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)
| 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 |
Documents Required:
Repayments:
Prepayment:
You can open an S.B. NRE OR S.B. NRO A/C and avail housing loan through your Registered Power Of Attorney too.
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,
An NRI can make the following investments 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]:
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:
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.
An eligible Non-Resident Indian can open an account with any RBI approved authorized bank.