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Tuesday, September 24, 2013

Canara Bank rolls out new home loan schemes for NRIs, HNIs

Canara Bank has launched two housing loan schemes targeting Non-Resident Indians and high net worth individuals (HNIs) in the country.

R. K. Dubey, Chairman and Managing Director of the bank, launched the two schemes here on Monday.

Dubey said demand for dwelling units from NRIs is on the rise and depreciation of the rupee vis-à-vis the US dollar has prompted them to invest more in the housing sector.

Also, demand from HNIs for large housing loans has increased, he added.

For NRIs, Canara Bank will offer home loans of up to Rs 30 lakh at the base rate of 9.95 per cent.

In the case of home loans above Rs 30 lakh and up to Rs 75 lakh, the interest rate would be 9.95 per cent plus 0.05 per cent. For loans above Rs 75 lakh, the interest rate is the base rate plus 0.25 per cent.

The maximum home loan for NRIs will be four times their annual gross income, a bank official said.

The premium housing loan scheme targets HNIs with gross annual income of Rs 25 lakh and above, and with the minimum loan amount being Rs 1 crore.

Source: thehindubusinessline


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