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
- 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
Property related documents:
- Agreement papers of sale/ construction
- Receipts for payments
- Allotment letter from the co-operative society
- Latest tax paid receipt
The eligibility for NRIs does differ from Resident Indians. The criteria's included are:
- 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.
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.