KVB Mortgage Loan for NRI
KVB's Mortgage loan for NRI is a specially designed loan for the Non-Resident Indians. NRIs who are either salaried employees or businessmen with a minimum of 3 years of stay abroad are eligible to avail this loan.
Features and Benefits
- NRIs who are either salaried employees or businessmen with a minimum of 3 years of stay in abroad can avail this loan.
- The Tax paid proof and the statement of account for the last 3 years should be obtained to ascertain the income of the applicant.
- Minimum 10 Lakhs and maximum 500 Lakhs can be availed.
- Joint member is mandatory ( joint applicant may be a resident Indian and has to be the power of attorney holder for the NRI) preferably blood relative / family member.
Charges and Limits
| Margin | 40% |
| Eligible properties for security | Residential / commercial buildings, residential vacant land not exceeding 10,000 sq ft., standing in the name of NRI borrower. |
| Period of Loan | Maximum period of 120 months. |
| Type of Facility | Either term loan or overdraft ( NRO account). |
| Repayment | Can be either from local funds or inward remittances from abroad. It would be mandatory to have their savings account with our bank and route the remittances and EMI payments through the savings account. |
| Sanctioning Authority | As per the present delegation of powers for domestic mortgage loans. |
| Processing Fee | 1% of the loan amount. |
| Pre-closure Penalty | 1% on the OD accounts. No pre-closure penalty on the term loans. |
| Risk Mitigant | We will stipulate an undertaking to be given by the applicant that He / she will not use the proceeds of this loan in speculative business, real estate, invest in agriculture or plantation land. The undertaking will also state that the applicant will indemnify the bank against any claim or action arising out of his not adhering to the FEMA guidelines on usage of the funds out of this mortgage loan. |
