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Last Updated on 05/07/2017
NRI Home Loan

Eligibility 

NRI with a valid Indian Passport or a Person of Indian Origin and holding passport of other countries excluding Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan.

Monthly salary is equivalent to Indian Rs. 10,000/-

Purpose 

For buying, building or renovating your home.

Loan amount 

For building or buying a new house - Maximum of 80% of the cost of the house. 

For renovating house - Maximum of Rs. 15 lakh. 

90% for Loans up to Rs.20 lakhs, 80% for loans up to Rs.75 lakhs and 75% for loans above Rs.75 lakhs.

 Margin varies from 10% to 25%.

Security

Equitable mortgage of the property to be purchased or built or renovated 

Property should be insured for adequate value with Bank clause.

Registered Memorandum in states whereever it is applicable. 

Repayment

If the house is bought or built, repayable within a maximum period of 180 months (15 years).

Repayable in equated monthly installments through fresh foreign inward remittance or by debiting NRE/NRO/FCNR account in India.

The repayment of loan installment, interest and other charges can also be made by close relatives of the NRI borrower resident in India, through their bank account. 

If the house is rented out, rental income should be adjusted towards loan installments, even if it is more than the monthly installment prescribed

Holiday period 

If the house is bought, repayment can commence 6 months after receiving the loan 

If the house is built , repayment can commence 18 months after receiving the loan. 

If the house is renovated, repayment can start 3 months after receiving the loan 

Rate of interest

Retail credit interest rates

Processing charges 

Please click here for Processing Charges.

The processing charge is 0.57% of the loan amount subject to maximum of Rs 15000/-. 

Download the application form. Save it on your computer, print it out and send it to the nearest/convenient IOB branch for Processing 

Home Loan Scheme Application Form.PDF