Purpose
For buying new or existing house/flat, constructing new house/flat and for renovation /alteration /extension of existing house/flat. To purchase a plot of land for purpose of construction of a dwelling unit.

Eligibility.
Individuals over 21 years with a steady source of income who are Non-resident Indians holding a valid Indian passport or persons of Indian origin (PIOs) holding foreign passport. They should have been employed abroad for a minimum period of 2 years holding a valid job contract/work permit or be self-employed professional with a minimum net monthly income equivalent to US $1000 (any currency), US $ 500 for cities / centres where people have gone to Middle East countries in cluster or a net annual income equivalent to US $ 12000 for which a foreign salary certificate/income statement duly attested by consulate/ embassy/our foreign office or duly notarised.

Loan Amount
The minimum loan amount is Rs.3.00 lacs and the maximum will be 24 times of net monthly income (NMI) or two times the net annual income. Where land alone is to be purchased or where loan is for repair or renovation loan amount should be normally limited to Rs.10 lacs.

Margin
a) Purchase of land meant for consideration of dwelling unit:- 30% of the cost of land including cost of registration, stamp duty etc.
b) Purchase of new or old house/flat or construction of house/flat: 15% of the total cost including additional amenities, registration, stamp duty etc.
c) Repairs and renovation: 20% of the project cost.

Security
Equitable Mortgage of the property to be purchased/constructed.
As during the course of purchase of a flat in installment/construction of house the security will not be free, adequate additional security by way of lien over credit balances in deposit accounts balances, guarantee of a third party, resident or non-resident, etc., will be required. The guarantor should be of adequate means locally or abroad. The additional security/guarantee will be released, at the discretion of the Bank, after the house/flat is purchased/constructed and equitable mortgage is created in favour of the Bank.

Interest
Same as Interest Rate for Individual Housing Finance for Domestic Customers. Click here

Repayment
Within 10-12 years, by remittances from abroad through normal banking channels or out of funds in NRE/FCNR/NRO Accounts. A moratorium of period of 18 months is available.

Processing Charges
1% of the loan amount.

Insurance
The house or flat should be insured for its full value in the joint names of the borrower and the Bank at all times against fire, flood, cyclone, typhoon, lightning, explosion, riot, strike, earthquake risks etc. The cost of the insurance must be paid by the borrower.

Documentation for PIOs
A photocopy of the PIO Card or any of the undernoted documents:-
a) Current passport indicating birth place in India.
b) Indian Passport, if held earlier
c) Parents or grand parents' passport with details therein substantiating his claim of being a PIO.