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Home Loan for NRI

Home Loans Mumbai

An Indian in any part of the world will always be an Indian at heart. No matter how much we travel around, how beautiful the world may seem at the end of the day one wants to head back towards home. However, bright the prospects look, it’s far from a green pasture for the NRIs wanting to be home and settle down. For those who have their ancestral property are so used to the comforts & amenities that they find it very inconvenient to stay there. The cost of building a house or renovating the ancestral property, if self financed, is bound to burn out a big hole in the pocket.

Previously the process of obtaining the home loan for an NRI was quite hazardous. But now the SBI housing loan, LIC home loans, DHFL home loans etc., have come up with many easy home loan schemes for the NRIs.

WHO QUALIFIES FOR NRI HOUSING LOAN

Banks follow the RBI guidelines to define an NRI, that is, "An Indian citizen who holds valid documents like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI."

ELIGIBILITY CRITERIA

If you are an NRI and wish to apply for a home loan for owning a residential property in your home town in India, then you may need to get cleared on the following eligibility criterion:

  • Above 21 years old
  • Earning $2000 at least (in a month)
  • Number of Dependants
  • Assets and Liabilities amount
  • Someone who can send his clear his EMI cheques via an NRE or NRO Account
  • Most importantly, not marked in the wrong side in the books of HFCs.

In case an NRI decides to buy land and take loan on that, the maximum eligibility will be only 75% of the total cost. However, based on the cost of property or the total cost of construction, their maximum eligibility becomes 85%.

DOCUMENTS REQUIRED

  • Immigration Documents
  • ID Card, Indian Passport
  • Appointment letter and contract (Copy)
  • Bank Statements ( past 6 months)
  • Identification proof of parents or grandparents
  • Original title deeds ( Title for last 13 years)
  • Legal documents for verifying Sale or construction
  • Encumbrance Certificate ( last 13 years)
  • Allotment letter from respective authorities

Other documents that can be required include clearance or conversion order from the ULC, purchase payment receipts, tax receipts, margin money receipts, approved drawings copy and other necessary agreements.

The tenure for home loans for NRI can be from 25-30 years. Unlike an Indian they cannot claim tax deduction for interest payable for a home in India. Home loans in Mumbai & Home loans in Bangalore are popular among the NRIs as all the facilities of modern day life are extensively available in these two cities.

Now, with all these facilities, India warmly welcomes the NRIs back to have their own home in their own country, because at the end of the day, home is where the heart is.