State Bank Of Mysore NRI Loan

I am planning to open an account in the State Bank of Mysore but before opening I want some details about this bank services. Will you provide details about State Bank Of Mysore NRI Loan along with deposits and eligibility also provide details about loan about and margin for this?

[Rajkumar Agarwal]

State Bank of Mysore is a nationalised bank in India, with headquarters at Bangalore.

It is one of the five associate banks of State Bank of India.

Loans against NRI Deposits

Loans available to depositors in Indian Rupees against NRE / NRO / FCNR / NRNR deposits.
Interest charged only on the amount drawn.
Interest is debited at monthly intervals.
Repayment of the loan can be done in Foreign Currency and Indian Rupees.
Loans can be given to third parties also on the security of NRO / NRE / FCNR / NRNR deposits

NRI Housing loans Eligibility

NRIs who are Indian passport holders.
Persons of Indian Origin (PIOs), holding a foreign passport.

Have been employed abroad for at least 2 years and presently holding a valid job contract / Work permit, with a minimum Net Monthly Income (NMI) of Rs. 20000/-

Loan amount

48 times the net monthly income for persons upto 45 years of age and 36 times the NMI for persons above 45 years of age.

Subject to the stipulation that the aggregate repayment obligation should not exceed 50% of their NMI / NAI.

Margin

20% of the total cost to be remitted from abroad or transfer from funds in NRE/FCNR/NRNR/NRO account for purchase of land meant for construction of a dwelling unit, including cost of registration, stamp duty etc.,

15% of the total cost including amenities, registration, stamp duty etc., for purchase of new or old house / flat or construction of House / flat.

20% of the cost of the project for repairs / renovation

Repayment

i) 180 months including the repayment holiday of 18 months.

ii) Repayment to begin on completion of the house or 18 months from the disbursement of first instalment of the loan, whichever is earlier.

iii) Repayment shall be through remittance from abroad or transfer from NRE/FCNR/NRO accounts.

iv) Rental income if any received should go towards repayment of loan.

Contact

State Bank of Mysore,
H .O.: K.G.Road,
Bangalore - 560254, INDIA.
Phone(EPABX) : 91 80 22353901(30 lines of PRI).
Fax: 91 80 22283684