Home
loans are
to take funding
for the purchase
or alteration
of real property.
Anyone staying
abroad for
employment
or carrying
out activities
outside India
are eligible
for NRI Housing
Loan.
The Eligibility
criteria of
NRIs differ
from Resident
Indians based
on a few parameters.
The parameters
include:
Age
Qualification
Income
Payment options
Number of
dependants
The NRI Home
loan applicant
must be 21
years with
a diploma.
The loan applicant
must have
a minimum
monthly income
of $ 2000.The
Eligibility
is also determined
by the stability
and continuity
of the loan
applicant’s
business.
The NRI has
to provide
EMI treated
monthly cheque
through its
RN, non-residential
or external
NRO, and non-resident
ordinary account.
He can not
make payments
from another
source, his
savings account
in India.
The applicant's
eligibility
is also determined
by the number
of dependents,
assets and
liabilities.
An NRI applicant
is eligible
to obtain
a housing
loan from
a minimum
of Rs 5 lakhs
to a maximum
of Rs 1 crore,
based on repayment
capacity and
the cost of
the property,
which is variable.
Home Loan
Tenure for
NRIs is different
from resident
Indians. An
applicant
will be eligible
for a maximum
of 85% of
the cost of
goods or the
cost of construction
on the case
and 75% of
the cost of
land if the
land purchase
is based on
the repayment
ability of
the borrower.
An NRI can
improve its
loan by the
application
of eligibility
for home loans
with a co-applicant
who has another
source of
income.
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