{"id":28285,"date":"2014-01-28T13:57:34","date_gmt":"2014-01-28T08:27:34","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=28285"},"modified":"2020-06-15T03:22:42","modified_gmt":"2020-06-14T21:52:42","slug":"everything-need-know-nri-home-loans","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/everything-need-know-nri-home-loans\/","title":{"rendered":"Everything You Need to Know About NRI Home Loans"},"content":{"rendered":"

\"NRI-home-loan\"<\/a>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\u2019s 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 IndiaEligibility<\/b>According to the Reserve Bank of India\u2019s 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 Loan<\/b>Regular 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?<\/b>All the required documents can be couriered to the bank in which you have Non Resident External or Non Resident Ordinary account<\/a> 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 Loan<\/b>The documents which need to be submitted by NRIs for applying for a home loan are as follows<\/p>\n