Loan Schemes tuned For NRIs' Needs

Loan Schemes For NRI's

All the major banks in India always target Non Resident Indians (NRI ) for financial services. Now these services are extended to loans of all kinds wether they are for building a house or for buying a plot or buying property in the country.

Every bank follow the RBI guidelines to define NRI, "An Indian citizen who holds a valid Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI." But now with the introduction of OCI(overseas citizen of India) for people of Indian origin, this market has extended. OCI is for foreign nationals who are of Indian oeigin. OCI have most facilities that NRI's have.

Interest rates for NRI loans do not vary much from that of the Indians living in this country. But the loans will be sanctioned only for a shorter period. NRIs will get only 85% of cost of home as loan amount. The size of the loan depends upon the borrower's repayment capacity. However, there is a maximum limit. Calculation of eligibility is same as that of Indians living in the country.

Icici Bank Home Loan

Features: The bank offers home loans to Indians and NRIs for purchase of new and resale properties as well as plots. The loan tenure is available up to 25 years. A Free Personal Accident Insurance is also offered. The loan is available at fixed and floating interest rates. Loan transfer option is also available.

Co-applicants allowed: Father,Mother,Brother,Son,Spouse

Processing Fees: 0.5% of loan amount

Prepayment Charges: There is no charge on part pre payment. In case of full prepayment - 2% of the principal outstanding at the time of foreclosure.

Min-Max Age: 21-65

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

SBI Easy Home Loan- Floating

8.0

19113

0.5% of the loan amount, max Rs 20000

SBI Easy Home Loan- Fixed

8.0

19113

0.5% of the loan amount, max Rs 10000

SBI Easy Home Loan - Floating

8.0

19113

0.5% of loan amount, Max Rs 20000/-

SBI Easy Home Loan - Fixed

8.0

19113

0.5% of loan amount, max Rs 20000/-

Home loan Plot of Land

SBI Easy Home Loan - Floating

8.0

19113

0.5% of loan amount, max Rs 20000

SBI Easy Home Loan - Fixed

8.0

19113

Sbi Home Loan

Features: The bank offers home loans for purchase and/or construction of house property as well as plot loans. It offers loans for buying resale property and extension/ repair/ renovation/ alteration of an existing house. The bank offers loans schemes known as 'Prashasan Plus', 'Teacher Plus' and 'Oil Plus' to Government Employees, Teachers and employees of public sector oil companies etc at consessional rates.

Co-applicants allowed: Father,Mother,Spouse

Processing Fees: 0.5% of the loan amount, max Rs 20000

Prepayment Charges: If paid from own source- Nil, in other cases- 2% on principal amount prepaid.

Min-Max Age: 21-60

Max Tenure: 15

Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

SBI Easy Home Loan- Floating

8.0

19113

0.5% of the loan amount, max Rs 20000

SBI Easy Home Loan- Fixed

8.0

19113

0.5% of the loan amount, max Rs 10000

SBI Easy Home Loan - Floating

8.0

19113

0.5% of loan amount, Max Rs 20000/-

SBI Easy Home Loan - Fixed

8.0

19113

0.5% of loan amount, max Rs 20000/-

Home loan Plot of Land

SBI Easy Home Loan - Floating

8.0

19113

0.5% of loan amount, max Rs 20000

SBI Easy Home Loan - Fixed

8.0

19113

0.5% of loan amount, max Rs 10000

SBI Other Plans

SBI Easy Home Loan- Floating

8.0

19113

0.5% of loan amount, max Rs 10000

SBI Easy Home Loan- Fixed Active

8.0

19113

0.5% of loan amount, max Rs 20000

Central Bank Of India Home Loan

Features: The bank offers loans for construction/ acquisition of new house/ flat, extension/ alteration in existing flat or house and purchase of existing house. The property will be duly and properly insured against fire and other natural calamities during the pendency of loan. Bank will be the beneficiary of the insurance policy. The loans are available for Indians and NRIs at fixed as well as floating interest rates. The banks also can take-over a loan from another bank.

Co-applicants allowed: Father,Mother,Son,Spouse

Processing Fees: 1% of loan amount or min Rs 1000

Prepayment Charges: If paid from own source- Nil, in other cases- 1% on principal amount prepaid.

Min-Max Age: 21-65

Max Tenure: 15

Features: This housing finance company offers home loans for Resident and Non-Resident Indians as well as pensioners. Loans are available for purchase of property (resale/new), construction and repair of existing property and plot loans. The bank also offers the facility of Step-Up EMI. The housing loan scheme is known as 'Griha Prakash'.

Co-applicants allowed: Father,Mother,Spouse

Processing Fees: 1% of loan amount.

Prepayment Charges: 2% on principal amount prepaid

Min-Max Age: 21-60

Max Tenure: 15

Lic Housing Finance Home Loan

Co-applicants allowed: Father,Mother,Spouse

Processing Fees: 1% of loan amount.

Prepayment Charges: 2% on principal amount prepaid

Min-Max Age: 21-60

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

LIC HF Advantage 5

9.25

20584

1% of loan amount.

LIC Fix o Floaty- Floating

8.9

20167

1% of loan amount

LIC Housing Finance - Floating

8.75

19989

1% of loan amount

LIC Fix o Floaty

8.9

20167

0.50% to 1% of loan amount

LIC HF Advantage 5

9.25

20584

0.50%-1% of loan amount.

Home loan Plot of Land

LIC Fix o Floaty

8.9

20167

0.50% to 1% of loan amount

LIC Housing Finance Other Plans

LIC HF Advantage 5

9.25

20584

0.5% to 1% of loan amount.

LIC Fix o Floaty- Floating

8.9

20167

1% of loan amount

Idbi Home Finance Home Loan

Features: IDBI Home Finance offers for purchase or construct dwelling units/ repairs/renovation of existing dwelling unit, which increases the value of the property. They also provide top up loans are an extension of takeover loans, by way of an additional amount on the original loan.

Co-applicants allowed: Father,Mother,Spouse

Processing Fees: 1% of loan amount

Prepayment Charges: 2% of principal amount prepaid.

Min-Max Age: 18-65

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

IDBI Home Finance - Floating

8.25

19403

1% of loan amount

IDBI Home Finance

8.25

19403

1% of loan amount

Home loan Plot of Land

IDBI Home Finance Ltd Other Plans

IDBI Home Finance

8.25

19403

Deutsche Home Loan

Features: Deutsche Bank offers home loans ranging from Rs. 250,000 to Rs. 5 crore for a tenure of 5 years to 20 years. One can choose between fixed and floating interest rates. One can also opt for balance transfer of loan from another bank.The interest is calculated on monthly reducing basis.One can also benefit from free property valuations and consultative advice.

Co-applicants allowed: Mother,Father

Processing Fees: Nil

Prepayment Charges: 2% on principal amount prepaid.

Min-Max Age: 21-65

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

Home loan Plot of Land

Deutsche Bank

8.0

19113

Nil

Deutsche Bank Other Plans

Deutsche Bank - Floating

11.25

23047

Nil

Bank Of Baroda Home Loan

Features: 'Baroda Housing Loan', as this product is called, is available for purchase of new/ resale property as well as for plots. The loan is offered to both Indians and NRIs. It also offers free property and personal accident insurance. One gets a credit card called 'Paras Card' with a credit limit of Rs. 1 lakh and above for free. The option of balance transfer is available.

Co-applicants allowed: Father,Mother,Brother,Son,Spouse

Processing Fees: For loans upto Rs.20 Lakh - 0.35% of loan amount, for loans above Rs. 20 Lakh - 0.4% of loan amount, max Rs.15000/-

Prepayment Charges: If paid from own source- Nil, in other cases- 0.5% of principal amount prepaid.

Min-Max Age: 21-60

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

Bank of Baroda - Floating

8.75

19989

For loans upto Rs.20 Lakh - 0.35% of loan amount, for loans above Rs. 20 Lakh - 0.4% of loan amount, max Rs.15000/-

Bank of Baroda - Fixed

10.0

21492

For loans upto Rs.20 Lakh - 0.35% of loan amount, for loans above Rs. 20 Lakh - 0.4% of loan amount, max Rs.15000/-

Bank of Baroda - Fixed

10.0

21492

for loans upto Rs 20 lakh- 0.25%, above Rs 20 lakh- 0.20% or max Rs 25000, For above Rs.5 Crore - 0.60% of loan amount, max Rs 10,00,000/-

Bank of Baroda - Floating

8.75

19989

Union Bank Of India Home Loan

Features: The bank offers loans for purchase/ construction/ repair/ improvement/ extension of independent house/ flat. Loans can also be availed for purchase of plots sold by a Government-recognized agency viz., HUDA, HOUSEFED and such others. The bank offers loans to Indians and NRIs at fixed or floating interest rates.

Co-applicants allowed: Father,Mother,Brother,Son,Spouse

Processing Fees: 0.50% of loan amount subject to a maximum of Rs.15000/-

Prepayment Charges: If paid from own source- Nil, in other case- 2% on principal amount prepaid.

Min-Max Age: 21-60

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

Union Bank of India - Floating

8.75

19989

0.50% of loan amount subject to a maximum of Rs.15000/-

Union Bank of India - Floating

9.5

20884

0.5% of loan amount or max Rs 15000

Home loan Plot of Land

Union Bank of India Other Plans

Union Bank of India - Floating

9.5

20884

Max Tenure: 15

Central Bank Of India Home Loan

Co-applicants allowed: Father,Mother,Son,Spouse

Processing Fees: 1% of loan amount or min Rs 1000

Prepayment Charges: If paid from own source- Nil, in other cases- 1% on principal amount prepaid.

Min-Max Age: 21-65

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

Union Bank of India - Floating

8.75

19989

0.50% of loan amount subject to a maximum of Rs.15000/-

Union Bank of India - Floating

9.5

20884

0.5% of loan amount or max Rs 15000

Home loan Plot of Land

Union Bank of India Other Plans

Union Bank of India - Floating

9.5

20884

Hsbc Home Loan

Features: The HSBC home loan is available for resident Indians and NRIs for ready property, under construction property, self-construction and home improvement. One can get home loan ranging from Rs. 5 lakh to Rs. 3 crore for up to 25 years. Switch from floating to fixed rate without cost once a year. Start prepaying loan after minimum 6 months.

Co-applicants allowed: Spouse

Processing Fees: 1% of loan amount, subject to min Rs 5000

Prepayment Charges: upto 25% of the loan amount- Nil, above 25% of loan amount- 2% on principal amount prepaid

Min-Max Age: 21-58

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

HSBC Bank - Floating

8.5

13.0

19695 - 25305

1% of loan amount, subject to min Rs 5000

Kotak Bank Home Loan

Features: Kotak Bank provides home loans at low and attractive interest rates and easy repayment options for construction or buying a home, home repairs and renovations, purchase of plots,, against mortgage of property. The key advantages of Kotak Mahindra Bank Home Loans are High Eligibility for Businessmen, Doorstep Service, Attractive Interest Rates, Simplified Documentation, Insurance Options to cover your home loans at attractive premium, Quicker Turnaround time.

Co-applicants allowed: Father,Mother

Processing Fees: 1.25% of loan amount

Prepayment Charges: 2% of principal amount prepaid

Min-Max Age: 21-60

Max Tenure: 15

Plan

Interest Rate Min

Interest Rate Max

EMI

Processing Fee

Home loan residential

Kotak Bank - Floating

8.5

19695

1.25% of loan amount

Home loan Plot of Land

Kotak Bank - Floating

8.5

19695

1.25% of loan amount

Kotak Bank Other Plans

Kotak Bank - Floating

8.5

19695

1.25% of loan amount

Loan Schemes For NRI's

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