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www.iob.in : Indian Overseas Bank Home Loan
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[QUOTE=MariPriya;177672][B]NRI Home Loan Eligibility[/B] NRI with a valid Indian Passport or a Person of Indian Origin and holding passport of other countries excluding Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan. Monthly salary is equivalent to Indian Rs. 10,000/- [url]http://www.iob.in/NRI_Home_Loan.aspx[/url] [B]Purpose[/B] For buying, building or renovating your home. The house/flat should be for own occupation when returning to India. [B]Loan amount[/B] For building or buying a new house - Maximum of 80% of the cost of the house or Rs. 500 lakhs whichever is lower. For renovating house - Maximum of Rs. 5 lakh. [B]Margin[/B] The minimum margin is 20%. Margin may be by way of foreign inward remittance or by debiting NRE /NRO /FCNR accounts in India. [B]Security[/B] Equitable mortgage of the property to be purchased or built or renovated Property should be insured for adequate value with Bank clause [B]Repayment[/B] ** If the house is bought or built, repayable within a maximum period of 180 months (15 years). ** Repayable in equated monthly installments through fresh foreign inward remittance or by debiting NRE/NRO/FCNR account in India ** The repayment of loan installment/interest and other charges can also be made by close relatives of the NRI borrower in India. ** If the house is rented out, rental income should be adjusted towards loan installments, even if it is more than the monthly installment prescribed ** If the rental income is less than the prescribed monthly installment, the shortfall should be brought in be way of fresh inward remittance or by debiting NRE/NRO/FCNR account in India [B]Holiday period[/B] ** If the house is bought, repayment can commence 6 months after receiving the loan ** If the house is built , repayment can commence 12 months after receiving the loan. ** If the house is renovated, repayment can start 3 months after receiving the loan Please click Retail credit interest rates [B]Rate of interest[/B] Processing charges The processing charge is 0.57% of the loan amount subject to maximum of Rs 10000/-. [B]Address [/B]: Indian Overseas Bank 763 Anna Salai, Chennai - 600002[/QUOTE]
