Home Loan For NRI's

With increasing NRI residence investment the demand for NRI home economical loans in India has heightened substantially. But, still there are a number of requirements which are needed to be furbished while applying for such economical loan. The basic point which a candidate should be aware of while borrowing a home loans is various NRI home loans interest levels quoted by different banks in Indian. As NRI home loans Prices become the main objective of any candidate while looking for an economical financial loan, it is always better to keep a few choices in hand. Thus, Credit Favor provides both banks and our NRI users a common platform which where interactions aiming towards consumer's benefit take place.

It's just that each loan bank might have different qualifications requirements depending on which they can also change a great deal of NRI home loan offerings to different customers. Although, a few common qualifications requirements for NRI home loans in India are that the candidate must be a graduate with a minimum age of 21 years, other than this according to RBI norms the NRI candidate must own residence in India. Here comes the role of Credit Favor as we make Non Resident Indian home loans much easier for you by making all the formalities an online procedure, you don't even have to be in India to borrow a NRI home loan.

However, a NRI can enhance his loan eligibility by applying for home loans with a co-applicant who has a separate source of income. Also, the rate of interest for home loans to NRIs is higher than those offered to Resident Indians. The difference is to the extent of 0.25 per cent-0.50 per cent. Some HFCs also have an internally earmarked 'negative criterion' for NRI home loans. As such, the NRIs who hail from locations that are marked as being 'negative' in the books of HFCs, find it difficult to get a home loan.


NRI HOME LOAN ELIGIBILITY CRITERIA

The following NRIs are entitled to NRI housing loans which are:

Indian citizens who stay abroad for employment or for carrying on business or vacation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad

• Government servants who are posted abroad on duty with an Indian mission and similar other agencies set up abroad by the government of India where the officials draw their salaries out of government resources

• Government servants deputed abroad on assignments with foreign governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organization (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP)

• Officials of the State Government and Public Sector Undertakings (PSUs) deputed abroad on temporary assignments or posted to their branches or offices abroad.

Apart from this, there is an eligibility criteria and necessary checklist for NRIs applying for housing loans:

• The loan applicant has to be 21 years of age

• NRI loan seeker has to be a graduate

• The loan applicant has to have a minimum monthly income of US $2,000. The eligibility is also determined by the stability and continuity of your employment or business.

• The NRI also has to route his EMI (Equated Monthly Installments) cheques through his NRE/NRO account. He cannot make payments from another source, say, his savings account in India.

• The eligibility of the applicant is also determined by the number of dependents, assets and liabilities.

• An NRI applicant is eligible to get a home loan ranging from a minimum of Rs 5 lakh to a maximum of Rs 1 crore, based on the repayment capacity and the cost of the property, which although is variable by the priorities of the home loan provider. Also, home loan tenure for NRIs is different from Resident Indians. An applicant will be eligible for a maximum of 85 per cent of the cost of the property or the cost of construction as applicable and 75% of the cost of land in case of purchase of land, based on the repayment capacity of the borrower.


NRI HOME LOAN DOCUMENNTS

• Completely filled Application Form
• Each applicant should submit 2 passport size photographs
• Current proof of address
• Proof of Identity - Passport, Driving Licence etc.
• Work permit's copy
• Latest Salary slip or proof of income if self employed
• Employment Contract
• Details of previous employment
• Latest bank account statements.
• If applicant is employed in Merchant navy - A copy of Continuous discharge Certificate (CDC) is required
• A copy of the Housing Board's Allotment letter
• A copy of building plans/approvals in respect of proposed construction, purchase or extension
• Original NOC as per ULC Act's provisions
• A copy of land tax receipt or building tax receipt (whichever applicable)
• Detailed Cost Estimates / Valuation Report from approved value
• Copy of Agricultural land conversion certificate if required

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