Andhra Bank NRI Home Loan

Founded in 1923, Andhra Bank was founded by Dr. Bhogaraju Pattabhi Sitaramayya, the freedom fighter. The Bank began with an authorised capital of Rs 10 lakhs and a paid up capital of just Rs 1 lakh.Home Loans for NRI is only one of the many financial products that the bank offers

Eligibility for Andhra Bank NRI Housing Loan:

Applicants must be between the ages of 21 years and 65 years.
Applicants must be Non Resident Indians with a minimum of one year of service outside India.

AB NRI Home Loan Documentation:

Duly filled out application form
Applicant's’ property statements
The proposed house/flat’s location sketch

Type of employment	Proof of income
Salaried employees	IT Returns/ Form 16 which is issued by the employer/ Assessment orders Last pay certificate
Professionals/self employed	last 3 years’ income proof in the form of financial statements that has been signed by a Chartered Accountant ( assessment orders / income tax returns)

In case of purchase:

Name & address of the seller
Copy of link documents that are in the vendor’s possession. As well as the tax receipts
Sale agreement between purchaser and vendor
Original receipts of payment to builder/vendor
Documents of title to the property
Authorization letter to receive original title deeds on registration from Registrar of Assurances.
Receipt of delivery to deliver the original title deeds (issued by Registrar of Assurance).
Copy of the approved plan
Proof of age of the flat/house
Agreement for construction.
Approved Engineer’s certificate stating the condition, present value etc of the flat/house.
Original deed of conveyance of land

In Case Of Construction:

Approved plan’s copy
The Housing Board’s Allotment letter of the flat/house.
Original/copy title deeds of the site
Estimate of construction in detail
Development Agreement between the builder and owner of the site
A minimum of 13 years’ NIL Encumbrance Certificate
Any other document which is specified by Sanctioning Authority/ Legal Advisor

Additional Documents which must be submitted by NRIs:

Passport (Due date, Date of issue, endorsements)
Copy of agreement from the applicant’s employer.
Status of the applicant (Person of Indian origin/ NRI)
Naturalization process
Work permit from the country where the applicant works
Due date and status of VISA
Proof of Income (Income Tax returns/ Salary Certificate)
If the transactions are to be through the applicant or through a resident Indian, in which case the proof of Power of Attorney needs to be submitted.
Declaration that the loan is not to be used to acquire agricultural land etc. Also that it abides by the terms, rules and regulation of FEMA 99.

Features of Andhra Bank NRIs Housing Loans:

Amount of Loan:

The amount of loan one can avail depends on the residual life of the flat/house as certified by our approved engineer. It should be certified that it is at least 10 years more than the repayment tenor which is proposed for the loan.
In Urban and Metro areas: Rs 150 lacs
In Semi Urban areas: Rs 75 lacs
In Rural areas: Rs 25 lacs
The proportion of EMI to net income ratio will decide the maximum amount one will be eligible to.
In the case of Salaried Employees, the maximum amount of EMI that will be allowed is 50% of the employee’s net salary (as per the applicant’s latest salary statement). Net Salary does not take into account temporary incomes such as arrears.
In the case of non-salaried individuals, 65% of last three years’ monthly average income will be calculated (as reflected by I.T. Returns).

Mode of Repayment:

The RBI’s terms and conditions must be abided by.
Repayment can be done by way of inward remittance by debit to NRE/FCNR (B)/NRO account, through normal banking channel or can be repaid from the rental income received from the property. The borrower’s close relatives in India can also repay the amount from their account.

Repayment:

Maximum period of 30 years to make the full repayment.
In the case of salaried employees, the term for repayment ends at the age when the applicant retires.

Andhra Bank Home Loan Interest Rate for NRIs:

Floating rates of interest depends on the base rate. Check the official website to check the base rate.

Repayment Period	Five Years and Below	Five to ten years	Above 10 Years to 20 Years
Above 30 lacs	Base rate+1.75	Base rate+2.00	Base rate+2.25
25-30 lacs	Base rate+1.00	Base rate+1.25	Base rate+1.50
Up to 25 lac	Base rate+0.75	Base rate+1.00	Base rate+1.25

Loans taken out for repairs, the interest rate will be 1% above the rate of interest which is applicable to Housing Loans.

FAQs:

Will I be charged if I decide to prepay the amount?
No, there are no prepayment charges as long as the amount is from the applicant’s own sources.
What mode of repayment can I do?
- The RBI’s terms and conditions must be abided by.
- Repayment can be done by way of inward remittance by debit to NRE/FCNR (B)/NRO account, through normal banking channel or can be repaid from the rental income received from the property. The borrower’s close relatives in India can also repay the amount from their account.
What is the maximum term I can take for repayment?
- Maximum period of 30 years to make the full repayment.
- In the case of salaried employees, the term for repayment ends at the age when the applicant retires.

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