Non- residents Indians definitely seek a house in their home land, but owning a house in home-land is not a piece of cake for them, they have to go through numerous complications to buy a home in India which includes large scale documentation, procedures and approvals etc. Now-a-days buying a home in India is not an easy activity, at least for NRIs it’s not a cakewalk. Like usual home buyers which opt for home loans, NRIs can also opt for home loans facilities in India to make their dream real of having a home in India.Bharatestates brings you comprehensive study on home loans for NRIs in IndiaEligibilityAccording to the Reserve Bank of India’s definition, a NRI is an Indian citizen who holds a valid passport issued by India and resides abroad for employment or carrying out business or vocation with uncertain duration of stay abroad. NRI is eligible for home loans under NRI status if he or she is employed of carrying out a business outside India or posted abroad by Indian government or Indian companies. If a person is serving in international agencies such as the IMF, UN, World Bank etc can also considered as eligible for the loan under NRI status.Conditions for LoanRegular income, income source and educational qualification of a candidate play an important role while deciding a loan amount which can be availed. Banks usually provide 80-85 per cent of the total estimated value of the residential property and about 50 per cent of the value of land, subject to the gross monthly income of the applicant. Banks mainly consider the ratio of equated monthly installment to net monthly income while providing the home loan to the applicant. The most important thing is that you need at least graduate degree to avail a home loan under NRI status.How to apply for Home loan?All the required documents can be couriered to the bank in which you have Non Resident External or Non Resident Ordinary account or you can contact the overseas branches of banks. Apart from this you will have to create a general power of attorney in favor of an immediate relative currently living in India who would act on behalf of you with the bank. This power of attorney must be signed and attested by the Indian Embassy.Documents required for LoanThe documents which need to be submitted by NRIs for applying for a home loan are as follows
- Copy of passport and valid visa
- Copy of work permit or employment contract
- Salary certificate or pay slips
- Statements of both overseas accounts along with Non Resident External or Non Resident Ordinary accounts
- Details of other loans if any
For NRI candidates who resides in Middle East a copy of employment card is also required and salary certificate must be attested from the embassy if their salary is not getting credited to bank.Type of Home loans available for NRIs
- Home construction loans which can be gained for construction of house on a self owned plot
- Home loans availed for outright purchase of any housing property which is ready for occupying or under construction
- Home improvement loan for renovation of an existing house
Indian residents can avail home loan for maximum 30 years of tenure but NRI are restricted to have tenure of only 10-15 years and no further extensions are applicable in most of the home loan cases. Interest rates of NRI home loans are almost same as that of to the Indian residents’ home loans, but some banks levy about 0.25 per cent to 0.5 per cent higher interest for NRI home loans.займ на карту без отказов круглосуточновзять кредит онлайн