Purpose

Purchase, Construction, Repair or Renovation of Residential House

Eligible Persons

An NRI/PIO holding Indian passport or passport of any other country except Pakistan and Bangladesh.

Minimum Salary

Rs. 10000/-

Quantum of Loan

New - No Ceiling

Repair & Renovation - Rs. 25 Lakhs

Rate of Interest

Linked to RLLR (Click to check latest Rate of interest)

Margin

Up to Rs. 30.00 Lakhs

10%

Above Rs. 30.00 Lakhs up to Rs. 75.00 Lakhs

20%

Above Rs. 75.00 Lakhs 25%

25%

Repayment Period

Purchase/Construction

Maximum: 240 Months (Max age at Exit 60 including Moratorium Period) whichever is earlier

Repair and Renovation

Maximum: 180 Months

Holiday Period

Purchase

6 Months

Construction

12 Months

Repair and Renovation

3 Months

Security

• Immovable property to be financed must be mortgaged only with our Bank.
• The land should be in the name of the Applicant or jointly with his/ her spouse /close relatives (Co-obligant).
• The applicant should have a clear and marketable title over the property to create a valid mortgage

Other Conditions

• The loan proceeds should not be credited to NRE/FCNR account.
• The repayment should be out of fresh foreign inward remittance or by debit to NRE/NRO/FCNR account of the borrower in India
• The repayment of loan instalment/interest and other charges can also be made by close relatives of the NRI borrower in India through their bank account.
• No cash should be accepted from such relatives towards repayment of the home loan of the NRI