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Last Updated on 22/10/2019
NRI Homeloan Scheme

BUILD YOUR DREAM HOME WITH OUR HOME LOAN SCHEMES

NRI HOME LOAN SCHEME

  • For purchase /construction of residential building in India or for repair/renovation of existing housesv
  • Joint loan with close relatives of NRI also considered
  • Eligibility
    a) 20 times of monthly salary
    b) Maximum 80% of construction or purchase cost – maximum INR 50 lacs
    c) Maximum INR 5 lacs for repair and renovation
    d) Minimum monthly income of applicant should be INR 10000
  • E-payment period - Maximum 180 Equated Monthly Instalments (EMIs) for construction/purchase and 60 EMIs for repair/renovation
  • If property is let out on rent, entire rental income should be paid to the loan account
  • Repayment by close relative in India permitted
  • Holiday period for repayment 6 months for acquisition, 12 months for construction and 3 months for repair/renovation
  • Mortgage of property as security
  • Processing fee applicable

HOME LOAN SCHEME FOR CLOSE RELATIVES OF NRIs

Home loans are granted close relatives of NRIson the basis of guarantee of NRI

  • Close relatives of NRIs like spouse/children/parents eligible
  • Applicants should be resident Indians
  • Minimum monthly salary of NRI should be INR 15000
  • Salary of applicant also considered if employed in government/public sector or reputed institutions
  • NRI should have minimum three years continuous service overseas and one year account relationship
  • Property should be registered in the name of relative
  • Eligibility
    a) Maximum 20 times of gross salary
    b) Maximum loan amount INR 20 lacs for construction/acquisition
    c) Maximum INR 3 lacs for repair/renovation with 25% margin
  • Repayment Period – 15 years for construction or acquisition and 5 years for repair/renovation

NRI Home Loan Scheme Application (Click here)