| 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:
- Are Non Resident Indians (NRI) holding a valid Indian passport.
- 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
Rs. 1,80,000/-.
- Persons of Indian Origin (PIOs) holding a foreign passport.
|
| Amount of finance |
Minimum: Rs.2.00 lacs
Maximum: 48 times the NMI or 4 times the NAI
The income of the spouse is considered when:
- Property is jointly held with the spouse and the spouse is a co-borrower.
- Property is held singly with the spouse as a guarantor.
|
| Margin |
- 20% For Housing Loans to State, Central Government and PSU employees.
- For Housing Loans to Others.
- 25% up to Rs.30.00 lacs.
- 30% Above Rs.30.00 lacs.
- To purchase House Plot alone.
- 35% Cost of the Plot including registration, stamp duty etc.
- For furnishings / consumer durables as a part of the project cost.
- 20% of the cost of the estimation.
|
| Security |
Mortgage of the property purchased. |
| Repayment |
10 years. |
| Interest Rate |
Same as housing loans to residents. |
| Processing charges |
Waived. |
