Allahabad Bank offers the AllBank Housing Finance Scheme for NRI/PIO, a home loan scheme designed specifically for non-resident Indians. You can use the loan for a variety of property-related purposes, including construction of house, purchase of house or plot, and renovation of an existing house, among others. You can get a minimum loan of Rs.5 lakh with this financing scheme. The interest rate on the home loan is pegged to their 1-year MCLR (Marginal Cost of Fund-based Lending Rate. The current 1-Year-MCLR of the bank stands at 8.60%.
|Interest Rates||8.60% to 9.60% p.a.|
|Loan Tenure||Up to 10 years|
Here are the documents that are usually required to process your application:
1. How much financing can I get if I want to purchase a plot of land?
As per the bank’s norms, utilisation of the financing will be restricted to 75% of the total cost of the concerned plot or 60% of the sanctioned amount.
2. If I want to make a joint application, can my co-borrower be an NRI/PIO?
No, your co-applicant has to be a resident of India to qualify as a joint borrower.
3. Is there any moratorium period?
For construction of a new house, the moratorium period is 18 months from the first disbursement. For other scenarios, it’s 3 months after the last disbursement. Note that you have to pay interest during the moratorium period.
4. What’s the mode of repayment?
Repayments can be done through normal banking channels. You can use NRE, NRO, or FCNR account to make payments. You could also make payments through your close relatives’ local accounts, or from the rent made from letting out the property.
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