Vijaya Bank, was
founded by late Shri A.B.Shetty and other enterprising farmers on 23rd October 1931 in
Mangalore, Karnataka. The bank became a scheduled bank in 1958. Vijaya Bank steadily grew into a large All India bank, with nine smaller banks
merging with it during the 1963-68. The bank was nationalised on 15th April 1980. Today,
the bank has built a network of 837 branches that span all 26 states and 3 union
territories in the country. Each branch provides effective and
efficient services and significantly contributes to the growth of the individual, and the
nation.Today, a variety of specialised banking services are offered through 33 branches.
The bank's expertise now extends to the prime areas of Capital Market,
Corporate Banking & Industrial Finance, Small Scale Industries and Hi-tech
Agriculture, apart from Personal Banking, Funds Transfer, Overseas Banking and Asset
Recovery Management
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Every day, our NRI services are availed
of by more and more Non-resident Indians, from all over the world.
Vijaya
Bank offers NRIs, innovative housing loans to build a house in India. These loans, are
apart from the loans that we offer against shares, securities or immovable properties that
you, as an NRI hold in India.
- Housing Loans in India for
NRIs
- Loans in India to non-residents against
shares/securities/immovable properties held by them in India.
Housing
Loans in India for NRIs |
Select branches and dealers are authorised to grant
housing loans to NRIs who hold an Indian passport, against security of immovable property
proposed to be acquired by them. To avail of the housing loan, the NRI has to comply
with/accept the following conditions:
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The house/flat will be used for self-occupation by
the non-resident borrower on return to India and not for any other purpose
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The quantum of loan, margin money and the purpose of
the loan will be at par with those applicable to housing loans being granted to residents
in India
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The loan should be fully secured by creating equitable
mortgage of the concerned property and if necessary, lien on borrower's other assets in
India
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The borrower should make repayment of the loan
within a period not exceeding 15 years. Repayment should be in installments comprising
principal and interest including all charges by remittances from abroad through normal
banking channels or out of funds held in the borrower's
NRE/FCNR(B)/NRO account in India.
In the case of persons who have returned to India for permanent settlement, the repayment
of the outstanding loans in rupees will be permitted
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If the house/flat is rented out, the entire rental
income, even if it is more than the prescribed installment, should be adjusted towards the
repayment of the loan. If the rental income is less than the prescribed installment, the
borrower should remit the account to the shortfall from abroad, or pay the difference out
of his/her NRE/FCNR(B)/NRO account in India
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The housing loans would be subject
to interest rate directives issued by the Reserve Bank of India from time to time
For further details : www.vijayabank.com |
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