|Purpose / Objective||For purchase of House Site on ownership basis; House site should be located in layout approved by Government authority. Loan for purchase of house site at rural area is not permitted.|
|Eligibility||• Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
• NRIs gainfully employed with a residual contract period / service of atleast 3 more years to run.
• NRI professionals with regular monthly income.|
|Amount of Loan||*36 times of Gross Monthly Income; or 3 times of Annual Net
Income (in case of Professional & self-employed / business category – based on average of latest two years)
The cap on Plot Loan per borrower has been fixed as under:
*For purchase of property in Rural area : Rs. 50.00 lakhs
*For purchase of property in Semi-urban area : Rs. 100.00 lakhs
*For purchase of property in Urban area : Rs. 200.00 lakhs
*For purchase of property in Metro: Rs. 300.00 lakhs.
|Margin||25% on Land cost |
|Processing fee||1.178% on Loan amount.|
|Interest Rates||Please see the Lending Rates link on home page |
|Repayment||Not Exceeding 180 EMIs (No Holiday Period).|
|Security||* Equitable Mortgage of Property purchased out of loan proceeds.|
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.
|Documents to be submitted for processing the application||As detailed in our NRI Home Loan product.
All the applicable/relevant documentary evidences are to be submitted
|Other Requirements/Details||• Property to be purchased should be in a good accessible developed/developing area and the Bank should be able to sell the same without problem in case of default.
• Property should be properly protected by fencing/compound wall.
• The lay out of the house site should have been approved by the appropriate authorities like CMDA, BDA, DDA, Town Planning Authorities etc.