NRI Home Loans
According to RBI, NRI’s refers to “an Indian citizen” with the valid documents like an Indian passport and who have an employment to stay abroad or outside India for carrying on business or vocation or for staying abroad under circumstances indicating an intention of duration for an uncertain of stay abroad”.
If in case you are an NRI or Non-Resident Indian and want to take home loan for your house in India, then you can consult with the Banks and Housing Finance companies in India. To apply for a home loan, you must know the basic criteria that the Indian Banks and Finance Companies require to sanction your loan.
Below are the points that mention the eligibility criteria for NRI Home Loans:
- You should be atleast at least 21 yrs old.
- The minimum period should be 1 yr in abroad, if you are a salaried applicant.
- Your minimum period should be of 3 years in abroad,if you are a self-employed applicant or businessmen.
- The maximum age limit for a salaried applicant is 60 years or retirement age whichever is earlier. Note that it is the age of the applicant at loan maturity.
- The maximum age limit is of 65 years for a self-employed applicant. Note that at loan maturity this is the age of the an applicant.
- The minimum qualification of NRI loan applicant’s requireed that he/she must be graduated.
- The minimum monthly income of the NRI home loan applicant should be $2000. However, in case of the Housing Finance Companies it may be vary.
Similarly, the credential which are included that an applicant needs to submit to apply for NRI Home Loans:
- An applicant’s must have valid passport.
- Visa copy.
- The work permit document should be submit by an applicant that the NRI status should be supported by the proposed borrower before.
- An applicant owns the Power Of Attorney.
- To show the present employment status details the applicant also needs to the concerned bank or agency.
Now, you are wondering about the “Processing Fee”. The Processing Fee charged by any bank includes 0.5% fee with service tax of loan amount.
There are different types of NRI home loans that are available for NRIs. These forms include:
- POA: In this, the NRI clients appoint an Indian citizen as a POA or Power of Attorney to act on behalf of them.
- NRIs can make repayments either through Post Dated Cheques or Electronic Clearing Services.
- NRIs cannot claim tax benefits on Home Loans in India. However, if they pay tax in India for income earned in India, they can claim tax rebate for the Home Loan.
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