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Bank of India, founded in 1906, attained the status of being a nationalized bank in the year 1969. It is considered as one of the top 5 nationalized banks in India. The bank has about 5000 branches across India and serves the urban, semi-urban, rural communities in equal measure. Bank of India has an overwhelming presence across 22 foreign countries spread over 5 continents. BOI is known to conduct the deposits and lending businesses with integrity and ethics. The bank is known to provide customized solutions to its customers and offers the best deals and offers given that they have huge volumes of business.
Among the many loans that BOI extends is the home loans which enable individuals and corporates to enliven their dream of owning their home. Buying a home is not just a financial decision, it is also an emotional one. BOI extends the financial assistance to ensure that this aspect is well taken care of. The huge fund outlay required can take a toll on any individual. Often, the interest rates are so high that the individual chooses not to borrow and postpones his intent to buy a home of his own. While there may be many arguments on rented or leased residence vs. own house, the argument which wins hands down is the safety aspect. BOI has customized plans which offer the best interest rates, fees and charges to customers.
While the resident Indian has it tough with the documentation and loan processing, it becomes even more difficult for an NRI (non-resident Indian) who intends to invest in real estate property in India. Keeping in mind their specific requirements, Bank of India Star Pravashi Home Loan is a home loan plan which is specifically designed for the NRI community.
An NRI who has in the past applied for home loans will know that the norms for verification is more stressful as compared to that of resident Indian. The source of income being different countries, the procedure complicates the dynamics of the home loan eligibility. The credit risk for the bank also involves macro-economic factors like country risk, currency risk etc., Lenders are required to look at the loan applicant’s income details with a different perspective. The authentication / verification also becomes complicated since, the place of residence and spending pattern/credibility cannot be easily established.
Bank of India has a more empathetic approach to this ordeal of NRIs and has a customized solution on offer. Bank of India Star Pravashi Home Loan is a solution which is specifically aimed at providing BOI home loan for NRIs with greater ease and convenience.
One of the key features of this home loan is that it offers competitive interest rates and ease of documentation and verification. Apart from this, there are additional features unique to this home loan exclusively extended to its NRI customers.
The following members can apply for BOI Star Pravashi Home loan –
Co-borrowing typically occurs when there is a co-owner to the property that is being considered for buying. The co-borrower can be an Indian resident. In such a scenario, the income proof of the co-applicant will be the bank statements of the bank account held in India and income tax returns submitted to tax authorities in India. These aspects will be duly considered to evaluate the credibility of the joint borrowers. However, an Indian resident who is not of Indian origin cannot become a co-borrower in the case of BOI star Pravashi home loan.
The interest rates are slightly higher than the interest rate applicable on home loans extended to resident Indians. The current base rate applicable is 9.7%, the base rate is fixed after considering various macro-economic factors. The maximum tenure allowed on floating interest rate home loans is 30 years. The base rate for loans upto Rs. 75 Lakhs is fixed at 9.95% and for limits above Rs. 75 Lakh is 10.2%.
If the borrower at the time of application is present in the country, document submission should be done by the primary applicant. If the borrower or the applicant is not in India, then he has to nominate a power of attorney who can undertake this work effectively. The documentation required is the same in both the cases, the only difference being, the signing authority would be the applicant in the first case, in the second, the person to whom the power of attorney is extended would be the signing authority.
The income stability and the repayment ability are the two main criteria for the quantum of loan that can be extended to the individual (borrower) –
BOI offers flexi repayment options which can be customized to the needs and repayment ability of the applicant. The maximum tenure for loan repayment is 30 years, this is inclusive of the 3-year moratorium period. The tenure is typically dependent on the number of floors in the case of a township project, this holds good for bank sanctioned projects as well. The maximum age upto which the loan tenure is allowed is 70 years of age in the case of self-employed individuals. For salaried, it is allowed till retirement age which depends on the country of work and company policy.
The repayment options are galore in the case of BOI Star Pravashi Home loan wherein auto-debit facility may be given to the NRE, NRO, FCNR account in India. Any close relative who lives in India can also make the payment of EMI (subject to certain additional contractual norms). Rental income derived from the property can be routed towards the home loan account, thereby making it a means to repay the home loan.
Apart from the usual proof of identity, income and residence, there are specific documents required for each type of applicant. The general documents are categorized under the general documentation head, while the specific documentation for each category of applicant is dealt separately in the tables below –
All these documents have to be submitted along with duly filled application form and photos of applicant.
The specific income proofs for each category are mentioned below –
With BOI Star Pravashi Home loan, it may no longer be a nightmare for the NRIs to own their dream home in India by availing a housing loan.
1. Who can apply for loan from BOI Star Pravashi Home loan?
NRI with valid Indian passport, PIOs with valid foreign passport who are able to establish their origination in India.
2. How can an NRI carry out the documentation process for home loan if he is not in India?
The NRI has to nominate a person residing in India as the power of attorney to execute the documentation process.
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