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HDFC, Housing Development Finance Corp. Ltd.
HDFC was incorporated in 1977 with the primary objective of meeting a social need – that of promoting home ownership by providing long-term finance to households for their housing needs. HDFC was promoted with an initial share capital of Rs. 100 million.

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ICICI Bank Home Loans
ICICI Bank is India's second-largest bank with total assets of about Rs.112,024 crore and a network of about 450 branches and offices and about 1750 ATMs.

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LIC Housing Finance Ltd
LIC Housing Finance Ltd. is the second largest Housing Finance Company in India. Incorporated on 19th June 1989 under the Companies Act, 1956, the company promoted by LIC of India, went public in the year 1994, with an Authorized Capital of Rs.1000 Million (Rs.100 Crores) and paid up Capital of Rs.750 Millions (Rs.75 Crores). The Company is recognized by National Housing Bank and listed in the NSE & BSE and its shares are traded only in Demat format.

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Home Loan FAQs - NRIs

Home Loan for NRIs

NRI Home Loan is available to Non-Resident Indians and for the purposes of home loans, all HFCs go by the definition of NRI as given by RBI i.e., an Indian citizen who holds a valid Indian passport and who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad.

 

  1. For what kinds of property is a NRI eligible for Home loans?
    A home loan is sanctioned to the NRIs for any of the following housing finance schemes:

     
    • To purchase a house either ready-built, under construction or from a second owner.
    • For self-construction of a property on a plot of land.
    • To finance the purchase of a plot of land allotted by a society / development authority.
    • For renovation or improvement of an existing property in India.


     

  2. What is the eligibility for obtaining NRI Home Loans?
    Your eligibility is calculated in the same way as it is calculated for resident Indians. More emphasis is laid on the following criteria in the appraisal of a NRI case:
     


       

    • Qualifications - the NRI applicant has to be graduate
    • Current job profile & Past experience
    • Probability of continuing abroad for the loan tenure
    • Probability of servicing the loan with an extended tenure in case you have to return to India.

       
  3. What is the repayment period for a NRI Home Loan?
    The housing finance offered to NRIs normally do not exceed 5 years. However, some HFCs offer loans for a term of 7 years. The repayment for the loan is by way of EMIs. The EMIs begin only after the entire loan is disbursed. In case of a part disbursement, you pay simple interest at the rate applicable on the loan amount that is disbursed to you.

     
  4. How is the mode of payment for NRI home loans?
    The loan towards the house has to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from such accounts as may be permitted by RBI from time to time. As of today, the payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI permissions to each HFC.

     
  5. What are the Tax Benefits applicable to Non-Resident Indians?
    No tax benefits are available for NRI customers unless you file returns and thereby become eligible to avail of the tax benefits as mentioned under Home Loans.

     
  6. What are the documents required for obtaining NRI Home Loans?
    NRIs are required to submit additional documents than is normally required for a resident Indian.

     
    • A copy of the passport
    • A copy of the works contract (also sometimes referred to as the contract card/labor card)
    • The power of attorney (POA). The POA is required because the borrower is not based in India and in such a scenario; the HFC would need a representative 'in lieu of' the NRI to deal with as required. Although not mandatory, the POA is usually drawn on the NRI's parents, wife or children

Disclaimer: The data on interest rates presented here are updated regularly. Please recheck the rates with the respective companies before finally deciding to take a loan/insurance from one of them. We do not guarantee any of the rates offered.

HOME LOAN RATES –FLOATING

 

 

 


 

Compare Home Loans and Property Loan Rates in India-Get the Best Home Loans
 
Home Loan Interest Rates. (May 2008)
Banks Home Loan Interest Rate(Below 20 lakhs)
Floating Fixed(for the entire tenure) Fixed(with reset clause) Reset clause after how many months Current Benchmark Rate (for floating) Markup/ markdown to Benchmark Rates
Allahabad Bank 10.25 NA 12.5 - 13 N.A 13 2.75
Andhra Bank 10.75 - 11.5 NA NA N.A 12.75 2
Axis Bank 10.5 13 NA N.A 14.75 4.25
BHW HomeFinance 10.5 - 11 14 NA N.A 13.5 -3 - 2.5
Bank of Baroda 10 NA NA N.A 12.75 2.25 - 2
Bank of India 9.75 NA NA N.A 12.75 3
Bank of Maharashtra 10.25 NA NA N.A 13.25 3
Bank of Rajashan 11.25 12.25 NA N.A 14 2.75
Canara Bank 10.5 - 10.75 NA NA N.A 12.75 2.25 - 2
Catholic Syrian Bank NA 11.5 NA N.A 14.5 N.A
Central Bank of India 10.5 NA NA N.A 13 2.5
Centurion Bank of Punjab 12 - 12.5 14 NA N.A 15 -3 - 2.5
Dena Bank 10.75 NA NA N.A 13 2.25
Federal Bank 11.5 - 12 NA 12 - 12.5 24 13.75 -2.25 - 1.75
HDFC 10.5 - 10.75 NA NA N.A 13.75 3.5
ICICI Bank 11.25 - 11.75 13.75 - 14 NA N.A 14.75 -3.5 - 3
IDBI Bank 10.5 NA NA N.A 12.75 2.25
IDBI Home Finance 10.5 NA NA N.A N.A N.A
Indian Bank 9.75 NA NA N.A 12.5 -2.75
Indian Overse as Bank 10 - 11.5 NA NA N.A N.A N.A
Karnataka Bank NA 11.25 - 12.25 NA N.A N.A N.A
LIC Housing Finance 10.5 - 11 NA NA N.A 13.75 -3.25 - 2.75
Oriental Bank of Commer
ce		 10 - 11 NA 10.75 - 11.75 36 13.25 -3.25 - 2.25
Punjab National Bank 9.5 NA 11.25 60 12.5 3
SBI Bank 10.5 NA NA N.A 12.25 1.75 - 1.5
State Bank of Mysore 10.5 - 10.75 NA NA N.A 13.25 -2.5 - 2.75
UCO Bank 10.5 - 10.75 11 - 11.75 NA N.A 13.5 3 - 2.75
Union Bank of India 10 NA NA N.A 12.75 2.75
Vijaya Bank 10.5 - 11.25 NA NA N.A 13 -2.5 - 1.75