How to get home loan in Kerala for NRI ?

The easiest way to get a home loan is from KSFE, which has over 600 branches across Kerala.

Features of KSFE Housing Loan Scheme 

• Moderate interest rate‌
  • To buy land
  • For buying and renovating a house
  • To build a residential shopping complex‌
  • To complete the work on the unfinished house
• Over 600 branches across Kerala to cater to your needs without delay
• Simple procedures
• Facility to repay the loan in advance up to a maximum term of 30 years / 70 years for repayment

Eligibility Criteria

The individuals below the age of 70 years belonging to the following categories are eligible, provided property or building is situated within Kerala state.

1. Salaried employees
2. Small traders & agriculturists
3. People earning rental income
4. Businessmen/Professionals
5. N.R.Is
6. Self-employed persons like licensed plumber, licensed electrician other licensed contractors, workshop owners etc.
7. Any individual whose spouse has income from any of the above sources, subject, of course, to other conditions given elsewhere.
8. Minimum requirement of land;

For availing loan under this scheme, the plot in which he/she is constructing the house/purchasing should have an extent of minimum of 3 cents in corporation/ municipality and 5 cents in Panchayath. The same is also applicable for house renovation /extension

Documents Required

The applicant should produce the following documents along with the application:

1. Title deeds and prior documents in original for the past 13 years.

2. (Non-) Encumbrance certificate for the past 13 years

3. Possession & Enjoyment Certificate

4. Location certificate & Location sketch

5. Land tax receipt (latest) and building tax receipt (latest) where ever required.

6. Affidavit, in prescribed form, on stamp paper of Rs.50/- duly attested by an advocate.

7. Any other documents required by the panel advocate/part time legal advisor.

8. Certificates to support income:

   1. In the case of salaried employee: The salary certificate issued by the employer

   2. In the case of Agricultural income group:

      1. Income certificate issued by the Village Officer/Tahsildar

      2. Original documents of the agricultural property and latest land tax photocopies which are to be retained for our records.

      3. Where the original documents or the non-encumbrance certificate shows an encumbrance, a certificate/letter that there is no default on the loan as on date issued by the institution where in the agricultural property has been pledged/mortgaged.

   3. In the case of self-employed person, small traders professional and businessmen whose annual income is:

      1. Rs.75,000/- or less: Income certificate from Village Officer/Tahsildar. (income tax assessment orders/Returns . need not be insisted).

      2. Exceeds Rs.75,000/-: Income Tax Assessment Orders/Returns/Memo Statement of Computation of taxable income, filed for the previous three years ,duly certified by a Charted Accountant

   4. In the case of income from other sources like rent from let out properties, etc.

      1. Rent deed, ownership certificate etc.

      2. Income certificate from Village Officer/Tahsildar

      3. Original documents (with photocopies)

      4. Building tax receipt (latest)

   5. In the case of NRIs: Copies of ;

      1. contract/agreement with foreign employer

      2. letter from the foreign employer regarding employment and salary particulars ,

      3. Passport, etc.

         (all attested by the Indian Embassy in the country. )

In addition to the above, the following testimonials are required:

1. Sale agreement (for outright purchase of dwelling house/site)

2. In case of ‘Construction’ the plan and estimate prepared , signed, and certified by a licensed building supervisor of local bodies or any civil engineer in Government Quasi Govt. Public sector undertaking or approved architect and Building Permit from concerned local authority etc.are to be submitted along with application. The work plan should have the approval of the concerned authority viz. Panchayath / Muncipality / Corporation / Development authorities as the case may be.

KSFE Home Loan Interest Rates

Interest for KSFE Home Loan is calculated on yearly diminishing equated monthly method.

For Loan Up to Rs.10 lakhs – 9%

Above 10 lakhs – 9.75%

Time to Process

KSFE House Loan is very easy to process. Once the documentation procedure is over, loan will be disbursed 2/3 instalments considering stage of completion.You can pay EMI through online payment system as well

Status of KSFE Housing Loan

The branch will inform the progress of the procedure timely.