Mortgage Loan

Individuals (Non-Resident Indians)

• Non-Resident Indians
  • Any NRI, holding valid Indian Passport, and having regular employment/self-employed/business for a minimum period of 2 years and holding a valid job contract/work permit for minimum 2 years in foreign country.
  • Minimum Gross Annual Income (average of last 3 years) should be Rs. 5 lakhs including co-applicants whose income is considered for eligibility of limit.
• Purpose
  • For any purpose except for financial speculation of any nature (persons engaged in property development/property dealings/brokers, share/stock brokers and persons engaged in any speculative activity not eligible under the scheme).
• HUF/trust/public limited company are not eligible under the scheme.

Type of facility

Term loan/demand loan/overdraft.

NRIs will be granted term loan/demand loan only.

Margin

40% on realizable value of immovable properties.

Security

Mortgage of immovable properties.

• Residential property (house/flat).
• Commercial property (building/land and building).
• Plot of land (not agricultural land).

Limit

Minimum: Rs. 2 lakhs

Maximum: (for all category of borrowers)

• Metro branches: Rs. 10 crores.
• Urban branches: Rs. 5 crores.
• Semi Urban branches: Rs. 3 crores.
• Rural branches: Rs. 25 lakhs.

Repayment Period

Term Loan: 120 months.

Overdraft: 12 months; subject to annual review.

Income Criteria

Income Multipliers

• Salaried
  • GMI up to Rs. 75,000: 30 times of GMI
  • GMI above Rs. 75,000 up to Rs. 3 lakhs: 48 times of GMI
  • GMI above Rs. 3 lakhs: 60 times of GMI
• Others
  • GAI up to Rs. 5 lakhs: 5 times of GAI
  • GAI above Rs. 5 lakhs up to Rs. 8 lakhs: 6 times of GAI
  • GAI above Rs. 8 lakhs: 8 times of GAI

Income to be considered for multiplier

• For Salaried Persons    -     Average of last 3 months’ Gross Monthly Income (GMI)
• For Others
  • Average of last 3 years’ Gross Annual Income (GAI)

Repayment Capacity (for all category borrowers)

For all category of borrowers:-

• GMI up to Rs. 75,000: 50%.
• GMI above Rs. 75,000 to Rs. 3 lakhs: 60%.
• GMI above Rs. 3 lakhs: 70%.

Unified Processing Charges

The unified processing charges (which includes processing charges, documentation charges, document verification/vetting charges, pre-inspection (contact point verification copy) charges, one-time post inspection charges, advocate charges for legal opinion, value charges for valuation (one time at the time of sanction), bureau report charges, CERSAI charges, ITR verification charges to be levied as detailed below:

For Term Loan

1% of loan amount with maximum Rs. 1,50,000 Minimum: Rs.7,500 (upfront)**. Balance amount of processing charges will be recovered at the time of conveying sanction.

For Over Draft

Up to Rs. 3 crores: 0.35% of limit with maximum: Rs. 75,000.

Above Rs. 3 crores: 0.25% of the limit without any maximum.

Minimum

Rs. 7,500 (upfront)**. Balance amount of processing charges will be recovered at the time of conveying sanction.

** The above upfront charges considered as if only one property is offered as security. If two or more properties are offered as security, Rs. 7,500 per additional property would be applicable as upfront charges in addition to minimum upfront charges as mentioned above (subject to overall stipulated maximum processing charges).

Inspection

Bank will have the right to inspect the borrower’s property at all times and from second post sanction inspection onwards Rs. 100 plus GST 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. Title verification and valuation of the property will be done by the empaneled advocate/valuer of the bank.

In case of limit above Rs. 1 crore, second valuation of the property also to be obtained and to be satisfied upon. The lower of the 2 valuations to be considered while calculating the limit.

Insurance

Insurance of the property taken as security as per the valuation report for full value excluding cost of land. The charges to be borne by borrower(s).

Mortgage Creations Charges

As per bank’s extant guideline applicable.

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.

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 Government of India or Reserve Bank of India without any notice to the borrower.