Housing Loans to NRIs / PIOs

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Baroda NRI Services

Housing Loans to NRIs / PIOs

Bank of Baroda presents yet another innovative product in the form of Baroda Home Loans to NRIs / PIOs, a unique housing loan facility designed specially for Non Resident Indians (NRI) and Person of Indian Origin (PIO).

  • A loan product tailor-made for NRI / PIO needs.
  • Free personal accident insurance.
  • No pre payment / foreclosure charges.
  • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport, singly or jointly. For this purpose Person of Indian Origin means a citizen of any country other than Bangladesh / Pakistan / Sri Lanka / Afganistan / China / Iran / Nepal & Bhutan if:
    • He at any time held Indian passport or
    • He or either of his parents or any of his grand parents was a citizen of India by virtue of the constitution of India of the Citizenship Act 1955, or
    • The person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) above.
  • Must be employed/self-employed or having a business unit and staying abroad at least for 2 years.
  • Must have minimum gross annual income equivalent to Rs. Five lacs per annum.
  • For others - 4 times of average (last 2 years) annual income.
  • Gross Annual Income (GAI) less than Rs.2.00 Lacs 4 times of GAI
  • Gross Annual Income (GAI) Rs.2.00 lacs & above 6 times of GAI
  • Floating Rate: Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The rate of interest is subject to revision from time to time due to change in base rate. Because of change in rate of Interest repayment period will be extended subject to fulfillment of Age criteria.
  • Penal Interest: If borrower defaults in payment of EMIs or account becomes irregular, the Bank will levy a higher rate of interest (2% over regular rate) on the irregular amount for the period of irregularity.
  • Issuance of Interest Certificate: For the purpose of Income Tax, bank may issue Certificate to the Borrower for Interest Debited during the Year to the Housing Loan Account, being interest actually accrued on Loan Account.
  • Inspection: Bank will have the right to inspect the borrower’s property at all times and from 2nd post sanction Inspection onwards Rs 100 plus service tax per inspection to be charged from borrower.
  • Legal opinion & Valuation charges: Title of the property proposed to be purchased is to be clear, absolutely unencumbered and marketable to the satisfaction of the Bank’s solicitor/ advocate. Legal fee is to be paid for legal opinion to be obtained through a lawyer on the Bank’s panel. The fee is payable regardless of the fact that whether clear title is established and whether loan is sanctioned.
  • Valuation Fee: Valuation of the property will be done by the empanelled valuer of the Bank for which prescribed fee is payable by the borrower.
  • Other Expenses: like stamp duty for execution of documents, registration charges varying from State to State and other related charges/ expenses for the loan shall be borne by the Borrower.
  • Personal Accident Insurance of Borrower: shall be done by Bank through National Insurance Co Limited which shall be free of cost for the borrower.
  • Life Insurance Cover to Home Loan Borrowers: Optional Life Insurance Cover is available to Home Loan Borrowers from Indiafirst Life Insurance Co Ltd and Kotak Life Insurance co Ltd at the cost of borrower.
  • Penalty Clause for Full Prepayment/ Premature Closure: There are no prepayment charges for foreclosure of loan.
  • Conversion from Fixed Interest Rate to Floating Interest Rate Option: can be considered by Bank with prospective effect subject to following:
    • If the Account is regular
    • As one time offer from the Bank
    • Upfront payment of Charges on outstanding balance @0.50% for every year for the residual period of the loan maximum 2% of the amount outstanding on the date of allowing conversion.
    • Borrower’s request in writing for change of Rate of interest from fixed to floating rate is obtained.
  • Validity of sanction: shall be 4 months.
  • Credit Information Report: Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to any Credit Bureau approved by Got of India or Reserve Bank of India without any notice to the borrower.
  • Unified Processing Charges: Unified processing charges (which includes processing charges, documentation charges, document verification charges and pre & one time post sanction inspection charges) to be levied as detailed below:
    • Loans upto Rs 30/- Lacs : 0.50% of limit minimum Rs.5000/.
    • Loans above Rs 30/- Lacs : 0.40% of limit minimum Rs.15000/ Maximum, Rs.50000/

(service Tax to be recovered separately in addition to the above). In case of Takeover of Home Loan: 0.10% maximum Rs 10000/-

Purpose

  • Construction/ purchase of new Dwelling Unit.
  • Purchase of Old dwelling Units (Not more than 25 years old).
  • Purchase of Plot and construction of house thereon (if House to be constructed within 3 years).
  • Repayment of Housing Loan already availed from Bank/ Housing Finance Company and/ or any other sources provided documentary evidence is provided.
  • For extension of the existing House.

Margin

Loan Amount Margin LTV Ratio
Loans up to Rs.30/- Lacs 10% 90%
Loans above Rs.30/- Lacs up to Rs.75/- Lacs 20% 80%
Loans above Rs.75/- Lacs 25% 75%

For NRI borrowers, the margin money should be paid by way of foreign inward remittance through normal banking channels or out of NRE/FCNR/NRO accounts only.

Repayment Period

  • Maximum repayment period is 30 years, including moratorium period.
  • Maximum moratorium shall be -36- months as under:-18- months moratorium period for Houses and Building under construction, upto 7thfloor, thereafter -6- months additional moratorium per floor subject to maximum of -36-months.Or One month after completion of House / taking possession of House / Flat, whichever is earlier.
  • Payment to be remitted from abroad through normal banking channels or out of funds in NRE/ NRO accounts.
  • Post-dated cheques drawn on NRE/ NRO account of the borrower are to be obtained.
  • Close relatives of the borrower in India may also repay the installments of such loans, interest and other charges, if any, through their bank account directly to the borrower's loan account.
  • Maximum 25 years including Moratorium Period. Loan to be repaid in Equated Monthly Instalments except in case of Farmers where it is to be paid in Half Yearly instalments coinciding with Crop season.
  • Moratorium Period maximum 18 months or one month after completion of House/ taking possession of flat/ House whichever is earlier.
  • Present age of the borrower plus repayment period should not be beyond retirement age in case of salaried persons and beyond 65 years in case of others.
  • Repayment period can be extended up to 65 years of the age in case of salaried persons drawing pension.

Security

  • Equitable / legal mortgage of the property constructed / purchased or property to be renovated / repaired etc.
  • Personal guarantee of spouse / family member, residing in India. In case the spouse is also residing abroad, personal guarantee of one / two persons resident in India shall be obtained.
  • Mortgage of the Property constructed/ purchased
  • If mortgage is not feasible, Bank at its discretion can accept security in the form of Insurance Policies, Govt Promissory Notes, Shares and Debentures, Gold Ornaments etc.

Maximum Amount

Rs. 100 lacs in Rural/ Semi urban & Rs 300 lacs in Urban/ Metro area.

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