Overview
As the name suggests, the home loan is designed for Non Residents of India (NRIs) that want to buy property in India. The loan is available for the purchase, construction, repair and renovation of a residential property in India
Current floating interest rate offered under this scheme is 9.60%.
Key Features
Loan disbursement will be made only after the property has been verified and all legal documentation is completed.
- For the purchase of a house from an individual on resale, the amount will be paid in lump sum to the seller at the time of transfer after assuring that the borrower has paid their share of the sum (Which is minimum 20% of property amount).
- For the purchase of houses/ flats under construction, the loan amount will be disbursed in stages on the basis of the progress of the construction. Loan repayment to be made through Equated Monthly Installments (EMIs) (comprises of principal and interest) through Post Dated Cheques or Electronic Clearance System over a maximum period of 15 years in case of home purchase/ construction and 10 years in case of home improvement.
Eligibility
- This home loan is specifically designed for self employed professionals and nonprofessionals.
- The eligibility for the loan will be decided by AXIS on the basis of credibility ,good banking record and repayment capacity.of applicant.
Processing Fees
PNB Housing Finance charges a processing fees of 1% of the home loan amount you have applied for, subject to minimum of Rs. 10,000.
Document Required
Here’s a list of self attested documents you will need to submit along with your home loan application;
Completed Home Loan Application
- Two passport size photographs
- Power of attorney, if required. It could be given to close relatives like spouse, Father, Mother, Brother, Sister, Children, Father-in-law and Mother-in-law.
- Last 6 months-Bank Account statement or Pass Book
- Last two year’s income statement from employers
- Appointment letter of current employer
- Latest three Salary-slips
- Property documents. Detailed Cost Estimate from an Architect/ Value estimator in case of Construction/ Renovation.
- Processing Fee Cheque in favor of ‘PNB Housing Finance Ltd.
- Applicant’s documents as per following:
For NRI:- Copy of relevant pages of Passport
- Copy of visa / work permit
- Overseas address proof:
Any one of the following- Utility Bill (Electricity, Telephone, Gas)
- Driving License issued abroad
- Government issued National Identity Card or Labor Card, or Social Card at the country of residence
- Original copy of latest overseas bank account showing overseas address
Note: All documents listed above are only indicative of the general list of documents requested by the bank, these may vary depending on your location and financial history. Do check with your bank while applying for the loan.
Link: http://www.axisbank.com/personal/loans/home-loan/empower-home-loans/index.html
PNB Bank
Introduction:
PNB Housing Finance Limited (PNB HFL) was incorporated 26 years back and is a public sector housing finance company (HFC), headquartered in New Delhi. The company is a subsidiary of Punjab National Bank. It is regulated by National Housing Bank (NHB) unlike PNB which is regulated by RBI.
The company provides housing loans & Loan against Property as a part of its product portfolio and also holds the license to accept public deposits.
Products: Home loan( for purchase, construction, extension and renovation)
Home loan for plots
Home loan for NRI
It is the largest distributer of loans and savings accounts at the same time. It is regulated by RBI and has schemes, loans and exclusive packages that cater to the housing finance needs of all classes.
Advantages of borrowing from this bank:
A public sector bank generally offers lower rates of interest than private sector banks. They also charge lower processing fees.
PNB also claims the offer services like:
- Branch network throughout India
- Robust service delivery model- They offer door step services to ensure easy and fast approval & disbursal of loans.
- Good post disbursement services
- High standards of ethics, integrity and transparency
- Various repayment options
- Dedicated team of well-experienced employees who work on best-in-class information systems & network to deliver and provide customer satisfaction
- Facility of enhancement in loan amount in the event of escalations in cost
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