Non-Resident
Indians or
NRIs are Indian
citizens who
live outside
India for
employment
or for carrying
on business
outside India
or for any
other purpose
in circumstances
indicating
an indefinite
period residence
abroad. The
non-resident
Indians are
recognized
by the exchange
control regulations
Act of 1973.
Most banks
and housing
finance companies
in India offer
home loans
for non-resident
Indians. However,
the eligibility
criteria and
interest rates
of loans to
housing for
non-resident
Indians differ
from those
offered to
resident Indians.
The necessary
documentation
for home loans
for non-resident
Indians is
different
in some respects,
those required
by Indian
residents.
In addition
to the usual
pay slips
for the evaluation
of documents
of last 3
years, are
a little more
prerequisite
for housing
loans for
non-resident
Indians. According
to the provisions
of the Tax
Act on the
income of
non-resident
Indians should
have stayed
in India for
a period of
182 days or
more in a
year or they
must have
stayed in
India for
at least a
total of one
year or more
for a right
for a housing
loan in India.
NRIs candidates
are eligible
to obtain
a housing
loan from
a minimum
of Rs 5 lakhs
to a maximum
of Rs 1 crore
depending
on the repayment
capacity and
cost of goods.
Home Loan
Tenure for
non-resident
Indians varies
to some extent
from resident
Indians. But
the most important
details on
housing loans
for non-resident
Indians are
that non-resident
Indians often
have to pay
a little more
interest rate
on housing
loans. The
difference
in interest
rates on housing
loans for
non-resident
Indians and
those of residents
of India is
usually the
extent of
0.25% -0.50%.
Get to know
more about
Home loan
for Non Resident
Indians by
visiting the
following
links:
Eligibility
RBI Directive
for Home Loans
Repayment
Options
Home Loan
Tenure
Tax Benefits
Documentation
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