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  • Andhra Bank NRI Home Loan

    Owning a house is a dream for many Indians. However, an individual might be required to travel/move to a different country for work or to fulfill other commitments. In such cases, purchasing a flat or investing in a property in India might not seem like a plausible choice. The NRI home loan offered by Andhra Bank lets you purchase or construct your own property/house/flat in India while living overseas.

    Tailor-made for Non-Resident Indians, Andhra Bank NRI Home Loan has a smooth disbursal process along with reasonable home loan interest rates and a long repayment tenure.

    Interest Rates for Women and Other Categories

    Loan Amount Women Others
    Till Rs.75 lakh One-year MCLR + 0.05% One-year MCLR + 1.20%
    More than Rs.75 lakh One-year MCLR + 0.15% One-year MCLR + 0.20%
    For maintenance and repairs One-year MCLR + 1.20% One-year MCLR + 1.20%


    Amount of Loan Margin
    If loan amount is till Rs.30 lakh 10%
    If loan amount is more than Rs.30 lakh till Rs.75 lakh 20%
    If loan amount is more than Rs.75 lakh 25%

    Quarterly Administrative Charges

    Loan Amount Per Quarter Per Account Per Annum Per Account
    Till Rs.10 lakh Rs.100 Rs.400
    More than Rs.10 lakh and till Rs.15 lakh Rs.150 Rs.600
    More than Rs.15 lakh Rs.250 Rs.1,000

    Eligibility Criteria

    Resident type Non-Resident Indians
    Minimum service tenure required One year
    Age Between 21 years and 65 years
    Employment type Salaried and non-salaried/self-employed

    Documents Required in Case of Purchase

    The following documents will be required during the loan application process for purchase of the property:

    • Sale agreement between seller and purchaser
    • Full name and address of the seller
    • Copies of documents of the property title and link documents that the seller possesses along with tax invoices and receipts
    • Letter of authorisation to collect original title deeds on registration
    • Delivery receipt provided by the Registrar of Assurance to provide the original title deeds
    • Original payment receipt given to the builder/seller
    • A duplicate of the approved plan and a letter from the seller stating the age of the concerned property/house
    • Certification from the engineer about the current value, life, and condition of the property/house/flat

    Additional Documents Required from NRIs

    • Applicant’s status – Person of Indian Origin/Non-Resident Indian
    • Passport – Due date, issue date, endorsements
    • Due date and status of the VISA
    • Work permit in the place they are residing
    • Agreement copy with the current employer
    • Income proof via salary certificate, income tax returns, etc.
    • Process of taking up citizenship in the country abroad
    • Transaction having been conducted by the loan applicant himself
    • Undertaking-cum-declaration that the loan amount shall not be used to acquire plantation/agricultural/farmhouse in India
    • Form 16

    Features of Andhra Bank NRI Home Loan

    • No hidden charges involved
    • Minimum processing fee
    • Maximum repayment tenure of 30 years
    • No prepayment costs involved


    1. Can the plot location be anywhere in the country?
    2. No. The plot selected to construct the property must be in a metro, semi-urban, or urban area only. Moreover, the plot must be in a residential area within the limits of the Municipal Corporation.

    3. What are the repayment clauses for the salaried class?
    4. The loan will co-terminate at the age of the superannuation for salaried individuals without the pension benefit. The maximum repayment tenure is 30 years.

    5. What is the gestation period?
    6. A maximum gestation period of 30 months may be provided from the date of first instalment release.

    7. What should be the ideal age of the building?
    8. The residual life of the property/house as certified by Andhra Bank’s approved engineer must be 10 years and more than the repayment tenure.

    9. Are there extra tax benefits that NRIs can enjoy?
    10. No. You will be able to claim tax benefits only if you have filed your income tax returns accurately.


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