A NRI/PIO (Person of Indian Origin) holding Indian passport or passport of any other country except Pakistan and Bangladesh is eligible for the loan. Borrower should be working for atleast one year in a foreign country before seeking a house loan. The condition of minimum service over one year shall not apply to people going abroad on deputation. Age of borrower should not be more than 70 years at the time of loan maturity.
Purpose of NRI Home Loan
For acquisition/ construction/ repairs/
renovation/ improvement of flat/ house owned by NRIs/PIOs in India.
For meeting cost
escalation in the cases of under-construction flats to existing Housing Loan
borrowers.
For carrying out
Additions to the house/flat.
For purchase of
land/plot for house building.
The flat/house, acquired by utilization of the
loan, will be used for self occupation/letting out.
PNB NRI Home Loan Eligibility
A NRI/PIO
(Person of Indian Origin) holding Indian passport or passport of any other
country except Pakistan and Bangladesh is eligible for the loan.
Borrower should be working for atleast one year in a foreign country
before seeking a house loan. The condition of minimum service over one year
shall not apply to people going abroad on deputation.
Age of borrower should not be more than 70 years at
the time of loan maturity.
NRI Home Loan Repayment Period
Maximum Repayment of the loan:
Loan for purchase/construction of house:
Maximum 180 months.
Loan for carrying out repairs and renovations:
Maximum 120 months.
EMI of NRI Housing Loan:
EMI comprising of principal plus interest including all charges by remittances from abroad through normal banking channels or out of funds in his/ her NRE/FCNR(B)/NRNR/ NRO/NRSR account in India or out of rental income derived from renting out the property acquired by utilization of the loan.
If the house/flat is rented out, the entire rental income, even it is more than the prescribed instalment, should be adjusted towards repayment of the loan. If the rental income is less than the prescribed instalment, the borrower should remit the amount to the extent of shortfall from abroad or pay the difference out of his/her NRE/ FCNR(B)/ NRO/ NRNR/ NRSR account in India.
In the case of person who has returned to India for permanent settlement, the repayment of the outstanding loan may be allowed in rupee.
Documents
Valid
Photo Identity proof:Passport/ Driving License/ PAN Card/Voter ID Card.
Valid Address proof in India:
Copy of Electricity Bill/ Water Bill/ Telephone Bill/ Passport/ Driving License/Aadhar.
Duly verified copy of valid Passport and Visa.
Address proof mentioning the current overseas address. (Duly attested by Representative Offices or Indian Embassy/ Consulate or officials of sourcing bank branch).
In Case of PIOs – PIO Card issued by the Government of India. (Duly attested by Representative Offices or Indian Embassy/ Consulate or officials of sourcing bank branch).
Business address proof. (In case of Self Employed). (Duly attested by Representative Offices or Indian Embassy/ Consulate or officials of sourcing bank branch)
Income Proof:
For Salaried: -
Latest 12 Months Salary certificate along with statement of salary account for the last 12 months. (Last month Salary Certificate to be duly attested by Representative Offices or Indian Embassy/ Consulate or officials of sourcing bank branch).
For Non Salaried: -
Last 2 years Audited/C.A. certified Balance Sheet and P&L accounts with computation sheets.As per prevalent law of the country of the prospective borrower.
Last 12 months Bank Account Statement.
Last year’s Audited/C.A. certified Balance Sheet and P&L accounts with computation sheets to be duly attested by Represntative Offices or Indian Embassy/ Consulate or officials of sourcing bank branch.
Quantum of loan:
Up-to 75
lacs: 80% of Market Value
Above 75 lacs: 75% of market Value
Subject
to market value of the property and repayment capacity of the individual, as
assessed by PNB Housing
Loan eligibility shall be determined by PNB Housing taking into account
income, age, qualification and occupation etc.
Income of borrower(s)/ co-borrower(s) may be clubbed together for
calculation of loan eligibility
Rate Of Interest For NRI Housing Loan PNB
Salaried & Self Employed Professionals: 9.25% -11:00%
Self Employed: 9.50% -11:50%
Security NRI Home Loan
Equitable Mortgage of the property purchased/
constructed out of loan and, if necessary, lien on borrower’s other assets in
India.
Margin Borrowers Contribution: 20% of the total cost of the property (inclusive of
stamp duty and registration charges in case of purchase of property or cost
estimate in case of construction/ improvement of house).Moratorium/Holiday period:
For
purchase of ready built House/ flat OR land/plot:
Till
the date of possession or 06 months from the date of advance, whichever is
earlier?
For Construction/ Additions of House/ Flat:
Till
completion of construction (including additions) or 12 months, from the date of
disbursement of first installment of the loan, whichever is earlier?
For
carrying out repairs/ renovation / alterations to the house/ flat:
Till
completion of repairs/ renovation / alterations or 03 months, from the date of
disbursement of first installment of the loan, whichever is earlier?
LOAN
DISBURSEMENT
Disbursement will be made after obtaining a property
valuation report from bank approved valuer and Legal opinion from banks panel
lawyer.
For construction of houses/ flats under
construction, the loan amount will be disbursed in stages based on the progress
of construction.
For purchase of house or flat loan amount is
disbursed in lump sum.
NRI Home
Loan Insurance:
PNB Housing
has tied up with Bharti AXA and ICICI Lombard for property and loan repayments
insurance to overcome an unfortunate event during the re-payment term of the
loan.
NRI
Home Loan Enquiry: nricare@pnbhousing.com
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