This is the Special Scheme for NRIs holding Indian Passport.
Purpose-
Loans are available for :
1. Construction of new House/Flat
2. Purchase of an existing House/Flat not more than 35 years old.
3. Extension to a House/Flat.
Amount of loan-
Rs. 25,000 to RS.50,00,000 not exceeding 85% of total Cost of the property including Stamp
Duty and Registration Charges.
Rate of interest -
| Loan
Amount |
1-
5 Years |
6-10
Years |
| Rs.25,001- Rs.2,00,000 |
10.25 % |
11.25 % |
| Rs.2,00,001
- Rs.100,00,000 |
10.25
% |
11.75
% |
Interest on Loan is calculated on
Annual Rests at the rates (% per annum) indicated above.
Term of loan-
Since NRIs have Contractual Appointments Term is restricted to 7 years. For Professionals,
term upto 10 years can be considered.
Mode of Repayment-
By Equated Monthly Instalments (EMI) - Annual Rest Basis.
Security -
1. Equitable Mortgage of House/Flat
2. One Guarantor.
Life Insurance Cover -
Any existing or new policy under any acceptable plan of insurance (issued by LIC of India;
LIC(Intl.)E.C., Bahrain, having risk cover to the extent of loan amount.
Front-End Charges -
Non Refundable Administrative Fee, payable on Sanction of Loan -
| Upto
Rs.25,00,000 |
:
1.00% of Loan Sanctioned (Max. Rs.20,000) |
| Above
Rs.25,00,000 |
:
1.00% of Loan Sanctioned (Max. Rs.25,000) |
Special Conditions for NRIs -
Relevant Reserve Bank of India Regulations are applicable to NRIs.
Remittance of EMI/Premium/Principal, Applicant's share of the cost of property etc, should
be paid out of NRE/FCNR/NRO Account held by the Applicants or by direct remittances from
abroad.
Special Facility for NRIs In
Gulf Countries -
LIC International (EC), Bahrain has been authorised to provide on the spot sanction of
loans in principle, based on the repaying capacity of the applicants. However the
disbursement of such loans will be made in India.
The NRI Applicants or their authorised Power Holders should contact relevant Area Office,
for further disbursement procedures.
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