| Purpose |
Purchase of plots and old or new houses or flats |
| Eligibility |
Individual(s) over 21 years of age with a steady
source of income, who:
1. Are Non Resident Indians (NRI) holding a valid Indian passport
2. Have been holding a job for at least 2 years in reputed organizations, in the government, or self-employed with a minimum NMI equivalent to Rs.15,000/- or Net Annual Income (NAI) equivalent to 1,80,000/-
3. Persons of Indian Origin (PIOs) holding a foreign passport.
|
| Amount of finance |
Minimum: Rs.2.00 lakhs
Maximum: 48 times the NMI or 4 times the NAI
The income of the spouse is considered when:
i. Property is jointly held with the spouse and the spouse is a co borrower.
ii. Property is held singly with the spouse as a guarantor. |
| Margin |
20 % of the cost of the land for purchase, including registration and stamp duty
15 % of the cost of the land, including registration and stamp duty for purchase or construction of new or old houses or apartments
20 % of the project cost for renovation and repairs |
| Security |
Mortgage of the property purchased |
| Repayment |
10 years |
| Interest rate |
Same as housing loans to residents |
| Processing charges |
Waived |
