Bank of Baroda NRI Home Loans to PIOs, Eligibility & Documents

Bank of Baroda Home Loans to NRIs / PIOs, a unique housing loan facility designed specially for Non Resident Indians (NRI) and Person of Indian Origin (PIO).

Interest Rates – 8.90% – 10.50%

Key Benefits of BOB NRI Home Loan

• A loan product tailor-made for NRI / PIO needs
• Free personal accident insurance.
• No pre payment / foreclosure charges

Home Loan applications received for rupees ₹ 419,027 crores till 31 December 2024

• Eligibility criteria for NRI home loans of Bank of Baroda
  
  • Non-Resident Indians (NRIs) holding Indian passport or Persons of Indian origin (PIOs) holding foreign passport, singly or jointly. For this purpose Person of Indian Origin means a citizen of any country other than Bangladesh / Pakistan / Sri Lanka / Afganistan / China / Iran / Nepal & Bhutan if –
    • he at any time held Indian passport or
    • he or either of his parents or any of his grand parents was a citizen of India by virtue of the constitution of India of the Citizenship Act 1955, or
    • the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b) above.
  • Must be employed/self-employed or having a business unit and staying abroad at least for 2 years.
  • Must have minimum gross annual income equivalent to Rs. Five lacs per annum.
  • In case of salaried persons – 48 times of monthly income (average of last 2 years income including incentive, commission, bonus etc.)
  • For others – 4 times of average (last 2 years) annual income.
• Age:
  • Minimum age must be 21 years. Age of the borrower plus repayment period should not be beyond retirement age or 65 years whichever is earlier.
• Margin:
  • For purchase of new/ old dwelling unit or Construction of the dwelling unit : 20%
  • For purchase of plot : 20%
  • For repairs / renovations / extension in existing home: 20% of the project cost.
• Security:
  • Equitable / legal mortgage of the property constructed / purchased or property to be renovated / repaired etc.
  • Personal guarantee of spouse / family member, residing in India. In case the spouse is also residing abroad, personal guarantee of one / two persons resident in India shall be obtained.
• Repayment Period:
  • Maximum 15 years including moratorium.
  • Payment to be remitted from abroad through normal banking channels or out of funds in NRE/ NRO accounts.
  • Post-dated cheques drawn on NRE/ NRO account of the borrower are to be obtained.
  • Close relatives of the borrower in India may also repay the installments of such loans, interest and other charges, if any, through their bank account directly to the borrower’s loan account.
• Part Prepayment / Premature Closure Charges
  • No pre payment / foreclosure charges