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Bank interest ratesWorking to bring your dream home closer

Our most basic need of buying a home is generally a complicated process – starting from the search for the right home to the funding and paperwork involved in buying it. For most of us, sourcing the funds is the main hurdle we must overcome to be able to own that dream home. That’s where home loans come in. To hasten this process, Legend has associated with 4 reputed financial institutions. Our prospective customers can avail of home loans from any of these institutions. We would be pleased to help with the paperwork.

LIC Housing Finance Limited: Incorporated in 1989, LIC Housing Finance Ltd. is one of the largest Housing Finance companies in India. The Authorized Capital of the Company is Rs.150 Crores and its paid up Capital is Rs.85 Crores. It is recognized by National Housing Bank and listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE). The main objective of the Company is providing long term finance to individuals for purchase, construction, repair and renovation of new or existing flats & houses. The Company has set up a Representative Office in Dubai and Kuwait to cater to the Non-Resident Indians in the GLCC countries covering Bahrain, Dubai, Kuwait, Qatar and Saudi Arabia. Today, the company has to its credit over 10,00,000 prudent house owners who have benefitted from its financial assistance.

State Bank of India: SBI is the largest banking and financial services company in India by revenue, assets and market capitalization. Its a state-owned corporation with its headquarters in Mumbai, Maharashtra. As of March 2011, it had assets of US$ 370 billion with over 13,000 outlets including 150 overseas branches and agents globally. The State Bank Group, with over 16,000 branches, has the largest banking branch network in India. It has a market share among Indian commercial banks of about 20% in deposits and loans. The State Bank of India is the 29th most reputed company in the world according to Forbes. Also SBI is the only bank featured in the coveted “top 10 brands of India” list in an annual survey conducted by Brand Finance and The Economic Times in 2010.

ICICI Bank: ICICI Bank is India’s second-largest bank with total assets of Rs. 4,062.34 billion (US$ 91 billion) as of March 31, 2011. The Bank has a network of 2,588 branches and 8,003 ATMs in India, and has a presence in 19 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank’s equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited.

HDFC: The Housing Development Finance Corporation Limited was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI’s liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. The Bank is well-positioned as a leader in various net-based B2C opportunities including a wide range of internet banking services for Fixed Deposits, Loans, Bill Payments, etc.

Home Loans to NRIs

NRIs can avail of financing assistance in the form of housing loans, for purchasing residential properties in India. Some of the features of these loans are:

  1. The applicant must be an Indian passport holder.
  2. Loan amounts are available up to Rs.1crore (or 85%) of the cost of the property, whichever is lesser. Processing and administrative charges are extra.
  3. Loan eligibility is decided by the repayment capacity of the individual. Repayment capacity takes into consideration income, age, qualification, number of dependents, other income, amounts and a few other items.
  4. Between 5 and 10 years, rates of interest vary from 7.75% to 9%.
  5. Repayment period ranges from 5 to 20 years or on superannuation or on completing 60 years of age.
  6. The loan is repaid in the form of Equated Monthly Installments (EMIs).
  7. The security for the loan would be the equitable mortgage of the property financed. This is created by the deposit of the original title deeds of the property with the HFI.
  8. Local guarantors will also be required in the case of a few institutions.
  9. Copies of the following documents have to be submitted along with the application for the loan to the institution.
    1. Employment contract
    2. Latest salary slip
    3. Latest work permit
    4. Visa stamped on the passport
    5. Power of Attorney to a local individual
    6. Receipt of payments made for purchase of the property
    7. Agreement of Sale
  10. Interest rates and EMIs are subject to change without notice. Check with the financial institutions for prevailing interest rates.
  11. A salaried applicant should be abroad for at least a year, and a self-employed applicant for 3 years.