| LOAN
REPAYMENT PERIOD |
| |
|
For
purchase or construction of house or flat . It is
normally upto 10 years, but the period will not extend
beyond the age of 65 years of the applicant. However,
"HUDCO NIWAS" will endeavour to determine
the repayment period to suit the convenience of the
applicant. |
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| 2. |
For
purchase of Plots Repayment period upto 5 years but
not to extend beyond the age of 65 years of the
applicant. |
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| SECURITY FOR THE LOAN |
| |
Security
for the loan is the first equitable mortgage of the
housing unit to be financed normally by way of deposit
of title deeds, and or such other collateral security
as may be necessary . Title of the property should be
clear marketable & free from
encumbrance. In all
cases the applicant will be required to provide
guarantee of one individual acceptable to HUDCO NIWAS.
Lien on borrower's other assets in India may also be
required Collateral or Interim security
could be assignment to HUDCO of life insurance
policies the surrender value of which at least equal
to the loan amount, and such other investments that
are acceptable to HUDCO such as NSC’s, UTI Units
etc. |
| |
| FEES |
|
| A
one-time fee of 2.00% of the loan amount applied for
is to be paid when the form is submitted to HUDCO. |
| |
| LOAN REPAYMENT |
| |
Loan
will be repayable in Equated Monthly Installments (EMI) comprising principal and interest.
Interest is calculated on monthly reducing balance method. The monthly installment depends
on quantum of loan, interest rate applicable and the term of repayment of the loan. The
sample of various EMI's is given in the table below : |
| |
| EMI FOR A LOAN OF Rs. 1,00,000/- |
| |
| Term of
Loan
Years |
| (Interest) |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
13.00 |
3370 |
2683 |
2276 |
2008 |
1820 |
1681 |
1576 |
1494 |
|
Repayment
of EMI commences from the month following the
month in which the last installment of the loan is
disbursed by the “HUDCO NIWAS” Until the
loan is fully disbursed, Pre-EMI interest is payable
only on the portion of the loan availed as one the
last day of every month and is calculated at the same
rate at which EMI is calculated. |
| |
Payment
of fees, charges & pre EMI interest should be
remitted to HUDCO from abroad through normal banking
channel or from the NRE/FCNR/NRO/NRNR/NRSR account in
India. |
| |
| Payment
of the EMI should be made through post dated cheques
from your NRE/FCNR/NRO/NRNR/NRSR accounts in India. |
| |
However
If the house/flat is rented out, the entire rental
income, even if it is more than the prescribed
installment, should be adjusted towards repayment of
loan. If the rental income is less than the
prescribed installment, the borrower should remit the
amount to the extent of the shortfall from abroad or
pay the difference out of is/her NRE/FCNR/NRO/NRNR/NRSR
accounts in India |
| |
| Repayment
of ahead of schedule will be accepted without any
changes/penality |
| |
| DISBURSEMENT OF THE LOAN |
| |
The
loan will be disbursed after a full technical
appraisal has been made and on completion of all legal
documentation and after investment of the applicant's
own contribution in full. Own contribution is the
total cost of the housing unit less the loan from
"HUDCO NIWAS". |
| |
The loan
will be disbursed in full or in suitable installments taking into account the requirement
of the funds and progress of the construction. |
| |
| OTHER ATTRACTIVE FEATURES |
| |
|
Free
insurance for house or flat proposed to be acquired/constructed against the risks of fire
and natural calamities. |
|
|
|
No
charges for repayment of loan ahead of schedule. |
|
|
|
Free
counseling by Building Material and Technology wing of HUDCO on selection of cost
effective and an environment friendly building materials technologies etc. |
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|
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Free
counseling by Design Wing of HUDCO on design aspects suggesting various options in
designing including interiors. |
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|
| HOW TO MAKE PAYMENTS |
| |
Applicants
can make payment of fees, charges & towards loan repayment by cheque or demand
draft marked "Payee Account Only" favouring "Housing & Urban
Development Corporation Ltd. "drawn on a bank in a city where HUDCO has an office. |
| |
|
HUDCO NIWAS INDIVIDUAL
HOUSING LOAN SCHEME
FOR NON-RESIDENT INDIANS (NRI'S) |
| List of
documents to be submitted alongwith application form |
| |
A) |
Photocopies
of : |
|
|
|
|
a) |
Residency related
documents |
|
|
|
|
b) |
Overseas Bank account
statement for the last six months. |
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c) |
Bank account
statement of NRE/NCNR/NRO/NRNR account in India for the last six months. |
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d) |
Employment contract
(if a contract is in a language other than English, an English translation of the same
attested by the Embassy/Employer should be given). |
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e) |
Latest salary slip. |
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f) |
Receipts for payments
if any made for purchase of dwelling units. |
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g) |
Latest work permit. |
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h) |
Identity card issued
by current employer. |
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|
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i) |
Visa stamped on
passport. |
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j) |
Continuous Discharge
Certificate (CDC) (if applicable). |
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k) |
Copy of approved
drawings of proposed construction/purchase. |
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|
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l) |
Agreement for
sale/sale deed/detailed cost estimate from Architect/Engineer for property to be
purchased/constructed. |
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|
|
|
m) |
Allotment letter from
the co-operative /association of apartment owner/private builder/Public agencies etc. |
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|
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B) |
Power of
attorney as per HUDCO draft. |
|
|
C) |
Requirement
of Reserve Bank of India (RBI) |
|
|
| In
addition to conditions applicable to NRI’s as
per RBI guidelines, following are also to be kept in
view by the applicants :- |
| |
|
The
flat/house will be used for self occupation by the non-resident on return to India and not
for any other purpose. |
|
The sale
proceed of the flat/house acquired with assistance of borrowed fund will not be allowed to
be repatriated at any time in future. |
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|
For further details: www.hudco.org |
