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Venturing to greener pastures – it is human nature. People migrate seeking better opportunities and life. But it is difficult to let go off the roots completely as well, no matter you spend better part of your life in another country. Though NRI nostalgia is laughed at these days and people jokingly call NRIs ‘non-returning Indians’, this is not the case most of the time. Most of them do invest in real estate here so they can come back one day and spend their retirement in peace. Allahabad Bank understand this sentiment well, which gave birth to their popular home loan product, Housing Loan for NRI/ PIOs.
| SL No | Particulars | In Detail | |||
| 1 | This scheme is designed for | Non Resident Indians (NRIs) having an Indian passport or Persons of Indian origin (PIOs) having a foreign passport. The loan applicant can choose to have the account singly or jointly. A close family member of the NRI or PIO (spouse, parent and/ or child (with some kind of future interest in the asset) can be the co-applicant even if they are residing in India. | |||
| 2 | Purpose of the Allahabad Home Loan Product for NRIs or PIOs | To build a house for residential purpose on a plot the customer already holds. To buy a piece of land (properly established) located in a (developed or upcoming) residential area for the purpose of constructing a home. To buy a house, apartment or villa. To renovate, extend, repair a residential property you already possess. To buy an under-construction property. To buy an old house and refurbish, renovate, extend or repair it. To re-finance or take over an existing home loan from other bank or financier. | |||
| 3 | Eligibility Criteria | Eligibility (Employment status) | Eligibility (Income/ Remittances) | Eligibility (Age) | |
| The applicant must be: a. salaried, b. entrepreneurial, or c. have a business unit and live abroad for more than a year | The applicant should have at least INR 3 lacs of gross yearly income. | The applicant must be of age 21 and above. Age of the debtor should not be above 60 at maturity. | |||
| The applicant should have at least INR 3 lacs per year of gross remittance in his NRE/NRO/FCNR during past three years. | |||||
| 4 | Home Loan Sum | One must apply for at least INR 5 lacs as loan. The candidate can apply for up to INR 5 Cr under this scheme. | |||
| 5 | Eligible Loan Amount | Salaried Individuals: (a) 48 times of gross remuneration per month (b) Four times of gross income per year as specified in the job contract and/ or ITR filed in the residing nation. Professional or self Employed People: (a) More than three times of Gross Income per year as mentioned in the ITR filed in the residing country. (b) Two times of minimum yearly Inward Remittances in NRE/NRO/ FCNR account during the past three years. Net deductions counting the EMIs of home loan must not be more than 50 percent of the sum taken for computing eligible housing loan amount. | |||
| 6 | Financing for Purchase of Plot | The candidate can avail the loan as a package for buying a plot of land as well as building a house on it (within the stipulated period). But, using this loan to buy the land will be limited to 75 percent of the actual price of the plot or 60 percent of the allowable amount of overall loan, whichever is lesser. | |||
| 7 | Repayment | You can take up to seven years to settle the loan | |||
| 8 | Moratorium Period | With respect to building of a new house or apartment, the moratorium period starts 18 months from the day of first payment or 30 days post completion of construction, (whichever is early) In other cases, it is three months post the final payment Interest is to be served during this period. | |||
| 9 | Security | Equitable or Registered Mortgage of the asset: · Personal Guarantee from spouse (if he/ she is not a co-applicant and living in India) and another person with sufficient means living in India (accepted by the bank). · Third party guarantee of resident Indians might be exempted by the Sanctioning Authority as per the merit from case to case). If creating equitable mortgage of the property is delayed: · Collateral security to the extent of the loan amount in the shape of any other secure property or financial securities or personal guarantee of one extra person with sufficient means (accepted by the bank). · If the home loan is approved or paid out based on the Power of Attorney, personal guarantee of power of attorney holder must also be acquired. · In cases where the NRI or PIO is not personally available for processing and documentation, an irreversible Power of Attorney accordingly implemented by the Borrower (NRI/ PIO) in favour any close relative in India can be submitted in the initial phase. | |||
| 10 | Rate of Interest | 9.70 percent | |||
| 11 | Processing Charges | Up to INR 3 Cr | MCLR | ||
| Amount between INR 3 Cr and INR 5 Cr | MCLR + 0.25 percent | ||||
| 12 | Margin | The minimum permissible margin will be 25 percent of the cost of the Project. Cost of the Project will entail: a. Price for which the land, apartment or house is bought b. Cost of building, restoration or extension (whichever applicable) c. Stamp duty and registrations charges as pertinent. d. Accumulated interest sum of the moratorium period, if planned to be capitalized. e. Premium of Allahabad Bank Griha Mangal Scheme. | |||
| 13 | Mode of Repayment of the loan | Transfer of funds from overseas via usual banking channels Out of funds in NRE/FCNR/NRO accounts Transmittal out of local funds by close family member or authorized person From the rent earned from letting/ leasing out the house or the apartment bought from bank house loan | |||
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