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 overseas 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 overseas 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
REPO RATE LINKED LOANS
Salaried Borrower - Home Loan Rates (w.e.f 18th August 2020)
Slab |
Floating Interest Rates |
Offer Rates |
|---|---|---|
| Up to Rs. 30 lacs | RR + 2.95% – RR + 3.80% | 6.95% – 7.80% |
| Above Rs. 30 lacs to Rs. 75 lacs | RR + 2.95% – RR + 3.90% | 6.95% – 7.90% |
| Above Rs. 75 lacs | RR + 2.95% – RR + 4.00% | 6.95% – 8.00% |
RR stands for Repo Rate.
Floating rate Loans are linked to the External benchmark rate – RBI Repo Rate
The Bank charges an additional rate over the Benchmark Rate, called spread, to arrive at the final offer rate.
The spread will vary from case to case basis based on Bank’s internal assessment parameters.
Fixed Rate
Click here Fixed Rates
Fixed Rate
Type |
Loan amount (Rs.) |
Tenor |
Effective Rate Of Interest |
|---|---|---|---|
| Fixed Rate | Loan amount Rs 20 lacs up to 5 crores |
1 – 5 years | 10.40% p.a. |
| 6 – 10 years | 10.75% p.a. | ||
| 11 – 20 years | 11% p.a. |
Marginal Cost Based Lending Rate (MCLR) – 7.70%
Interest Rate Reset may be reset at the end of every 3 years.
Annual Percentage Rate
The Annual Percentage Rate (APR) is a method to compute annualized credit, cost which includes interest rate and loan origination fee. Kindly click here to calculate the APR.
Details of Fees and Charges
Click here for schedule of fees and charges on NRI home loans
Fees and Charges Schedule
| Description of Charges | Amount (Rs) |
|---|---|
| Processing Fee | 1 % of the loan amount plus applicable GST tax and surcharge subject to a minimum of Rs 25,000/-. |
| Stamp duty and registration fee | Stamp Duty on equitable mortgage to be paid by the customer separately as per applicable law. |
| Default Interest Rate/Late Payment Fee | @ 24% per annum i.e. @ 2% per month of the amount due and outstanding plus any incidental charges at actual |
| Pre-payment charges | No pre-payment charges in case of floating rate.
For fixed rate: 2% of the outstanding loan amount plus GST tax and charges, if any. |
| Foreclosure charges | As above |
| PDC /ECS Bounce charges | Rs 500/- per instance |
| CERSAI Charges | Rs 550/- |
| Cheque/Instrument swap charges | Rs 500/- |
| Interest Rate Switching fees (fixed to floating or vice-versa) | 1.75% on principal outstanding |
| Interest Rate Switching fees (Higher fixed rate to Lower fixed rate) | 0.5% on principal outstanding |
| Document retrieval charges/Issuance charges for Photocopy of title documents | Rs 500/- |
| Statement of account | Rs 100/- |
| Duplicate NOC | Rs 100/- |
| Duplicate statement issuance charges | Rs 250/- per instance |
| Duplicate amortization schedule issuance charges | Rs 250/- per instance |
| Duplicate interest certificate (provisional/actual)issuance charges | Rs 250/- per instance |
| Other charges | As applicable and decided by the bank from time to time. |
| Taxes as applicable will be levied |
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.
Most Important Terms and Conditions
Product Offering
Doha Bank Q.P.S.C. offers Home Loan at floating rate of interest as well as fixed rate of interest details of which can be sought from your Relationship Manager or you can visit our nearest branch or visit our website www.dohabank.co.in.
Purpose
The loan shall be utilized strictly for purchase of house/flats as detailed in the borrower’s application form and in the manner prescribed. The property shall be used for residential purpose only.
Financials
| Interest Rate | Floating rate loans are linked to our MCLR rate (Marginal Cost based Lending Rate) which is published on our website. Interest on your loan will accrue on a monthly basis and any change in interest rates would correspondingly impact your Equated Monthly Installment (EMI) and/or loan tenure. |
| Repayment | The loan is to be repaid on the due dates in Equated Monthly Installments (EMI) over the tenure of the loan. The repayment installment commences from a date specified in the sanction letter/loan agreement. The liability to the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of residual amount, if any. |
| Default Interest | You need to pay your EMI on the due date. Non-payment of EMI would attract default interest over and above the interest rate applicable to the loan. It may also affect your credit rating and other loans availed from Doha Bank. In addition to the above, the Bank may initiate collections and legal action to recover the dues. The Bank can recall the loan and the property can be attached. |
| Processing Fee | A processing fee of 1% of the loan amount subject to a minimum of Rs. 25,000/- plus GST tax and other charges shall be payable by you. Processing fee paid is non-refundable. |
| Prepayment charges | NIL prepayment charges for floating rate loans. For fixed rate: 2% of the outstanding loan amount plus GST tax and charges, if any. |
| Service Charges | Certain services are offered on the loan facility at respective fees or charges. You may refer to our website www.dohabank.co.in or the application form for the schedule of fees and charges. They are also available upon request at any of our branches in India. You are requested to note that the tariff structure is subject to change with prospective effect from time to time at our sole discretion. Revised tariff would be displayed at our branches and on our website www.dohabank.co.in. Refer to the Fees and Charges Schedule. |
| Switching Option | You may switch from floating interest rate to fixed interest rate on the loan and vice versa by paying applicable fees to the Bank. |
| Primary Security | The loan will be secured by equitable / registered mortgage on the property for which the loan is sanctioned. |
| Insurance | You shall ensure that the house/flat is insured comprehensively for the market value covering fire, flood, earthquake, etc. with the Bank as beneficiary/loss payee under the insurance policy at all times during pendency of the loan. |
| Indirect taxes | Please note that you will be liable to pay / bear applicable indirect taxes including GST Tax on all our fees and charges and any other amount liable to tax under prevailing Indirect Tax Laws. |
Key terms
| Document required | KYC documents such as proof of identity, proof of address, etc. as per prevailing policy. Financial documents as per prevailing policy. |
| Security Documents | The security documents need to be stamped/franked and registered as per the applicable laws at your expense. |
| Loan Documents | You would be required to sign a Sanction Letter/Loan Agreement and other standard documents. Sanction Letter/Loan Agreement carries the key terms of your loan such as loan amount, loan tenure, interest rate, etc. of your loan. |
| Prepayment and Foreclosure | You can prepay/foreclose the loan by giving a notice in writing and pay in accordance with our rules of prepayment/foreclose, along with charges if any. |
| Tax | Please seek independent professional tax advice for any tax related issues in relation to the loan. |
| Disclosures | You acknowledge our right to provide details of your account to third party agencies for the purpose of availing support services of any nature by us, without any specific consent or authorization from you or any joint applicants. |
| Default | In the event of default i.e. if the amount due is not paid by due date, the customer will be sent reminders from time to time for payment of any outstanding on his/her loan account, by post, fax, telephone, email, SMS messaging and/or through third parties. |
Terms and conditions:
Approval
Your loan approval expires after 75 days post which a fresh approval will have to be sought. The approval may be kept open at the Bank’s sole discretion. We may at our sole discretion recall the loan offer/approval at any point of time.
Disbursement
We may disburse the loan in lump sum or in instalments, at our discretion. We may disburse the loan amount directly to the builder/seller/society, as the case may be, as per your request. We may not make any further disbursements on happening of any events as stipulated in the loan agreement as ‘Events of default’ or for any other reason as deemed fit by the Bank.
Disbursements under the loan shall be made subject to the following conditions:
(a) fulfilment and compliance with the terms and conditions of the loan agreement and furnishing of all other standard documents as specified by the Bank;
(b) no event of default has occurred or is subsisting;
(c)you furnishing an evidence that the disbursement is required for the purpose for which the loan was initially approved; and
(d)no circumstances shall have occurred, which in our opinion, may make it impossible for you to fulfill the obligations under the loan agreement or other documents executed by you for availing of the loan.
The disbursement shall be deemed to have been made to the borrower on the date of actual disbursement of the loan in our bank’s system or the date of the cheque or the payment advice, whichever is earlier, and the interest on the loan shall accrue accordingly. The EMIs on the loan will commence based on the date of disbursement of the loan.
Repayment
You need to repay the loan in equated monthly instalments on the due date as mentioned in the Sanction Letter. The instalment amount would comprise of principal and interest. You are required to repay the loan EMI through Standing Instruction from your Doha bank NRI account/letter of authority to debit your Doha bank NRI account or such other mode as approved by the Bank. You need to ensure that the repayment instrument/instruction is honoured. Accordingly, you must ensure that:
(a) sufficient funds are available in the designated account to be debited;(b) you do not cancel/put stop payment on the cheques/instruments given towards loan repayment; (c)you do not cancel or vary payment arrangement/Standing Instructions (unless required by us) given towards the loan repayment; and (d) you do not close or change the account on which repayment instrument is drawn (unless you make an alternate arrangement for the repayment as agreeable to us).
If you do not pay the instalment on or before the relevant due date, the outstanding loan amount and all accrued interest would become immediately due and payable. You would also be liable to pay the fee as set out in the Fees and Charges Schedule.
Default
In the event of default (i.e. if the amount due is not paid by the due date or breach of any clause of the loan agreement), you will be sent reminders from time to time for payment of any outstanding on your loan account, by post, fax, telephone, e-mail, SMS messaging and/or through third parties appointed for collection purposes to remind, follow-up and collect dues. Any third party so appointed, shall adhere to the Indian Banks Association’s (IBA) code of conduct on debt collection. For recovery of dues, we may send you reminders via notices or by making personal visits and/or repossession of security.
As per Reserve Bank of India guidelines, we provide credit information relating to any customer who has availed of a credit facility, to the Credit Information Bureau (India) Limited (CIBIL) or any other bureau on a monthly basis. The information provided includes information regarding whether the loan account is regular or delinquent. In the event a loan account is delinquent as of the date of such reporting and the account is subsequently regularized, the status of the account will only be updated prospectively, at the time of the next monthly reporting. To avoid any adverse credit history with such bureaus, you should ensure timely payment of the amount due on the loan.
Prepayment and foreclosure
You can prepay or foreclose the loan by giving a notice in writing and pay in accordance with our rules of prepayment/foreclosure, along with charges, if any. Please refer to the Fees and Charges Schedule for more details. If you make a prepayment/pay towards foreclosure by cheque, the payment will take effect only when the cheque is cleared. Your original documents submitted to us, would be returned within 30 days of satisfactory loan closure, as per the conditions of the loan agreement signed by you.
Statement of account
We will send half-yearly statement of the loan account at your communication address registered with us. If you need a copy of the statement of account, you may visit our branch and request for a copy subject to the applicable fee.
Know Your Customer / Due diligence requirement
You need to submit the Know Your Customer (KYC) documents at the time of opening a new account or as and when requested by the Bank. The Bank reserves a right to allow / restrict operations in a bank account maintained with the Bank, if the customer is not able to satisfy the due diligence requirements in line with the Bank’s policy.
Joint and several liability
Where the Loan is provided to more than one Borrower, then the liability of the Borrower to repay the Loan together with interest and all other amounts and to observe the terms and conditions of the loan agreement/ and any other agreement(s), document(s) made between the Borrower and the Bank in respect of the loan is joint and several.
Sanctions
The Bank and other members of the Doha Bank Group are required to and may take any action to meet obligations relating to or in connection with the detection, investigation and prevention of financial crime and act in accordance with the laws, regulations and requests of regulatory authorities operating in various jurisdictions. The Bank may take such action as it may deem appropriate in this regard.
Disclosures
You acknowledge our right to provide details of your account to third party agencies for the purpose of availing support services of any nature by us, without any specific consent or authorisation from you or any joint applicants.
Cross default
Your default in respect of any other credit facility agreement or arrangement with the Bank or its Group Companies shall be deemed to be a default across all credit facilities availed by you with any of our entities. We shall, in the event of such default be entitled to exercise any or all our rights under the facility/security documents executed by you with any of our Group entities.
Tax
You are responsible for fulfilling any obligation that you may have with respect to the filing of returns or other required documentation in respect of and the payment of all relevant taxes, including, without limitation, all income, capital gains, wealth and estate duties, stamp duties, GST tax, value added tax and any other applicable taxes. The Bank does not provide any legal or tax advice. You should seek independent legal and/or tax advice.
Change of address
You need to notify the Bank regarding change of residential address due to relocation or any other reason and you need to intimate the new address to the Bank within two weeks of such a change.
Foreign Exchange Management Act, 1999 (FEMA) guidelines for Non-Resident Indians
Loan disbursed to you should not be utilized for business of chit fund or nidhi company or agricultural or plantation activities or in real estate business, or construction of farm houses or trading in Transferable Development Rights (TDRs), or investment in capital markets including margin trading and derivatives. You are required to ensure that the loan amount disbursed to you is not remitted outside India.Interest Rates
Customer Service
In case of any questions or further information, please contact your Relationship Manager who will be happy to help. You can also: E-mail – indiahelpdesk@dohabank.co.in or Call our Phone Banking service or Visit us at any of our branches.
All grievance/escalations should be marked to:
The Manager,
Customer Care Centre,
Doha Bank Q.P.S.C., Sakhar Bhawan,
Ground Floor, Plot No. 230,
Block No. III, Backbay Reclamation,
Nariman Point, Mumbai-400021,
Maharashtra, India.
Nodal Officer e-mail: pTaluja@dohabank.co.in.
You may contact the Nodal Officer Team on 022 – 6286 1114 / 1143 (Between 10 a.m. and 6 p.m.; from Monday to Saturday, except bank holidays).
What can you do next ?
Apply for Home Loan
Downloads
Block "opening-an-account" not found!