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
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