NRI Home Loan
Eligibility
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/-

http://www.iob.in/NRI_Home_Loan.aspx

Purpose
For buying, building or renovating your home. The house/flat should be for own occupation when returning to India.

Loan amount
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.

Margin
The minimum margin is 20%. Margin may be by way of foreign inward remittance or by debiting NRE /NRO /FCNR accounts in India.

Security
Equitable mortgage of the property to be purchased or built or renovated
Property should be insured for adequate value with Bank clause

Repayment
** 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

Holiday period
** 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

Rate of interest
Processing charges
The processing charge is 0.57% of the loan amount subject to maximum of Rs 10000/-.

Address :
Indian Overseas Bank
763 Anna Salai, Chennai - 600002