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 .
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.