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NRI Housing Loan

For NRI’s the loan tenure is from 1 to 15 years. NRIs will get only 80% of cost of home as loan amount with an upper limit of Rs. 1 crore. The interest rate will vary depending upon the financial institution. At the time of making loan application a processing fee is payable which will also vary according to the institution. In order to get a housing loan approved by a Housing Finance Company, an NRI borrower is required to submit following documents pertaining to the property.

List of Documents for NRI :

  • Latest Three Months Salary Slips.
  • Last six months salary A/C bank statement of overseas bank.
  • Latest six months bank statement of NRE / NRO Account.
  • Income Tax Returns. (Form 16 / W2) (If Any)
  • Latest Copy of passport and Copy of Visa.
  • Copy of Green Card (if Any).
  • Latest work permit / Copy of employment contract agreement.
  • Two photo-graphs passport Size.
  • Processing Fees Cheque of NRE account only. (As per bank required)
  • Your Resume. (Bio-data)
  • Your official and personal Mail -Id.
  • Two reference. (one from India and second from abroad)
  • Your contribution Proof.
  • HR Mail ID.
  • Existing loan repayment track record. (If Any)
  • Power of attorney in Banks format.
  • Credit Report with score
  • Higher qualification certificate.

Property related documents :

  • Original Agreement ,original Index II and original registration receipt between seller and builder .
  • Own contribution Receipts of payments
  • NOC from builder in favor of bank
  • Original demand letter with architect report .

Eligibility :

The eligibility for NRIs does differ from Resident Indians. The criteria’s included are:

  • Age :
    • The minimum age of the NRI applicant should be 21 years.
    • If you are a salaried applicant, the maximum age allowed at the time of loan maturity is 60 years.
    • If you are a self employed person, the maximum age allowed at the time of loan maturity is 65 years.
  • Qualification: The loan applicant should be a graduate.
  • Passport: You should have a valid passport.
  • Payment terms: The NRI has to pay EMI through his NRE/NRO accounts.
  • Monthly income: The applicant should have a monthly income of $ 2000

Rate of interest:

Rate of interest will be as per the current rates and may vary, as different financial institutions have different rates. Possessing fees also varies between 1% and 2% depending on different financial institutions.

*Disclaimer- Data provided above is strictly for informational purposes only. We do not make any claims on accuracy of information.