Emirates Bank is offering non-resident Indians (NRIs) the opportunity to obtain 100 per cent home financing to buy their home in India.
The bank has launched meNRI Home Finance in India, a product which is a combination of a home loan from ICICI Bank (70 per cent) in India and a personal loan from Emirates Bank (30 per cent) in the UAE.
Customers who transfer their salary to Emirates Bank are eligible to take advantage of the 100 per cent loan, which can be utilised for either purchase of a new house, renovation or expansion of an existing house, or financing a second home in India.
Louis A. Scotto, general manager (retail banking) of Emirates Bank, said, "We hope to encourage NRIs living in the UAE to more seriously consider purchasing houses in India."
The meNRI Home Finance package comes with an easy repayment scheme. Post-dated cheques are not essential. Moreover, a simple standing instruction can be set up on customers' Emirates Bank accounts to take care of repayment. Flexible loan periods of up to 15 years have been designed to accommodate customers' borrowing requirements. Loans of up to Dh1 million are available.
Customers are also provided with dual banking ICICI Bank in India and Emirates Bank in UAE yet enjoy one simple relationship. They automatically access the banking services provided by both banks in India and the UAE respectively.
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