Bombay Mercantile Co. op. Bank Ltd. has a Loan Product just for you and we provides attractive interest rates on a monthly reducing basis.

Bombay Mercantile Co. op. Bank Ltd. provides part or full Payment facility for zero fees.

If you are looking for this home loan then you must be minimum 21 years old.

Maximum Age Limit is 60 years or Retirement Age( whichever is earlier) at the time of loan maturity.

For salaried Applicants: You should have been abroad for a minimum period of one year.

For Self-employed Applicants: The minimum period for staying abroad is three years.

Rs. 50 Lakhs, commensurating to your repayment capacity (to be assessed by the Bank) or 80% of documented cost of the property, whichever is less. Subject to discretion of the Bank.( Income of your spouse may be taken into consideration while deciding the Maximum Permissible Loan Amount)

Benefits

Bombay Mercantile Co. op. Bank Ltd. has a Loan Product just for you and we provides attractive interest rates on a monthly reducing basis. Bombay Mercantile Co. op. Bank Ltd. provides part or full Payment facility for zero fees.

Eligibility

If you are looking for this home loan then you must be minimum 21 years old. Maximum Age Limit is 60 years or Retirement Age( whichever is earlier) at the time of loan maturity.

Residential Status

For salaried Applicants: You should have been abroad for a minimum period of one year. For Self-employed Applicants: The minimum period for staying abroad is three years.

Loan Amount

Rs. 50 Lakhs, commensurating to your repayment capacity (to be assessed by the Bank) or 80% of documented cost of the property, whichever is less. Subject to discretion of the Bank.( Income of your spouse may be taken into consideration while deciding the Maximum Permissible Loan Amount)

Rate of Interest

10.50% p.a. on the balance loan outstanding.

Processing Fees


Upto Rs. 25000/-

Nil

Rs. 25,0001/- to Rs. 50,000/-

Charges Rs.250/-

Rs. 50,001/- to Rs. 200,000/-

Charges Rs.1000/-

Rs. 200,001/- to Rs. 500,000/-

Charges Rs.2500/-

Rs 500,001/- to 10,00,000/-

Charges Rs.5000/-

Rs. 10,00,001/- and above

Charges 0.50% of Loan amount

Personal Documents Required
  • 1 passport size latest photograph of each applicant (applicant & co-applicant) with signature across
  • Valid passport copies for all the applicants
  • Valid visa copies for all the applicants
Cheque / Draft in INR for fees (as per applicable rate)
  • The date must be in dd/mm/yyyy format
  • Power of Attorney document as per our format duly signed by all the applicants
  • Authority letter duly signed by all the applicants as per our specified format
  • Company details as per our format
  • Copy of current overseas residential verification proof of all the applicants to the loan. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
  • Copy of PAN Card for the Ist applicant OR Form 60 as per our format attached here with self attested address proof of all applicants.

Financial details documents (for salaried individuals)


  • Tax Challans for last three years.
  • Copy of current appointment letter OR Copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company
  • Last 3 months salary slip for fixed salary and last 4 months for variable salary
  • Last 6 months bank statements clearly mentioning salary credits in the account
  • Financial details documents: for self employed individuals Copy
  • Copy of Incorporation of business
  • Business profile and office address proof for satisfying KYC norms, income proof

Documents Required:

  • Income Proofs- I.T. Challans for Last Three years
  • Documents required to satisfy KYC Norms
  • If you have opted for a NRI Personal Guarantor on your loan, arrange to send the following documents
  • Passport & visa copies of the NRI Guarantor
  • Current overseas address verification proof of the NRI Guarantor. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
  • Current income documents of guarantor
  • Other Documents: All other usual documents, inclusive with that of documents related to the property you intend to purchase
  • Under the scheme, it is necessary for Loanee and Sureties to get enrolled as members of the Bank
  • For loanee it is mandatory to purchase shares of Bombay Mercantile co. op. Bank Ltd. for a sum equivalent to the 2.5% of total loan amount
  • Under the RBI regulations, the repayment of the housing loan by NRIs can only be made by remittances from abroad through normal banking channels or through NRE/NRO account or out of rental income derived from the property being purchased with availing housing loan.. The amount must be payable in Indian Rupees only.

Repayments:

  • Upto 180 Equatted Monthly Installments, commencing one month after the first disbursement; if no moratorium perioud is sought or granted
  • You have the convenience of setting up a standing instruction in your bank account with us, for monthly repayments of your home loan installments. For this, you need to execute (Direct Debit) Mandate in our favor and also give us four postdated cheques from the account.

Prepayment:

  • You can make part-prepayments during the tenure of the loan at no cost. We would reduce the outstanding balance of your loan to the extent of the prepayment made by you. The interest on your loan would therefore be calculated only on the balance loan outstanding.
You can open an S.B. NRE OR S.B. NRO A/C and avail housing loan through your Registered Power Of Attorney too.

PROCEDURE FOR OPENING S.B. NRE OR SB NRO A/C:


An Indian Citizen who stays abroad for employment/carrying on a business or vocation outside India, or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizens of Indian Origin are treated on par with non- resident Indian citizen (NRIs).

Person can have Indian origin, if,

  • He/she, at any time, held an Indian passport, or
  • Parents or any of his grandparents hold Indian citizenship

An NRI can make the following investments in India.

  • Maintain bank accounts in India.
  • Invest in securities/shares, and deposits with Indian firms/companies
  • Invest in immovable properties in India.

You must be familiar with terms like NRE account, NRO account, NRE account, NRO account, SBI NRI account, ICICI NRI Account, HDFC NRI Account. Yet, it is likely that you are still confused on how to invest money in India. This article explains the type of bank accounts available for NRIs.

  • Ordinary Non-Resident Accounts in Rupees [NRO]
  • Non-Resident (External) Accounts in Rupees [NR(E)]
  • Foreign Currency (Non-Resident) Account (Bank) Scheme [FCNR(B)]
  • Non-Resident Non-Repatriable Rupee Account [NR(NR)]

Ordinary Non-Resident Accounts in Rupees [NRO]:

As the name suggests, it's an Ordinary Non-Resident Accounts in Rupees, also known as NRO account. The existing accounts of any Indian National can be designated as Ordinary Non-Resident Accounts, upon your NRI status, or these accounts can also be opened with initial deposits paid into any bank or post office (saving a/c) authorized to open Non-Resident accounts. NRO account can be of any type: saving, current or Fixed Deposit. Interest payable on NRO accounts is the same as on resident accounts. They vary from bank to bank as they have been freed from RBI regulation. You can also have a joint account with residents in India. NRO accounts may be re-designated as resident accounts when the account holder becomes a resident in India.  Disadvantages of NRO:

  • Interest earned on balances in NRO Accounts is not exempted from Indian Income tax. Instead income tax is deducted at source (TDS) i.e. at the time of payment of interest by the bank.
  • Balance held in NRO account can neither be repatriated. No remittance in foreign currency is allowed without prior approval of Reserve Bank as well. So overall, the money stays 'as is' in India.

NRE Accounts NON-RESIDENT (EXTERNAL) ACCOUNTS:

The rates of interest on term deposit kept under NR(E) are generally higher than the rates of interest on NRO deposits. The following highlights some of the key features of NRE accounts.

  • No income Tax.
  • No joint account with an Indian residence
  • Non-Resident account holders can grant a power of attorney or such other authority to any residents in India for operating their NR(E) Accounts in India. Such authority is however, restricted to withdrawals for local payments. The attorney holder cannot repatriate funds held in accounts outside India under any circumstances or make payment of gifts on behalf of the account holder
  • The rates of interest payable on NR(E) accounts are subject to change from time to time as per directions issued from Reserve Bank of India.

An eligible Non-Resident Indian can open an account with any RBI approved authorized bank.

  • The NRO account can't be converted into NRE. Also funds can't be transferred from NRO to NRE account without a special permission from RBI and proof of all existing funds required, which is a complex procedure than opening a new NRE account.
  • The entire credit balance (inclusive of interest earned thereon) can be repatriated outside India at any time without any reference to Reserve Bank of India.
  • Once you go back to India for good and become an Indian resident, NRE account can be converted into your normal Resident Rupee Account.

DOCUMENTS REQUIRED


  1. Duly filled and signed Account opening form
  2. 2 passport size latest photographs
  3. Copy/ies of Passport and Residence Visa/ID Card/PIO Card
  4. Copy/ies of any of Utility bills viz. fixed telephone/electricity bill, gas bill, water bill or council tax bill not older than three months. These utilities bills may be issued in your favour showing either your present residence abroad OR your permanent address in India
  5. For opening account, initial foreign inward remittance to be sent by:
    • Demand Draft /Mail Transfer in Foreign currency/INR 
    • Cashier’s Cheque/Personal Cheque in Foreign Currency/INR
    • SWIFT/Wire/Telegraphic Transfer
    • Foreign Currency/Traveller Cheques
  6. Indian Address proof (Not Mandatory)