You can apply for loan for buying your home even before you have selected your property. Doha Bank will sanction a loan amount, based on your repayment capacity.
- Doha Bank offers you Loans for buying your home in India. You could acquire a self-contained flat in an existing or proposed co-operative society, in an apartment owners association or even an independent single-family or multi-family bungalow or row house.
- Home Loans shall be extended for the purpose of following:
- Purchase of readymade /residential property – New
- Purchase of readymade /residential property – Resale
- No loan shall be extended for investment in:
- Agricultural land/plantation property or a farm house
- Under construction property
- Doha Bank offers Fixed Rate Home Loans and Floating Rate Home Loans
- Fixed Rates : The interest rate is fixed on the home loan for the term of the loan
- Floating Rates : Interest rates on floating rate home loan will be linked to Doha Bank’s Marginal Cost of Funds based Lending Rate (MCLR). The rate on your loan shall be pegged to 1 year MCLR and shall be re-set on a yearly basis by Doha Bank, India.
The eligibility depends on individual’s repayment capacity and is based on following:
(a) Minimum Salary: AED/QR-10,000 or KD-1000 or USD 3000 or equivalent (per month)
(b) Minimum Age: 25 years
(c) Maximum age: 60 years or retirement age (whichever is earlier) at the time of loan maturity
(d) Minimum length of service: 3 years in GCC, Minimum 12 months with current employer (confirmed employment)
- The Applicant’s/ Co-applicant’s or both incomes will be considered for eligibility. However, the Co-applicant has to be applicant’s immediate family member- spouse, parent or child.(Both incomes would be considered only if both are NRIs. If applicant is NRI and co-applicant is Resident Indian, clubbing will not be done).
- Salary should be received on Monthly basis through direct bank credit.
You can get a home loan ranging from a minimum of Rs 20 lakh to a maximum of Rs 5 crore, based on your repayment capacity and the cost of the property. To determine your repayment capacity, we take into account factors such as:
- Number of dependants
- Stability / continuity of your employment / business
- Income of co-applicant/s
A co-application is the co-borrower of the loan. All co-owners of the property have to be co-applicant but a co-applicant need not be a co-owner of the property.
It’s mandatory to have either a co-applicant or a guarantor.
You can include your immediate family members as a co-applicant viz. Spouse, parent or child; we will include his / her income to enhance your loan amount. Further, if there are any other co-owners, they too will need to be co-applicants.
You can select a term of up to 20 years. However, you cannot opt for a term that extends beyond your attaining retirement age or 60 years of age (whichever is earlier).
Your loan will be disbursed after you have selected a property; submitted all the necessary legal documents; the property is technically and legally cleared; and you have paid your own contribution toward the purchase of the home. The cheque for the loan amount is drawn in favour of the builder or seller as the case may be.
Repayment is done in equated monthly instalments (EMIs), and includes interest and principal amount calculated on monthly rests. You can pay EMIs by issuing post-dated cheques / Standing Instruction from your NRE / NRO account at Doha Bank India.
You can prepay part of the loan (floating rate home loan) at no cost during the tenure of the loan.
Yes, you can foreclose the loan before its original tenure expires. You will be charged 2% on the outstanding amount (Fixed Rate Home Loan).
You will have to send a cheque in Indian rupees favouring Doha Bank QSC to your Power of Attorney (POA) holder, along with a covering letter clearly mentioning your application number or LAN number. Your POA holder will have to submit them to any Doha Bank branch in India. Action will then be taken, and a re-schedulement / foreclosure letter sent to your mailing address as mentioned in our records.
Your POA holder can come and collect the original documents personally from our office. They will be handed over after he / she provides proof of identity.
You’ll be charged a total fee of 1% of the loan amount + applicable Service GST Tax & Surcharge subject to a minimum of Rs 25,000/- as processing/administrative fees plus taxes and surcharge..
The payment should be made through a single cheque in INR only. It should be dated in the DD/MM/YYYY format, payable to ‘Doha Bank QSC ‘, and given at the time of application.
Note: Processing Fees and Admin Fees are for processing of home loan application and are non-refundable.
The loan shall be fully secured by creating equitable mortgage of the property and if necessary, lien on borrowers other assets in India. Any other/ additional security may be asked for as the bank may think appropriate.
Personal details documents
- One passport size latest photograph of each applicant (applicant & co-applicant)/Guarantor with signature across
- Valid passport copies for all the applicants
- Valid visa copies for all the applicants
- Valid work permit/labour card (any card issued by the Government/ Employer of the country where the applicant resides)
- Copy of current overseas residential verification proof – utility bill.
- Copy of PAN Card of all applicants/guarantors/POA holder or Form 16
- Self attested India address proof of all applicants. Local India address viz., Passport, Aadhar Card, Voter ID card, Driving License, NREGA card, utility bill.
- Overseas Credit Bureau Report.
- CIBIL report
- PIO status proof of documents
- PIO card
- Expired Indian Passport
- Voter ID card
- Copy of Birth Certificate
- Copy if Indian Ration Card
- Registered Marriage Certificate along with spouse’s NRI/PIO status proof
- Certificate issued by Indian Embassy or Consulate proving customer PIO status.
- Recent NRE bank statement from any scheduled bank in India (not more than 3
Financial details documents – Salaried individuals
- Original Salary Certificate and 6 months pay slips showing all deductions (in English) addressed to Doha Bank, India.
- Tax return copy for last 3 years (if possible)
- Copy of previous Appointment letters/ Relieving letter /Experience certificate in case the number of years in current employment is less than 1 year.
- Original latest 6 months bank statement of overseas location clearly mentioning salary credits in the account
- Original last 12 months NRE/NRO bank statement (where remittances are made)
Personal Guarantor documents
If you have opted for a Personal Guarantor on your loan, arrange to send the following documents.
- Passport & visa copies of the Guarantor
- Current overseas address verification proof of the Guarantor. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
- Current income documents of guarantor
Declaration Form of the blood relative(s) / spouse as co-applicant(s).
You can apply individually or jointly for Home Loans. All proposed owners of the property will have to be co-applicant., However, all co-applicants need not be co-owners. Co-applicants can be immediate family members only.
Co-applicant’s income can be considered for enhancing your loan eligibility or increasing your loan amount. Please ensure that all financial documents of co-applicant(s) are attached with your India Home Loan Application.
In case there is no co-applicant, a Guarantor is required compulsorily along with his / her identity and address proof.
Depending on the movement of interest rates in the market, the interest rate for the loan is reset at the beginning of every year. The rate is reset with reference to the Doha Bank Marginal Cost of Funds based Lending Rate prevailing on the dates of the respective resets. When the rates are reset, customers have the option of either adjusting their loan installment or the loan tenure, subject to the overall restrictions on the loan tenure.
The interest rate is fixed on the home loan for the term of the loan.
Yes you can. You can switch from a floating rate to a fixed rate any time by paying a nominal switching fee of 1.75% of the outstanding loan. You can also switch from a fixed rate to a floating rate by paying a nominal switching fee of 1.75% of the outstanding loan.
An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.
A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a PIO if
(a) he/ she at any time held an Indian passport; OR
(b) he/ she or either of his/ her parents or any of his/ her grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above.
You need to give the address in India where you / your immediate family live, and where you may want to receive correspondence on your Home Loans. This is a mandatory requirement. If your co-applicant (spouse, siblings, parent) has the same residential address in India, you can select the option ‘Same as Applicant’.
You need to give the permanent address in India where you / your immediate family live and where you may want to receive correspondence related to your Home Loans. This may be the same as the residential address in India. Since we need it to do a credit verification, it is a mandatory requirement. If your co-applicant (spouse, siblings, parent) has the same residential address in India, you can select the option `Same as Applicant’.
We need your employer or business details for credit verification purposes. Even though this is not a mandatory requirement, your home loan in India will be sanctioned faster if you fill in these fields.
We also need your official email ID to write to you in case we can’t get in touch with you through other means. You have to give us your personal email ID and not company’s generic email ID.
A power of attorney is a resident Indian appointed to act on behalf of all the applicants through an execution of the General Power of Attorney (GPA) deed. It is mandatory for both the applicant and co-applicant to execute the GPA in favour of the person concerned. If the co-applicant is a resident Indian, he / she can also be the POA through the execution of the GPA by the applicant.
POA will have the authority to execute loan documents and/or creation and perfection of security.
A guarantor guarantees the loan you take. It’s mandatory to have either a co-applicant or a guarantor.
References help us get in touch with you when we are unable to establish contact with you overseas. It is mandatory to provide resident Indian references while applying for Home Loans. One of the references has to be a resident Indian relative. One of your references can also be your POA or resident co-applicant.
Providing details of proposed property purchase enhances your credibility and expedites the loan sanction process. Providing the ownership pattern of the proposed property also helps us expedite your loan sanction.
Your home is your pride and joy. Don’t let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. That way, you’ll always have peace of mind knowing that you and your loved ones will be assured of a roof over their heads.