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.
|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%|
|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|
|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|
The following documents will be required during the loan application process for purchase of the property:
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.
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.
A maximum gestation period of 30 months may be provided from the date of first instalment release.
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.
No. You will be able to claim tax benefits only if you have filed your income tax returns accurately.
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