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Q : My House renovation is going on. I need to finish this work with a housing loan. Could you please advise me on Home Loan. I am a one of A/C holder NRI in FEDERAL BANK and working in Saudi Arabia? - by Nazeer on February 2, 2013

A : From your email, it looks like you would need a loan against property. Generally speaking interest rates on such loans are higher than Home Loans by 1.5%-2% and processing fees is about 1%. There are many banks who offer such loans - HDFC, SBI, ICICI, Federal Bank. Some of these banks (like ICICI) also offer Home Improvement Loans.
You generally get loans upto 50% of market value of your property. Typical loan rates offered by some banks are as follows:
- HDFC - 12.75% to 13.25%
- ICICI - about 13.65%
- Axis Bank - 13% - 14%
- HSBC - 11.75% - 12%

Depending upon the accessibility of some of these banks in Saudi Arabia, you can apply for Loan Against Property.

Q : I require a Home Loan in India. I am a NRI, currently living in Saudi Arabia - by Dr Rishi Bharti on February 12, 2013

A : I think its best to apply to a home loan institution with an office in Saudi Arabia. It gets quite easy to interact with someone, submit your documents, track your application and avail disbursement. After my research on all the home loan providers with offices in Saudi Arabia, I could only find HDFC Ltd.

They are one of the biggest and renowned home loan providers in India with competitive interest rates. Currently they are offering an interest rate of 10.25% on home loan upto Rs 30 lakhs. Even I have availed home loan from HDFC Ltd and am very happy with their service.

They have offices in Jeddah and Riyadh. The office addresses are as below:

Branch : Jeddah
Contact Person : Mr. Rama Srinivasan
Address : Rezayat Trading Co.Ltd, .P.O.Box: 6670, Rear Side of Jamjoom Center, Jeddah - 21452, Saudi Arabia
Telephone no : +966-2-6654901
Fax no : +966-2-6654901
Mobile no : +966 503869830
Email : ramas@hdfc.com
Working Days : Saturday to Wednesday / Thursday
Working Hours : 8.00 am to 1.00 pm & 3.00 pm to 6.00 pm
8.00 am to 1.00 pm

Branch : Riyadh
Contact Person : Mr. Karthick Velumani
Address : Rezayat Trading Co. Ltd. P.O.Box: 966, First Floor, ABB Building, Opp. Malaz Zoo, Pepsi Cola Road. Riyadh - 11421, Saudi Arabia
Telephone no : +966-1-4777061. Ext.: 123, 1-4777437
Mobile no : +966 506437884
Email : karthickv@hdfc.com
Working Days : Sunday to Thursday / Saturday
Working Hours : 9.00 am to 1.00 pm & 3.00 pm to 7.00 pm
3.00 pm to 7.00 pm

You can find out more details on their website:
http://www.hdfc.com/nri/hdfc-middle-east-nri-home-loan.asp.

Please note that it is my endeavor to provide unbiased and accurate information but cannot guarantee it to be perfect, so please do your bit of research and use the information from this email at your own risk.

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