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.
Minimum Rs. 50,000/- Maximum Rs. 100 lacs subject to not exceeding
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.
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