Rate of interest and terms and conditions similar to that of domestic home loans subject to the following exceptions :

1. Maximum Repayment Period : 10 years

2. Eligible loan amount : 50 times average monthly remittance made by the borrower from abroad for credit to his / her NRE account with any bank in India, for a minimum period of 12 months, excluding bulk remittances, if any. If necessary , remittances made by the NRI directly to his / her spouse’s domestic account (excluding bulk remittances) for the previous 12 months also shall be taken into account to reckon the loan amount

3. Minimum project cost : Rs.10 lacs

4. Property may be in the name of a NRI or jointly with another NRI /resident spouse.

5. Margin should be brought in by way of foreign inward remittance through normal banking channels or debit to NRE, FCNR, NRO account of the NRI.

6. Repayment of the loan shall be by way of foreign inward remittance through normal banking channels, debit of NRE, FCNR, NRO or the rental income from the house financed by us.

7. Close relatives of the borrowers in India as defined under Section 6 of the Companies Act 1956 ( given below) also are permitted to repay the loans through their bank accounts directly to the housing loan accounts of the NRIs

The list of relatives as defined in the section is given below.

a. Members of a Hindu undivided family
b. Husband and wife
c. Related to one another in the manner indicated below:
i) Father, ii) Mother (including step-mother), iii) Son (including step-son) iv) Son's wife, v) Daughter (including step-daughter), vi) Father's father vii) Father's mother, viii) Mother's mother, ix) Mother's father, x) Son's son, xi) Son's son's wife, xii) Son's daughter, xiii) Son's daughter's husband, xiv) Daughter's husband, xv) Daughter's son, xvi) Daughter's son's wife, xvii) Daughter's daughter, xviii) Daughter's daughter's husband xix) Brother's wife, xx) Brother (including step-brother), xxi) Sister (including step-sister), xxii)Sister's husband.

8. As the employment abroad may not be considered as permanent especially in gulf countries, comfort available from other sources of income in India may also be taken into account while sanctioning the loan.

9. Once the NRI customer returns to India for permanent settlement as declared by him/her, the repayment may be permitted from local sources also.

10. Copy of the employment contract, salary certificate / pay slip, current work permit, copy of identity card, copy of stamped visa, relevant pages of passport, name and full address of the employer / sponsor abroad, contact number of the NRI applicant, name, address and contact phone number of a close relative in India for local contacts etc. may be collected.

11. The number of housing loans ( both domestic and NRI) to a person can go up to a maximum of two only , subject to eligibility. The total amount sanctioned to an individual [ balance outstanding in the first housing loan plus the new (second) housing loan ] should not exceed the individual branch discretionary power for housing loans.

12. All branches can entertain NRI home loans ( except service branches and those specifically prohibited).