Housing Finance Scheme for NRIs/ PIOs

Purpose

For acquisition/ construction/ repairs/ renovation/ improvement of flat/ house owned by NRIs/PIOs in India as also for the purpose of purchase of PLOT. The flat/house, acquired by utilization of the loan, will be used for self occupation/letting out.

Security

Equitable Mortgage of the property purchased/ constructed out of loan and, if necessary, lien on borrower’s other assets in India.

Repayment

Repayment of the loan should be made by the borrower within a period not exceeding 30 years (including moratorium period, if any) and 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

Photo ID proof i.e Passport/ Driving License/ PAN Card/Voter ID Card (Any one).

Residence Address proof in India i.e Copy of Electricity Bill/ Water Bill/ Telephone Bill/ Passport/ Driving License/Aadhar. (Any One).

Duly verified copy of valid Passport and Visa.

Address proof mentioning the current overseas address. (Duly attested by Rep. 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 Rep. Offices or Indian Embassy/ Consulate or officials of sourcing bank branch).

Employer Identity card, Valid work permit & Employer contract. (If employed overseas). (Duly attested by Rep. Offices or Indian Embassy/ Consulate or officials of sourcing bank branch)

Business address proof. (In case of Self Employed). (Duly attested by Rep. Offices or Indian Embassy/ Consulate or officials of sourcing bank branch)

Income Proof:
A. 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 Rep. Offices or Indian Embassy/ Consulate or officials of sourcing bank branch).
B. For other than Salaried: - Last 2 years Audited/C.A. certified Balance Sheet and P&L accounts with computation sheets. (Wherever applicable). As per prevalent law of the country of the prospective borrower, and statement of account for last 12 months. (Last years Audited/C.A. certified Balance Sheet and P&L accounts with computation sheets to be duly attested by Rep. Offices or Indian Embassy/ Consulate or officials of sourcing bank branch).

Any other document which may be necessary as per the requirement of the case.

Quantum of loan / Margin / Repayment Period /ROI /Other

As per Housing Finance Scheme for Public Click Here