A guide to housing loan for nri and how to get one

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Housing Loan For Nri
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A guide to housing loan for nri and how to get
onewhether its your dream or just a good
investment option youve been thinking of, buying
a home back in India is always a good choice and
smart decision. With a good housing loan for nri,
regardless of whether youre financially stable
or still finding your feet abroad buying your
dream home in India is very much within your
reach. This article will provide you a rough
overview of the NRI home loan situation and how
you must go about applying for one.
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How to get one?You might think that, with all
the coordination, paper work submission and
formalities, getting a home loan whilst being
abroad must be a task. But in reality its really
not that hard. Now days, with most major banks
and non-banking financial institutes offering NRI
home loans online, finding the right loan for you
just involves a few clicks on your mouse. And if
youre looking for a face to talk to in regard to
your NRI home loan, look for a financial
institute that operates a branch in your country.
In that case, the branch will take care of the
entire loan process, right from approval and
disbursement right up to the repayment and
collection of your property documents.
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What documents do you require to take out a NRI
home loan?When applying for a NRI home loan,
some of the documents you would be required to
furnish include copies of your valid passport,
your salary certificate and statements, a work
experience certificate from your current and
previous employers, if any, a bank account
statement for the last six months and a valid
work permit, if required in the country you
reside in now. Other mandatory's include a local
address proof and a power of attorney to someone
in India. Your permanent address proof in India
is also required. You also need to have a
completed home loan application form.
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As far as documents pertaining to the home you
wish to secure, one would be required to provide
a sale deed, copy of approved building plans,
purchase or extension along with an original NOC.
If youre looking to construct a new home, then
in that case, you would be required to provide
the finance institute with documents such as the
original title deed, possession certificate and
land tax receipt. Again these are just some of
the crucial documents required, but each
financial institute may demand their own set of
documents, that you should be able to furnish
quite easily.
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Eligibility.The eligibility criteria for NRI
home loans differ across financial institutes.
But there are three basic factors on which your
legibility is considered, namely your age, your
employment or business history and your salary.
And depending on the financial institute, the
extent of these eligibility factors fluctuate.
For example, some institutes consider 18 as the
minimum age for a NRI home loan, whereas some
wont consider candidates below 25. As far as
your employment and business history is
concerned, again the time and extent bracket
differs, for example, some banks and financial
institutes require a minimum of 2 years in terms
of work experience whereas some require just one
years experience. When it comes to business
history, again, this varies, with some institutes
setting the benchmark as low as 3 years of
business history. Lastly, one of the most
important factors is your salary hence having a
good salary is always a plus point. Along with
these basic criteria, other factors include your
credit score, whether or not you have a partner
with a stable income, the property youre going
in for and so on, but as long as these three
factors are in place, you should be good to go.
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Loan tenure, amount and interest rate.With some
financial institutes, housing loan for nri can be
taken out for tenures as long as 20 years,
allowing you ample time to pay back your loan.
When it comes to loan amounts, financial
institutes can offers up to 90 of the total
amount needed to secure your dream home. All
these benefits come along with an interest rates
as low as 7.60 up till 9.05 with fixed and
floating interest rate options to choose between.
All these proves that taking out a NRI home loan
is indeed a good decision, and provided you have
the means to do so, you should opt for one today!
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