Housing Loan can be used for construction of house, acquisition of land & construction of house, repairs / renovation / remodeling / extension of house, reimbursement of debt incurred for construction of house/ purchase / furnishing / beautification / purchase of flat / villa / house plots /takeover of housing loans / supplementary housing loan to employees of well-run companies / purchase of house plot for subsequent construction of house etc.
Loan amount up to Rs. 1500 Lakhs with a margin of 15 – 20%
Longer repayment period – up to 20 Years
Security for the loan will be the Mortgage of land and building.
NRI individuals including salaried people, self-employed and business persons are eligible for Housing Loan. Persons of Indian Origin (PIO) are also eligible for Housing Loan subject to following conditions:
- The loan is covered by primary / collateral security of immovable property in India in the name of PIO.
- The PIO should hold a valid PIO Card accompanied by a valid foreign passport.
- A close relative (as defined in Companies Act) residing in India should join as co-obligant to the loan.
Age of the borrower should not exceed 55 years at the end of loan tenure.
Monthly income should be not less than Rs.30000/-.
Indicative List of Documents Required for Loan processing
- Copy of valid Passport
- Copy of valid Visa for continuance of employment
- Copy of valid overseas and Indian address proof
- Passport size photos of the applicant and co-applicant – Two copies each.
Proof of Income
- NRE and NRO a/c statement with banks for the past one year.
- Salaried NRI’s shall produce Salary Certificate/Slip
- For non-salaried NRI’s, Balance Sheet/Profit & Loss Account for the past two years shall be submitted.
Other Property related documents
- Documents of Title – ie, Tittle Deed & Prior Deeds
- Encumbrance Certificate from Sub Registrar Office covering the immediate prior deed or for 13 years whichever is later.
- Land Tax Receipt ( Latest)
- Possession Certificate
- Location Certificate
- Location Plan
- Approved Building Plan
- Building Tax Receipt (latest)
In the case of Purchase of Ready Built House / Flat following document is also needed in addition to above mentioned property documents
- Agreement of Sale (original)
In the case of flat/villas, following documents are also needed apart from property documents:
- Sale & Construction Agreements (original)
- Letter of Allotment from the Builder
- Tripartite Agreement – Where the flats are under construction & the possession is not immediate
In the case of House Construction / Extension / Repairs & Renovation following documents are also needed apart from property documents:
- Estimate report from Civil Engineer / Architect Permission for Construction from local authorities
The Bank has the right to solicit any other documents as required for processing the loan.
We at NRI Master will assist you to avail Housing Loan from leading banks in India at competitive interest rates. To apply for NRI Housing Loan, please contact us or request a call back.