Get to know how loans for NRIs are initiated

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Get to know how Loans for NRIs are initiated
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• It is convenient for an NRI or a non-resident
  Indian to acquire an NRI home loan from any of
  the lenders in India for buying a property in the
  country.
• Before knowing the top 5 things for NRI home
  loans, it is imperative to first understand all
  the essential details.

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Pre-Requisites for NRI Home Loans
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• Home loan for NRI needs following conditions to
  be fulfilled prior to application
• The home loans process needs an Indian resident
  as a co-applicant or a co-borrower or a co-owner
  of the property to be a part of the NRI loans
  application process that is to be submitted.
• The minimum age of the NRI borrower to acquire
  such loans must be 24 years.
• The borrower shall need to submit the salary
  slips and financial statements of the salaried
  account to the lender, specifically of the last
  three months.

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Procedure for NRI House Loans
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• In todays digital world, there are eons of
  online platforms available wherein you submit an
  online application for the home loans with all
  the details.
• Such platforms enable you to upload all the
  requisite documents online and then manage the
  entire mortgage process on your behalf.

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You will have to issue a power of attorney in the
name of your co-borrower (a family member or
anyone willing to be the co-applicant to the home
loan in India).
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• Also, you need to visit the Indian embassy in
  your country and get the power of attorney format
  from the lender to whom youre applying the home
  Loan.
• In order to apply loans for NRIs, there is a
  specific format that has to be signed in favour
  of your Indian co-applicant in the application
  form.

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• After this the Indian Embassy shall put its seal
  of approval on it.
• Stamp duty might be required in case you are
  creating a mortgage deed in favour of the new
  lender.

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Top 5 things NRI Home Loan Borrowers must know
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• 1) For a salaried NRI, the maximum tenure
  possible is 30 years whereas for a self-employed
  NRI, it is 20 years.
• 2) Your savings must give you enough financial
  buffer. It is wise to first get a loan approval
  for yourself and then decide the property you
  want to buy.
• 3) If the residual age of the property is at
  least 12 years and the property is
  well-maintained, then the lender will certainly
  fund it.

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• 4) The NRI home loan interest rates are not
  different than the home loan rates for Indian
  residents.
• 5) If a female Indian resident is the joint
  owner of a property, a decrease of five basis
  points is allowed in the case of NRI Home loan
  rates.

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Thank You