For NRI's the loan tenure is from 1 to 15 years. NRIs will get only 85% 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
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Employment/personal documents:
- • Employment contract
- • Passport along with latest visa stamp
- • Identity card
- • Latest salary slip
- • Overseas bank account statement for last six months
- • Proof of residence in India
- • Proof of residence abroad
- • Copy of appointment letter from the company employing the applicant
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Property related documents:
- • Agreement papers of sale/ construction
- • Receipts for payments
- • Allotment letter from the co-operative society
- • Latest tax paid receipt
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The eligibility for NRIs does differ from Resident Indians. The criteria's included are:
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1) Age:
- a) The minimum age of the NRI applicant should be 21 years.
- b) If you are a salaried applicant, the maximum age allowed at the time of loan maturity is 60 years.
- c) If you are a self employed person, the maximum age allowed at the time of loan maturity is 65 years.
- 2) Qualification: The loan applicant should be a graduate.
- 3) Passport: You should have a valid passport.
- 4) Payment terms: The NRI has to pay EMI through his NRE/NRO accounts.
- 5) Monthly income: The applicant should have a monthly income of $ 2000.
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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.