|Purpose||:||General Purpose Loan|
|Eligibility||:||Individual Non-Resident Indians (NRIs) holding a valid Indian passport or person of Indian origin (PIOs) holding a foreign passport.
NRI’s who are holding job at least for 1 year in a reputed Indian Company or Foreign Company or self employed with a minimum net monthly income (NMI) equivalent to `15,000/- or Net annual Income (NAI) equivalent to `1.80 lacs.
|Nature of Facility||:||Medium Term Loan|
|Sources of Income||:||Income of NRI
Income of spouse: can be included if she/he is a co-borrower (when the property is jointly held) or consents to stand as a guarantor.
Rental and other income: The rental income accruing on the property proposed to be mortgaged to the Bank and also regular income from all the sources can be considered for computation of the eligible loan amount, provided the sanctioning authority is satisfied about the source and proof of the income.
|Proof of Income||:||Any one of the following may be taken as proof of income in case of NRIs
|Loan Amount||:||Minimum `1.00 lac
Maximum 36 times of NMI in case of salaried persons or 3 times NAI in case of others, subject to a maximum of `1.00 crore.
|Margin||:||50% of the value of the collateral security as certified by approved valuers.
(70% of the market value of the property i.e. distress sale value is to be considered as value of the collateral security).
|Rate of Interest||:||13.50% p.a. (0.50% below BPLR) As applicable to Domestic Mortgage loans|
|Disbursement||:||The loan proceeds can be credited to NRO Savings Bank account of borrower or as per his request. The proceeds of the loan shall not be credited to NRE/ FCNR account of branch.|
|Loan Period||:||Maximum 84 months|
|Security||:||Equitable Mortgage of non- encumbered Residential House / flat, non-agricultural urban landed property, commercial or industrial property in the name and possession of the borrower i.e. self-occupied, vacant or rented/ leased.
In case the property is rented / leased:
|Power of Attorney||:||The Power of Attorney (POA) facility is extended to the NRIs under this scheme. NRIs can execute POA in favor of resident close relative/Professional (Chartered Accountant, etc) for availing the loan. The Power of Attorney enables the resident holder to apply for, create mortgage and execute documents in favor of the Bank for availing loan under the scheme.|
|Repayment||:||Maximum 84 equated monthly installments (EMIs)
The repayment of loan may be made by debit to NRI / FCNR / NRO accounts of the non-resident borrowers or out of inward remittances by the borrowers or out of sale proceeds of immovable property against which such loan was granted
Mortgage Loans to NRIs