NRI Home Loan

An Indian who has been living overseas for service, conducting business or pursuing a vocation is suitable for a NRI Housing loan. This post gives all the information on home loans from NRIs.

NRI can get home loans for the purpose of :

• Construction of new home / flat.
• Purchase of an already built (even old) home / flat.
• Extension to a home / flat.
• Purchase of a built-up plot.

An NRI can avail of a loan of up to Rs.2 crore or an amount of up to 85% of the cost of the property. The rate of interest varies from 8.35 to 9.00% p.a.

Eligibility

Age

• You must be minimum 25 years old.
• For NRI applicant, maximum age limit is 60 years or retirement age (whichever is earlier) at the time of loan maturity.

Residential status

• If salaried applicant, you should have been abroad for a minimum period of 1 year.
• If self-employed applicant, you should have been abroad for a minimum period of 3 years.

Tenure & Minimum Qualification:

• For Salaried- Loan tenure up to 10 years, minimum qualification to be Graduate/ Diploma. Loan tenure between 11 to 15 years, for Middle east minimum qualification is Post Graduate/ professional degree.
• Loan tenure 11 to 15 years, for USA and all other countries minimum qualification is Graduate/ Diploma with minimum 3 years of employment abroad/ professional degree with min 1 year of employment abroad.
• For Self-Employed- SSC or it’s equivalent.
• Maximum tenure: Maximum tenure for Home Loan and Home Improvement Loan is 25 yrs / Maximum tenure for Land loan and Home equity loan-Residential is 10 yrs. No Office Premises Loan is allowed

Income :

Country/Employment Type	Salaried	Self-Employed	Merchant Navy
USA & Other Countries	42000 USD	42000 USD	42000 USD
GCC	84000 AED	48000 AED	42000 USD

Personal details documents

• 1 passport size latest photograph of each applicant (applicant & co-applicant) with signature across
• Valid passport copies for all the applicants
• Valid visa copies for all the applicants
• Cheque / Draft in INR for fees (as per applicable rate) and the date must be in dd/mm/yyyy format*
• Power of Attorney document as per format duly signed by all the applicants
• Authority letter duly signed by all the applicants as per specified format
• Company details as per format
• Copy of current overseas residential verification proof of all the applicants to the loan. (Driving license or bank statement showing overseas address or latest insurance premium receipt or utility bill)
• Copy of PAN Card for the Ist applicant OR Form 60 as per format attached here with
• Self attested address proof of all applicants

Financial details documents: for salaried individuals

• Copy of current appointment letter OR Copy of salary certificate clearly mentioning the date of joining, current salary earned and designation held in the company
• Copy of previous appointment letters
• Last 3 months salary slip for fixed salary and last 4 months for variable salary
• Last 6 months bank statements clearly mentioning salary credits in the account

Financial details documents: for self-employed individuals

Copy ofIncorporation of business

• Income Proof –
  • Middle East: Last 2 years audited/C.A certified P&L accounts.
  • US & Canada: Last 2 years CPA compiled/reviewed/audited P&L accounts.
  • Others: Last 2 years C.A or equivalent certified/audited P&L accounts.
• Partnership deed (incase of a partnership firm)
• MOA & AOA of the company (incase of a private ltd. company)
• Last 6 months bank statements in the company’s name
• Last 6 months bank statements in individual’s name
• Business profile and office address proof