Bank of Baroda Home Loan for NRI

Hi sir I am NRI and I wants apply for Home Loan in Bank of Baroda so tell me about BOB home loans plan for NRIs and what is the eligibility,age limit,margin and repayment period BOB on home loan for NRIs?

[Pathak]

Here I am giving you the terms and condition of Baroda Home Loans to NRIs

Eligibility:
Non-Resident Indians (NRIs) must hold Indian passport and Must have minimum gross annual income equivalent to Rs. Five lacs per annum.
In case of salaried persons - 48 times of monthly income (average of last 2 years income including incentive, commission, bonus etc.) and For others - 4 times of average (last 2 years) annual income.

Age:
Minimum age must be 21 years. Age of the borrower plus repayment period should not be beyond retirement age or 65 years whichever is earlier.

Margin:
For purchase of new/ old dwelling unit or Construction of the dwelling unit : 20%;For purchase of plot : 20% and For repairs / renovations / extension in existing home: 20% of the project cost.

Repayment Period:
Maximum 15 years including moratorium.
Payment to be remitted from abroad through normal banking channels or out of funds in NRE/ NRO accounts.
Post-dated Cheque drawn on NRE/ NRO account of the borrower are to be obtained.
Close relatives of the borrower in India may also repay the installments of such loans, interest and other charges, if any, through their bank account directly to the borrower's loan account.

Can any body please provide me the application form of Bank of Baroda Home Loan for NRI and also tell me the eligibility criteria of it?

[Rajkumar Agarwal]

Bank of Baroda Home Loans to NRIs / PIOs, is a unique housing loan facility designed specially for Non Resident Indians (NRI) and Person of Indian Origin (PIO).

Key Benefits
A loan product tailor-made for NRI / PIO needs
Free personal accident insurance.
No pre payment / foreclosure charges

Eligibility:
NRIs holding Indian passport or PIOs holding foreign passport, singly or jointly

For this purpose a citizen of any country other than Bangladesh / Pakistan / Sri Lanka / Afganistan / China / Iran / Nepal & Bhutan if

he at any time held Indian passport or

he or either of his parents or any of his grand parents was a citizen of India

the person is a spouse of an Indian citizen

Must be employed/self-employed or having a business unit and staying abroad at least for 2 years

Must have minimum gross annual income equivalent to Rs. Five lacs per annum

In case of salaried persons - 48 times of monthly income (average of last 2 years income including incentive, commission, bonus etc.)

For others - 4 times of average (last 2 years) annual income.

Age:
Minimum age must be 21 years.

Margin:
Loan Amount Margin
Loans upto Rs.20/- Lacs 10%
Loans above Rs.20/- Lacs upto Rs.75/- Lacs 20%
Loans above Rs.75/- Lacs 25%

Bank of Baroda Application Form for Home Loan for NRI