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Helping NRIs For
Home Loans

Low Interest home loans for NRIs with minimum paperwork

The number of Indians settling in foreign countries is increasing day by day due to their exploration spirit. But every NRI (Non-Resident Indian) wishes to stay connected with their roots and India. This is why every NRI has a very special emotional connection with India. This is why most of the NRIs plan to have a home back in India which can reciprocate a sense of belongingness.

In the search of that dream home or property, NRIs apply for loans and the Government of India has made a provision for all the NRIs to avail home loan and buy their own house or property in India. The process is pretty easy but it becomes difficult for an NRI who can’t make regular visits to India for this legal procedure. This is where we help NRIs across the world in securing a low-interest home loans with ease.

Eligibility For NRI Home Loans

1

The applicant can appoint any of its relatives as the Power of Attorney (POA) holder in India to complete the formalities and documentation procedures in India.

2

An NRI can apply for a home loan either as an individual or as co-applicants who may or may not be co-owners of the property. However, co-owners must be co-applicants as well.

3

Minimum 2 years of work experience in present company.

4

Minimum: 18 years age Maximum: 60 years/retirement age.

Necessary Documents for NRI Home Loan

  • Proof of identity, residence and income
  • Power of Attorney (if applicable)
  • Proof of identity, residence and income
  • Copy of property allotment letter/buyer agreement or agreement to sell, if property is already shortlisted
  • Photocopy of a valid passport and visa
  • Passport size photographs of all applicants
  • Last year ITR except for NRIs in Middle East nations and Merchant Navy Employees

Features of NRI Home Loans

1

Borrower and Guarantor

The interest rate can vary from bank to bank. Generally the interest rate is 8.70% onwards.

2

Loan to value (LTV)

As per RBI norms, the bank can fund a maximum of 80% of the total value of the property.

3

Loan Period

The loan tenure depends on the bank but generally it is upto a period of 30 years.

4

Loan Amount

The amount of loan provided by the bank depends on factors like income of the NRI etc.

5

Interest Rate

If you plan to buy an under-construction property, you need to pay only the interest till its completion after which you can start your EMIs. However, if you wish to start repaying your principal too, you may opt to tranche the loan and start paying the full EMIs. While purchasing a fully constructed property, your EMIs would commence immediately. All EMI payments need to necessarily happen through your NRE/NRO bank account in India. There is no penalty for pre-payment of partial or full value of the outstanding loan amount paid from own sources. However your home loan may attract prepayment charges in case you are refinancing it to another financial institution in India.

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getting a home loan

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