Q: How much finance can an NRI avail against the property value?
A: An NRI can borrow up to 75 % of the market value of your property subject to your income eligibility.
Q: For how long period can an NRI get a home loan?
A: NRI's can get home loans from a minimum of three years to maximum of 15 years.
Q: What is the minimum income requirement for an NRI to get loans?
A: * For Middle East countries: 3, 00,000 AED (UAE Dhms) per annum
* For USA and other countries: 80,000 USD per annum
* For Merchant navy: 50,000 USD per annum
Q: What is the applicable rate of interest on NRI loans?
A: The rate of interest varies depending upon your loan amount, property type, income, etc and this will be communicated to you by our sales representatives.
Q: Does an NRI have the option of pre-paying the entire loan amount?
A: Yes. One can pre-pay the loan at any time after 6 months from the date of the final disbursement of the loan. Foreclosure charges will be levied as applicable.
Q: Can an NRI get loans against NRE term deposits?
A: Yes, you can get up to 85 % of your Term deposits as loan. The maximum limit as is Rs.20 lakhs as per RBI guidelines. The loan cannot be used for the purpose of re-lending, carrying on...
Q: What security will I have to provide for loans?
A: The security for the loan will be the first mortgage of the property(Equitable mortgage by Memorandum of Entry) to be financed, normally by way of deposit of title deeds and/or such other...
Q: What is the tenure of the loan?
A: You can repay the loan over a maximum period of 15 years. Repayment will not ordinarily be extended beyond the age of retirement (if you are employed) or on your reaching 60 years of the age,...
Q: How will the rate of interest calculate?
A: Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment - EMI) is much lower as compared to the interest in annual reducing balance.
Q: Who can be co-applicant to the loan?
A: You can include your spouse as a co-applicant for the Loan. His / her income can be added to enhance the loan amount. However, all co-owners of the property should necessarily be the co-applicant.