NRI Home Loans


Key Highlights

  • 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

Loan shall be extended in cities where Doha Bank has an office in India



Overview

With Doha Bank Home Loans, turning your dream home in India into a reality is convenient and easy.

Benefits

  • Attractive interest rates on a monthly reducing basis.
  • Choice from fixed and floating interest rates.
  • Convenient loan disbursement process.
  • Doorstep service in India till disbursement.
  • Insurance option to cover your home loans at attractive premium.



Eligibility

Age

  • You must be minimum 25 years old.
  • For NRI applicant, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.

Residential status

  • Minimum length of service : 3 years in GCC locations and minimum 12 months with current employment (confirmed employment)

Tenure & Minimum Qualification

  • For Salaried- Maximum loan tenure up to 20 years and minimum loan tenure is 1 year.
  • Minimum qualification – Graduate/ Diploma/Professional/Post Graduate

Loan tenure shall be as follows :

Diploma (Courses are approved by AICTE, India) Holders shall be offered maximum loan tenure of 15 years (subject to eligibility criteria).

Graduates and above meeting all other eligibility criteria shall be offered a tenure of 20 years

Maximum Loan Amount

Loan Amount

Maximum Funding*

Amount 20 lacs up to Rs 30 lacs 70% of the agreement value
Above 30 lacs to Rs.75 lacs 70% of the agreement value
Above Rs.75 lacs 70% of the agreement value

Subject to market value of the property and repayment capacity of the customer, as assessed by Doha Bank

This shall not include stamp duty, registration charges and any other documentation charges

Income

  • Minimum Salary: AED/QR-10,000 or KD-1000 or USD 3000 or equivalent (per month)
  • 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.

Note:

Credit at the sole discretion of Doha Bank and subject to guidelines issued by RBI/QCB (Qatar Central Bank) from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

Charges

Processing Fee: 1% of the loan amount subject to a minimum of Rs 25,000/-. Taxes as applicable will be charged on the fees collected.



Documents

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
      months old).

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 lastest 12 months NRE/NRO bank statement (where remittances are made)

Personal Guarantor/Co-applicant documents

If you have opted for a Personal Guarantor on your loan, arrange to send the following documents

  • Passport & visa copies of the Guarantor/Co-applicant
  • Current overseas address verification proof of the Guarantor/ Co-applicant.
  • Current income documents of guarantor/ Co-applicant.

Co-applicant documents

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.

NRI from the GCC locations need to submit an extra document and that is a copy of their work permit. The card needs to be translated into English.



Repayment

The repayment of the loan shall be made by way of remittances from abroad through normal banking channel or by debit to the NRO/NRE account of the borrower by way of equated monthly instalments (EMI).

Housing Loan in rupees availed of by NRIs/ PIOs from Authorized Dealers / Housing Financial Institutions in India can be repaid by resident close relative of the Non-Resident Indian by crediting the borrower’s loan account through the bank account of such relative.

Modes of Repayment

After availing full disbursement of loan

After you avail full disbursement, you have the convenience of setting up a standing instruction in your bank account with us, for monthly repayments of your home loan instalments. For this, you need to execute (Direct Debit) Mandate in favour of the Bank.

Prepayment

You can make part-prepayments during the tenure of the loan at no cost (floating rate option). 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. This would help you in either reducing the tenure of the loan or reducing the monthly instalment that you would be paying.

For Fixed Rate Home Loans: Pre-payment charges shall be levied @ 2% of the outstanding loan amount plus GST tax and other applicable charges if any.



Security

The loan should be fully secured by creating equitable mortgage of the property and if necessary, lien on borrower’s other assets in India.



Insurance

Property Insurance- insurance on the property against fire, riots and appropriate hazards, as required by Doha Bank, will have to be taken by the borrower. Such insurance policy shall be assigned/ endorsed in favour of Bank.

The borrower must also take a Life Insurance Policy which should cover death due to any reason (natural/accident). Such insurance policy shall be assigned /endorsed in favour of the Bank. The amount of each cover must not be less than the loan amount outstanding at any point of time.

The bank shall offer to make available insurance policy from the insurance company with which it has a tie-up. The borrower shall have the option of choosing any insurer of his choice.

Interest Rates

Floating Rate

Click here Floating Rates

Fixed Rate

Click here Fixed Rates


Details of Fees and Charges

Click here for schedule of fees and charges on NRI home loans



Terms and Conditions

All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about Doha Bank’s products and services. For detailed information about Doha Bank’s products and services kindly visit the nearest Doha Bank branch

Click here for the Most Important Terms and Conditions pertaining to your loan.



What can you do next ?

APPLY FOR HOME LOAN



Downloads

Home Loan Application

Letter of Authorisation

Home Loan Agreement

UNDERTAKING CUM INDEMNITY

Format of Declaration for Blood Relative

Insurance Undertaking

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