All co-owners to be co-applicants for the loan. Co-applicant also could be a resident Indian in which case his/her income also could be considered for calculation of quantum of loan /repayment capacity. However, foreign national of non-Indian origin cannot be included as a co-owner or co-borrower.
For construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata, New Delhi and Chennai) Repairs/renovation/extension to house/flat –Rs.50 lacs
Purchase of a plot - Rs.100 lacs Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lac is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any. Note: Minimum Home Loan :- For Metro/Urban Centers :-Rs. 1 Lac
|For 1st House/Flat||For Loan upto Rs.20 Lacs||For Loan up to Rs.75 Lacs||For Loan above Rs.75 Lacs|
|15% on pure cost of the house/flat excluding stamp duty, registration etc.||20% on pure cost of the house/flat excluding stamp duty, registration etc.||25% on pure cost of the house/flat excluding stamp duty, registration etc.|
|For 2nd or Subsequent Home Loan/House/Flat||25% on pure cost of the house excluding stamp duty, registration etc.|
Full amount of margin (own contribution) to be paid by the borrower before 1st disbursement of loan. Margin(own contribution to be paid by the borrower by remittance from abroad through normal banking channels or out of funds in his NRE/FCNR/NRO Account in India. Such payments cannot be made by traveler’s cheque or by foreign currency notes.
Highly flexible - maximum 30 yrs. including moratorium period upto 36 months (max.), [based on number of floors/in case of township projects] in monthly installments, including Bank’s approved projects. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others. Repayment upto 70 years also allowed to salaried employees having assured post retirement income
Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower
|Salaried Employees :||72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.|
|Self-employed/ Professionals etc.||6 times of Gross annual income based on I-T Returns|
|HUF/Proprietorship /Partnership Firm/ Company||6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account|
In case of Individuals
In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5.
Mortgage/Equitable Mortgage (1st charge) on land/flat/house.
Report to be generated from any approved Credit Information Companies(CICs) in India. Also, the applicant to submit credit report from a Credit Rating Agency from the country in which the applicant resides-if such reports are easily available. The report is available in countries like USA, Canada, UK, Germany, Malaysia, Hong Kong, Singapore, Japan, South Africa, South America etc. This stipulation may be waived by the sanctioning authority in respect of those countries where such reports are not easily available
Repayment to be made by remittance from abroad through normal banking channels for out of funds in his NRE/FCNR/NRO Account in India. Ideally standing instructions to be provided for recovery of money from NRE /NRO Accounts. Close relatives (as defined under Section 6 of the Companies Act 1956) of the borrower in India also could repay installments of such loan, interest and other charges, if any, through their bank account directly to borrowers NRI Home Loan Account with the Bank. Rental income of the property, wherever it is considered for calculation of eligibility also could be credited directly to the credit of home loan account.
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