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. 15000/-
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 50% of the NMI/AMI for NMI upto and including Rs.20000/-.Repayment obligation for NMI above Rs.20000/- is 60%.
4. Margin
Upto Rs.75 lac - 20%
Above Rs.75 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 will be through remittance from abroad or transfer from NRE/FCNR/NRNR/NRO A/c. Rental income if any received should go towards repayment of loan. Repayment can be from local sources after returning to India permanently.
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, 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 licenced Enginners/Architects approved by local bodies.
- 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.
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NRI Education Loan |
Enables your son/daughter take up higher education in India in recognised schools and colleges.
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SALIENT FEATURES:
1. Purpose: to meet tuition, admission and other fees, maintenance cost, cost of books and equipment for higher studies. Caution deposits and other refundable deposits can also be financed under the scheme.
2. Amount of Loan: Upto 10 lacs for studies in India For studies abroad : Rs.20 lakhs
3. Persons Eligible:
a) Indian National
b) students who have passed the entrance test and have secured admission for technical/professional courses.
3. Eligible Courses: a) All technical /professional courses including certificate courses, diplomas; graduate/ Post graduate and/ or doctorate degree studies in recognised schools / colleges / Institutions. (Courses in Medicine, Surgery, Dental Science, Architecture, Veterinary Science, Agri Sciences and in various branches of Engineering , Technology, Computer Science, Industrial Management, Business Administration and other Management Sciences)
b) Computer Courses which are conducted by institutes given due accreditation by the Department of electronics, Govt of India.
c) Any other specialised course in Computer Science.
4. Borrower: Student and Parent or Guardian jointly. This means if an NRI wishes to educate his/her nephew /niece any other such relative the student and the supporting NRI as guardian
may avail the loan jointly.
5. Margin: Upto Rs.4 lakhs : Nil
Above Rs.4 lakhs : (i) Studies in India : 5%
(ii) Studies in Abroad:15%
6. Interest
7. Repayment: a) 12 months after completion of course or 6 months after getting job whichever is earlier.
To be repayed iIn 60 monthly installments
8. Security: Collateral security equal to Loan amount plus interest payable up to one year after
completion of course. Such Collateral security may be any one or more of : Govt Securities, UNITS of UTI, Surrender value of a LIC policy, National Savings Certificates, KVPs, IVPs, Bank Deposit Receipts after effecting necessary lien /assignment in favour of
our bank and / or mortgage of immovable properties or other tangible assets acceptable to the bank.
9. Processing Fee: Nil
10. Application: Application is available at all our branches and should be submitted to one of them.
11. Documents to be submitted:
a) Application (Student and Parent or Guardian jointly)
b) Two Copies of Passport Size Photos.
c) Testimonials in original from head of institution and from one or two other respectable persons not related to the student.
d) Proof of Admission to Course.
e) Schedule of Expenses for the course.
f) Copy of Salary certificate / statement (other proof) of Income of parent / Guardian
g) Copy of Passport of parent / guardian and student (if applicable)
Where Mortgage of Property is to be made the following documents will need to be submitted:
a) Original and prior title deeds
b) Latest tax receipt
c) Possession certificate
d) Encumbrance certificate for last 15 years from sub registrar
e) Title Clear Certificate from bank's approved advocate
f) Valuation Certificate from Bank's approved Valuator
FOR APPLICATION FORMS AND MORE DETAILS CONTACT ANY OF OUR BRANCHES WHERE YOU HAVE NRE ACCOUNT
|
NRI Car Loan Own your dream vehicle |
| 1) |
Purpose : |
To finance purchase of new Cars or Jeeps |
| 2) |
Persons Eligible : |
NRIs or spouse of NRIs who have regular Net Annual Income (NAI) of not less than Rs 2,50,000. |
| 3) |
Loan amount : |
Up to 4 times of NAI. |
| 4) |
Security: |
a) The vehicle should be hypothecated to the bank and the lien noted in the registration certificate book.
b) Guarantee of spouse where her / his income is also taken into account for NMI and Loan amount.
c) Equitable mortgage of property or third party guarantee of two persons each worth the loan amount. |
| 5) |
Margin : |
a) 15 % of the cost of the vehicle
b) Second hand car upto 2years old 25% of the cost
c) Second hand car above 2 years upto 5 years old 40%of the cost |
| 6) |
Interest : |
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| 7) |
Repayment : |
In 84 Equated Monthly Installments [EMI] |
| 8) |
Insurance: |
Comprehensive insurance is compulsory for all vehicle loans at your cost with suitable bank clause. |
| 9) |
Processing Charges : |
0.50% of the loan amount subject to a minimum of Rs.500/- and maximum of Rs.10000/- |
| 10) |
Papers to be submitted : |
a) Invoice in duplicate from dealer
b) Application in duplicate
c) Two passport size photographs
d) Salary certificate of employed persons OR evidence of average remittance into bank (NRE) account for past 12 months
e) Details of guarantors and property to be mortgaged, if any |
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