Mode of creation of security /execution of documents


The creation of security /execution of documents could be undertaken by the applicant borrower if he is present in the country. Creation of security / execution of documents could also be undertaken by Power of Attorney holder of the applicant. Where Documents are signed by the POA holder following measures to be complied with :-

  • Application must be signed by the borrower himself ;
  • Request letter from the borrower to the Branch to allow execution of documents and creation of security by POA holder ;
  • Power of attorney to be restricted to close relatives viz. spouse, Father, Mother, Brother, Sister, Son and daughter of the NRI concerned. In extreme cases POA other than close relatives may be permitted by the sanctioning authority.
  • Power of Attorney should be executed as per approved specimen of the Bank(See attachment);
  • The Power of Attorney should be irrevocable ;
  • The original Power of Attorney should be kept with the Bank
  • The POA to be executed in the presence of officials of Indian Embassy /Consulate abroad
  • After receipt of POA in India the same to be submitted to Registrar of Assurance for adjudication as well as registration in consultation with a panel advocate of the Bank;
  • All documents signed by the POA holder on behalf of the principal should have a rubber stamp affixed below each signature with following notation :- Mr./Ms.__________________ as Power of Attorney of Mr./Ms._____________;
  • POA should contain the photograph of the of POA holder as well as the signature of the POA holder, both attested by the executants in case the POA is executed in India during the executants visit to India.
  • In case the POA is executed abroad, the POA must contain the photograph of the POA holder duly attested by the executants. The POA holder to sign the POA in the presence of the officials of the Branch. POA holder signature duly attested by his Banker to be held on records.
  • Mention to be made in the bank’s standard security documents /attendance register/ oral assent to show that the same is executed by the attorney on behalf of the principal (refer item No.ix ,above )

The documents to be executed by the POA holder for and on behalf of the NRI. After execution of documents a letter written by the NRI confirming execution of the documents by the POA including creation of security by way of mortgage to be obtained, as per specimen approved by the Bank.

Documents to be submitted along with loan application

  • Passport size photograph;#
  • Passport with visa stamped on it ;#
  • Copy of PAN Card in India -self attested ;
  • Address Proof in India (if the address is other than that is mentioned in Passport)-self attested;
  • Name / Address and Contact details of close relative in India –self attested;
  • Address Proof (Foreign – Driving License , Utility Bill, etc.,)#
  • Latest Credit Bureau Report (applicable to customers residing in countries where credit bureaus exists viz. USA, UK etc.,),
  • Credit Information Report to be generated by the branch from any approved Credit Information Companies (CICs) in India.
  • Property related documents ;
  • Cheque for processing charge / charges for title search report /valuation report /CERSAI registration charges and other charges, if any. Excess ,if any, to be refunded to the borrower
  • For Salaried :
  • Work Permit ;#
  • Full Address of the employer along with name and contact details of department head /employer ;#
  • Employment Contract along with translation in English ;#
  • Copy of identity card issued by current employer , duly attested by the Employer ;#
  • Copy of Continuous Discharge Certificate(CDC) for applicants employed in Merchant Navy;#
  • Full details past employment records, if any-self attested;
  • Details of Overseas Bank Account for previous one year where salary is credited along with Bank Account in India , if any-self attested ;
  • Latest salary slip in original ;#
  • Annual Income Tax Return – filed as per rules applicable in the country where he resides- for last 2 years ;
  • For Self Employed :
  • Membership of professional organization ;
  • Government or local body permission or license to engage in business activity # To be attested by employer (if employer is a Bank/MNC/Govt.Body). Otherwise To be attested by Bank of India Branch /Representative Office /consulate /our foreign office / Embassy

Special Features

  • Free Personal Accident Insurance cover for loan up to Rs.500 lacs for the individual borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
  • Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
  • Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme

Other Attractive Features

  • Interest on Daily Reducing Balance Basis
  • No Pre-Payment Charges on Floating Rate Loans
  • Facility for step up/ step down EMIs
RATING EXERCISE: The proponent will be eligible for loan subject to obtention of minimum marks or minimum entry level norm fixed by the bank.