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Hudco offers loans to NRIs

UNI

State-owned Housing and Urban Development Corporation (Hudco) announced the launch of housing loans for non-resident Indians (NRIs). Hudco loans would now be available to NRIs at an interest rate of 13 per cent per annum. And the interest will be computed on a monthly reducing basis.

The maximum size of the loan would be 85 per cent of the cost of property or Rs 5 million, whichever was less. The repayment period stretches for a period of 10 years.

The actual loan amount would be determined on the basis of the individual's repayment capacity, income, age, qualification, number of dependents, spouse's income, assets, liabilities, stability and continuing of occupation, savings history and alternate employment prospects on return to India.

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