last 12 months into own NRE account or to that of spouse
Interest Rate:
click for current
interest
rate
Processing Fee:
As applicable from time to time.
Repayment
60 installments covering Principal and Interest to commence 1 month
after availment.
Insurance
Insurance of the building, if any, for full value to be arranged.
Security
Equitable Mortgage of eligible property in the name of self/ close relative
along with personal guarantee of such holder of property.
Margin
40 % of the market value of the property.
Papers to be
submitted
Application in
duplicate
copy of passport
prescribed letter of undertaking
Two recent passport size photographs
Original title deeds
Encumbrance certificate for past 15 years of the property
Power of Attorney, if availed through Spouse/Close relatives
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