NRI HOME LOAN SCHEME IOB

A NRI/PIO (Person of Indian Origin) holding Indian passport or passport of any other country except Pakistan and Bangladesh is eligible for the loan.The loan proceeds should not be credited to NRE/FCNR account. The repayment should be out of fresh foreign inward remittance or by debit to NRE/NRO/FCNR account of the borrower in India.

Purpose of NRI Housing Loan:

For repair or renovation of existing residential house or flat

For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects

For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.

For carrying out Additions to the house/flat

Eligibility Criteria for IOB NRI Housing Loan:

A NRI/PIO (Person of Indian Origin) holding Indian passport or passport of
any other country except Pakistan and Bangladesh is eligible for the loan.
Borrower should be working for atleast one year in a foreign country before
seeking a house loan. The condition of minimum service over one year shall
not apply to people going abroad on deputation.

Age of borrower should not be more than 70 years at the time of
loan maturity.

Documents Required for IOB NRI Housing Loan:

Valid Photo Identity proof:

Passport/ Driving License/ PAN Card/Voter ID Card.

Valid Address proof in India:

Copy of Electricity Bill/ Water Bill/ Telephone Bill/ Passport/ Driving License
/Aadhar.
Duly verified copy of valid Passport and Visa.

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

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

Income Proof:

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 Representative Offices or Indian Embassy/ Consulate or officials of sourcing
bank branch).

For Non Salaried: -

Last 2 years Audited/C.A. certified Balance Sheet and P&L accounts with computation sheets.As per prevalent law of the country of the prospective borrower.
Last 12 months Bank Account Statement.
Last year’s Audited/C.A. certified Balance Sheet and P&L accounts with computation sheets to be duly attested by Represntative Offices or Indian Embassy/ Consulate or officials of sourcing bank branch.

Quantum of NRI Housing Loan:

For Purchase or Construction of Old or new House or Fat:

No Limit (Need Based depending on project cost)

For carrying out repairs and renovation of existing:

Max Rs. 5.00 Lakhs.

Actual loan amount will be determined taking into consideration factors such as:

Applicant’s income and

Applicants repaying capacity

Applicants age, assets and liabilities

Cost of the proposed house/flat etc.

Rate of interest:

As advised by CSSD from time to time. Presently the rate of interest is linked
to bench mark RLLR.

Margin Borrowers Contribution:

Up to Rs 30.00 lakhs: 10%

Above Rs 30.00 lakhs - 75.00 lakhs: 20%

Above Rs 75.00 lakhs: 25%

Loan repayment period:

Loan for purchase/construction of house:

Maximum 180 months.

Loan for carrying out repairs and renovations:

Maximum 60 months.

Loan repayment is in Equated Monthly Installments (EMI)
comprising of principal and interest

Holiday period:

A moratorium/Holiday period is a grace period offered by banks to

its borrowers during which the borrower is not required to make any

repayment.

For purchase of ready built House/ flat OR land/plot:

Till the date of possession or 06 months from the date of advance,
whichever is earlier?

For Construction/ Additions of House/ Flat:

Till completion of construction (including additions) or 12 months, from the
date of disbursement of first installment of the loan, whichever is earlier?

For carrying out repairs/ renovation / alterations to the house/ flat:

Till completion of repairs/ renovation / alterations or 03 months, from the
date of disbursement of first installment of the loan, whichever is earlier?

Security for IOB NRI Housing Loan:

Equitable or Registered Mortgage of Immovable property to be financed.

The land should be in the name of the applicant or jointly with his/ her spouse
/ close relatives (Co-obligant).

The applicant should have a clear and marketable title over the property to
create a valid mortgage.

Registered Memorandum of deposit of title deeds has to be done as advised
by Law Department in the states wherever applicable.

EC Post Memorandum is to be obtained.

The mortgage details should be registered under CERSAI also as per the
extant guidelines.

Terms and conditions NRI Housing Loan:

The loan proceeds should not be credited to NRE/FCNR account.

The repayment should be out of fresh foreign inward remittance or by
debit to NRE/NRO/FCNR account of the borrower in India.

If the property is rented, the entire rental income should be credited to
the loan account every month even if the amount is higher than the
installment amount.

If the rental income is less than the installment prescribed, the shortfall
should be received by fresh foreign inward remittance or by debit to NRE/NRO/
FCNR account of the borrower in India.

NRI Home Loan Insurance:

IOB has tied up with Universal Sompo General Insurance Pvt. Ltd. for property and

loan repayments insurance to overcome an unfortunate event during the re-payment

term of the loan.

About IOB

Indian Overseas Bank (IOB) is a major public sector bank headquartered at Chennai
in Tamil Nadu, India. IOB was incorporated on 10^THof Feb 1937 and is listed on stock exchange (Both NSE and BSE)

IOB has a network of about 3,400 domestic branches, about 6 foreign branches and representative office.