|
Purpose |
: |
Loans are
available for : |
|
|
|
1. Construction of
new house / flat |
|
|
|
2. Purchase of an
already built (even old) house / flat |
|
|
|
3. Extension to a
house/flat |
|
|
|
|
|
Amount
of Loan |
: |
Rs. 25,000 to
Rs.50,00,000 not exceeding 75% of total value of the property |
|
|
|
|
|
|
|
Maximum
Term of Loan |
: |
Since NRIs have
contactual appointments, maximum term is restricted to 7 / 10 years. |
|
|
|
|
|
Mode
of Payment |
: |
Equated Monthly
Instalments (EMI) |
|
|
|
|
|
Security |
: |
1. Equitable Mortage
of House / Flat |
|
|
|
2. One Guarantor. |
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|
Life
Insurance Cover |
: |
Any existing or new
policy issued under any acceptable plan of insurance having insurance cover to the extent
of loan amount |
|
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|
|
|
RBI
regulation |
: |
Scheme is applicable
only for NRIs holding Indian Passport. Remittance of premium, repayment of loan,
applicants share of cost etc.should be paid out of NRE / FCNR / NRO account held by the
applicant or by direct remittances from abroad as per Reserve Bank Guidelines. |
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|
