Manama: BBK Bank through its branches in India is expecting to issue mortgage loans of about INR500 million to NRIs in 2015 while about INR70million in the last quarter of 2014.
This was announced by the BBK Country Head and CEO India Mallikarjun during a Press briefing held at the Crowne Plaza Hotel and said the minimum and maximum loan amounts range between INR 1 million and INR 30 million depending upon the city and salary drawn by the NRI customer. These loans are also available for the resident Indians on similar terms.
Mudit Mathur, Head of NRI business BBK Bahrain and CK Jaidev, Assistant General Manager Overseas Banking Division were also present during the briefing and also shed light on the salient feature of this new product.
BBK announced the launch of its new and improved mortgage loan product for the benefit of non resident Indians (NRIs) through its four branches in India.
BBK is one the largest locally incorporated retail and commercial bank in Bahrain with a network expanding into Kuwait, UAE and India.
“As part of its overall marketing strategy to offer a complete range of retail products to its clients and prospective clients and to also assist Indian Nationals to own property in India, BBK through its strong presence in India, offers Mortgage loans to the salaried class that has been working outside India,” Mr Kota said.
BBK has had a long standing presence of over 27 years in India and has grown its business through Corporate Banking and Trade finance with an increasing presence in retail banking through consumer loans to the salaried persons. BBK India has recently expanded its branch network to 4 branches in India covering west, south and northern parts of the country through full–service branches at Mumbai, Hyderabad, Aluva (Kochi) and New Delhi. The Bank has also recently strengthened its capital base to augment its capacity to conduct its business in India. BBK’s operations in India have been profitable with a total Business of INR 16.7 Billion with loans and advances of INR 8.6 Billion.
“In order to cater to the growing housing needs for NRI’s back home, the Mortgage Loan product has been conceived on competitive terms,” Mudit Mathur added.
Through this offering BBK intends to serve its most valued customers i.e., NRIs, and offer a one stop solution for all their banking requirements. The Bank is also very active in supporting the investment needs of NRIs through its Retail services for their investments in stocks, Mutual funds, Insurance etc., through its association with Geojit BNP Paribas Financial Services Ltd. BBK has dedicated NRI desks in Bahrain and Kuwait to offer the best of its services and the products to NRIs.