Overview of Bank of Baroda NRI Home Loans:

A place to come home to that we can call our own is everyone’s dream. However with the skyrocketing rent prices as well as property rates, most of us find it difficult to make this dream a reality. As a Non Resident Indian, you might wish to buy a home in India, but cannot afford to do so on your own. Bank of Baroda has home loans specially designed for NRI’s, an oft-ignored category in the Indian housing segment. Now you too can realise your dream of owning a home in India.

Bank of Baroda was started in the year 1908 in Baroda, Gujarat and has grown into a banking giant, with a presence in over 25 countries and growing. The bank provides financial products and services to its customers through it retail and commercial banking divisions, providing services to both resident Indians as well as those living overseas. Being an established name in the financial sector, the bank’s loan products are highly rated and customers availing of its loans can be assured of quality service and the best in banking.

Features of Bank of Baroda NRI Home Loan:

The Bank of Baroda has extended its home finance services to Indians residing abroad as well, providing this market with loan options that are marked by the bank’s stellar customer service and proven record of excellence. The features that set its loans apart are:

• Streamlined application process
• Quick and hassle-free sanction and loan disbursal
• Option of flexi rate of interest

NRI’s can apply for a Bank of Baroda home loan for any of the following:

• For the purchase of a house/apartment.
• For the construction of a house/apartment on an existing plot of land.
• For renovation or repairs made in a house/apartment owned by the applicant.
• For the purchase of a plot of land with the objective of building a residential house on it.
• For additions/ extensions made to an existing house/apartment owned by the applicant.

Bank of Baroda NRI Home Loan Eligibility:

The eligibility criteria for a Bank of Baroda Home Loan for NRI’s is given below:

• Applicants should be between the ages of 21 years to 65 years at the time of application.
• Non-resident Indian holding an Indian passport or a Person of Indian Origin (PIO) with a valid foreign passport.
• Minimum yearly income should be equivalent to Rs. 5 lakhs per annum.
• Must be employed and have a regular income source or show proof of a business/self-employment for a minimum of 2 years abroad.
• For repayment of an existing home loan (on producing valid documentation proof)

Bank of Baroda Home Loan Rate of Interest:

The Bank of Baroda has a set of interest rates for NRI home loans, which are mentioned below:

• There are no fixed rate loans.
• Floating interest rate loans- base rate of 9.65% for all loan tenures.
• Home improvement or renovation loans would be the base rate (9.65%) plus an additional 2.50%.

Bank of Baroda NRI Housing Loan Documentation:

NRI applicants who are eligible to apply for a home loan are required to submit a list of documents to the bank for the purpose of verification. The loan amount is sanctioned only after the bank is satisfied that the applicant will be able to repay the loan over the course of the tenure. The documents to be submitted are given below:

• Application form duly filled in and signed
• Employment contract copy (if not in English, a translated copy is to be submitted, attested by the Indian embassy or employer)
• Copies of salary slips for the past 6 months (certified)
• Identity card issued by current employer (photocopy)
• Visa as stamped on passport (photocopy)
• Continuous Discharge Certificate (CDC), if applicable
• Income tax returns copies (either Indian or foreign)
• Overseas bank account statements (past 6 months)
• CV/resume detailing educational qualifications, work experience, age, type of work with supporting documents
• NRE bank account statement/passbook
• Salary certificate attested by the Indian foreign office or other agency as specified.
• Employer’s undertaking regarding remittance of monthly loan instalment, if feasible.

For Self-employed:

• Note on the nature of business or profession, clients, suppliers etc
• Profit and loss accounts and balance sheets with certified income tax returns for the past three years

For PIO:

Copy of PIO car or copies of any one of the below:

• Indian passport, if held previously
• Current passport mentioning place of birth
• Parents or grandparents passports to substantiate Indian origin claims

Property Documents:

• Proof of purchase documents (payment receipt, sale deed/sale agreement)
• Approved drawings for construction copies
• Permission from local authorities for construction
• Allotment letter from society for apartment owners.

Bank of Baroda NRI Home Loan EMI Calculator:

NRI’s thinking of applying for a home loan can ascertain the amount they would have to pay towards their monthly loan repayments through the EMI calculator. This calculator computes the amount payable just by entering the loan amount, loan tenure and rate of interest.

BOB Home Loan Repayment:

Home loans can be repaid over a maximum period of 15 years or on the applicant attaining 65 years of age, including the 18 month moratorium period. Bank of Baroda provides its customers with a choice of repayment options, as mentioned below:

• Equated monthly instalments
• Close relatives paying on behalf of the applicant through remittances
• Remittances through regular banking channels or NRE/NRO accounts.

Bank of Baroda NRI Home Loan FAQ’s:

1. What is the security to be provided for a NRI home loan?

   Applicants have to provide legal mortgage of the property being constructed or purchased/being repaired.

   The spouse/ a family member living in India’s personal guarantee. If spouse is also abroad, personal guarantee of Indian residents will be taken.

2. What are the early payment penalties?

   There are no penalties or charges for early payment or clearance of the home loan.

3. What is the maximum loan amount that can be availed?

   The maximum loan amount that can be availed is Rs. 300 lakh in urban and metro areas and Rs. 100 lakh in rural and semi-urban areas.

4. What are the additional charges associated with an NRI home loan?

   Below are the additional charges (exclusive of GST):

   • Unified processing charges for loans up to Rs. 30 lakhs- 0.50 of the limit, minimum amount being Rs. 5,000.
   • Unified processing charges for loans above Rs. 30 lakhs- 0.40 of the limit, minimum amount being Rs. 15, 000 and maximum Rs. 50, 000.
   • Take-over of home loan- 0.10 %, maximum of Rs. 10, 000.