NRI Home Loan

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A personal loan overdraft facility represents A versatile credit provision that is customized for existing personal loan customers. This specialized offering empowers you to access your funds within the confines of your sanction credit limit on the loan amount. But you need to know that the lending mechanism includes different factors to determine the interest rate including your monthly income cash flow patterns and credit profile unlike typical personal loans interest is completely levied on the amount withdrawn instead of the entire sanctioned amount. This makes it really attractive option for you if you are facing recurrent cash shortage but you have the means to repay it in time. If you are looking forward to getting an overdraft facility on the personal loan, then you need to look no further as you can connect with us. We offer the best overdraft loan facilities

NRI Home Loan Possibilities

NRI's have the capacity to invest in residential and commercial properties within India. But if you're an NRI then you need to know that you are prohibited from buying agricultural land. Additionally you will have the flexibility to acquire multiple properties expanding your investment portfolio in your country.

You have the privilege to secure loans to buy property in India just like a resident Indian. As is the case with resident individuals the typical NRI home loan will cover 70% or 90% of the property value while the remaining amount should be sourced from your personal resource. You need to know that the outstanding sum has to be transacted in Indian rupees exclusively and no other currency is permissible for this purpose.

Eligibility criteria for NRI home loans in india

If you want to apply for an NRI home loan you need to fall in the bracket of 24 to 60.

When you choose us to get a NRI home loan We will surely consider your work experience abroad. It should be around six months or more.
Your income level also plays a very important role when it comes to applying for a home loan in India. If you're from a US or any other country then you have to have a minimum income level of at least $3000 per month.
But you must know that all these requirements can fluctuate based on the country of residence and the type of employment. You should thoroughly review and ensure that you align with the income criteria specified.

Identity Proof

You need to provide some identity proof like pan card passport or card voter card driving licence address proof and others. If your passport contains the address then you have to provide other card voter card and driving license.
Validated financial statements are mandatory and they must be audited. It includes your financial statements balance sheet and profit and loss statement besides other financial documentation that verifies your income and self-employed individual status.
For both salaried and self-employed people
You need to provide some IT returns for a specific time that validate the income declared by you. These documents play a very important role in substantiating your identity address and the financial stability while helping you in the assessment and approval of the home loan application you need to know that the additional documents specific requirements might be requested by different institutions so you have to confirm the important paperwork with the respective bank.

Property transaction documents

You need to provide agreement for sale which is a legal document which outlines the terms and conditions agreed between you and the seller regarding the property purchase.
Property allotment letter is very important and it is issued by the developer or the builder. It confirms the allotment of the property.
If your property includes ongoing construction then you have to obtain the important permissions.
You need to provide documents submitted to the financial institution as a part of the loan application process like the application form supporting the financial papers and other required paperwork.
At the same time you have to provide any input receipts or documents confirming the payments made towards the property transaction.

Additional considerations

If you are gifting property or funds to resident Indian as an NRI then some regulations and documentations should be submitted as per the prevailing laws governing these transactions.
The loan amount will depend on the property you choose.
Loan to value ratio generally include 70 to 80% of the property value. This ratio might vary based on the policy and the profile.
The processing fees can be anywhere between 0.25% to 3 personal loan amount.
The penalties imposed for the late payment and prepayment for the entire loan amount before the stipulated term. The penalties and the charges differ across different banks and the loan products.

Tax benefits for NRI availing home loans

You can claim a reduction of around ₹2,00,000 on the interest amount repaid towards your home loan you can avail the reduction when the property remains vacant or self occupied.

You can claim a reduction of principal component that is around ₹1,50,000. You can repay it towards the home loan.

If your property is rented out the entire interest payable on the home loan can be claimed as a tax deduction it provides you an extra advantage for you as an NRI as it is a rented property.

NRI home loan repayment

You can repay the home loan through remittances made from abroad via normal banking channels including non resident account or non resident ordinary account or even from rental income derived from the rent. It is very important for you to repay the loan amount in Indian rupees only. It is because it is compulsory to align with the regulations governing the NRI home loan repayment. The repayment tenure for NRI home loans can range anywhere from 20 years to 30 years. It all depends on the specific loan. The criteria also depends on their educational qualifications property type and the purpose of the loan.

Documents Required for Salaried and Self-Employed Individuals

Salaried Individuals

Please provide the required below mentioned documents NRI Salaried for processing of your home loan application: –

Latest photograph pasted on application form (fully filled and signed).
ID, SV, DOB, Residence proof (Pan card, Voter card, Aadhaar card, Passport, Latest utility bill and Rent agreement) and copy of emigration stamped on passport (should be verified by local notary public in overseas).
Employee ID card, Resume of applicant& co-applicant and highest qualification proof.
Power of attorney should be attested by Indian Embassy in overseas.
Power of attorney ID, SV, DOB and Residence proof (Pan card, Voter card, Aadhaar card, Passport & Latest utility bill).
Last 03 months salary slip or original salary certificate.
Appointment letter or contract letter.
Offer letter of previous organization (if employment less than 02 year in present organization).
Website address of the employer, office address in India (is available) and contact details of HR manager.
Last 06 months salary A/C statement NRE or NRO a/c statement.
Credit bureau report (in case facility available in the country applicant & co-applicant are based at than declaration to be collected mentioning details of any other loans availed).
Copy of sanction letter of all running loans and track records (if any).
Any investment proof – like LIC policy, RD, FD, NSC, Mutual fund, Shares certificate (if any).
In case property is not selected than provide the pre-approval letter.
Processing fees cheque from NRE or NRO A/C
Legal fee

* In case customer is permanent resident of the overseas country then permanent resident card will be required

Self-Employed Private Limited Company

Properly filled & signed Application Form with photographs pasted on it.
Photo Id proof (Pan Card, Voter Id Card, Driving License and Passport Etc.) [Applicant, Co-applicant& POA holder]
Office & residence address proof of both applicant & Co-applicant.
Date of birth proof (Pan Card, Driving License and Passport Etc) [Applicant, Co-applicant& POA holder]
Valid Visa Copy of all applicants.
One Photograph [Applicant, Co-applicant& POA holder]
Highest Qualification Proof. [Applicant, Co-applicant]

Detailed Company Profile + Past employment history.
MOA /AOA, Latest Share holding pattern or Partnership Deed.
List of assets & liabilities.
Credit bureau report with score card.
Copy of contracts with detailed terms & condition.
Sales / Service / VAT tax return + advance tax challans if applicable.
3 years tax documents + audit report + financials.
Latest #6 months bank account statement (all operational accounts) [Current a/c + NRE & other NRI a/c’s] in original.
Processing fee cheque in From NRE Account
Existing Loan details with supporting documents. (If Any in INDIA & Abroad)
Property papers with complete chain.

Self-Employed Partnership Firm

Properly filled & signed Application Form with photographs pasted on it.
Photo Id proof (Pan Card, Voter Id Card, Driving License and Passport Etc.) [Applicant, Co-applicant& POA holder]
Office & residence address proof of both applicant & Co-applicant.
Date of birth proof (Pan Card, Driving License and Passport Etc) [Applicant, Co-applicant& POA holder]
Valid Visa Copy of all applicants.
One Photograph [Applicant, Co-applicant& POA holder]
Highest Qualification Proof. [Applicant, Co-applicant]

Detailed Company Profile + Past employment history.
MOA /AOA, Latest Share holding pattern or Partnership Deed.
List of assets & liabilities.
Credit bureau report with score card.
Copy of contracts with detailed terms & condition.
Sales / Service / VAT tax return + advance tax challans if applicable.
3 years tax documents + audit report + financials.
Latest #6 months bank account statement (all operational accounts) [Current a/c + NRE & other NRI a/c’s] in original.
Processing fee cheque in From NRE Account
Existing Loan details with supporting documents. (If Any in INDIA & Abroad)
Property papers with complete chain.

Self-Employed Proprietor Firm

Properly filled & signed Application Form with photographs pasted on it.
Photo Id proof (Pan Card, Voter Id Card, Driving License and Passport Etc.) [Applicant, Co-applicant& POA holder]
Office & residence address proof of both applicant & Co-applicant.
Date of birth proof (Pan Card, Driving License and Passport Etc) [Applicant, Co-applicant& POA holder]
Valid Visa Copy of all applicants.
One Photograph [Applicant, Co-applicant& POA holder]
Highest Qualification Proof. [Applicant, Co-applicant]

Detailed Company Profile + Past employment history.
MOA /AOA, Latest Share holding pattern or Partnership Deed.
List of assets & liabilities.
Credit bureau report with score card.
Copy of contracts with detailed terms & condition.
Sales / Service / VAT tax return + advance tax challans if applicable.
3 years tax documents + audit report + financials.
Latest #6 months bank account statement (all operational accounts) [Current a/c + NRE & other NRI a/c’s] in original.
Processing fee cheque in From NRE Account
Existing Loan details with supporting documents. (If Any in INDIA & Abroad)
Property papers with complete chain.

NRI Checklist – Merchant Navy

Dully filled & signed application NRI loan application form.
One passport size photograph to be affixed on the application form & to be self-attested by applicant & co-applicant.
Copy of identify proof of both applicant & co-applicant. (Passport, pan card, driving license).
Copy of residence proof of both address of applicant& co applicant. (Passport, telephone bill, electricity bill bank statement).
Copy of visa stamped on the passport. (Last visit details to be highlighted)
Copy of employment contract.
Website address of the employer and contact details of HR Manager
Copy of continuous discharge certificate
Copy of last 3 months salary slip/ original salary certificate.
Bank Statement of the NRE/NRO account for the last 6 months.
Past occupational history (in case of less than 2 years of work experience or recent change in employment)
Copy of Latest Income tax return (if applicable)
Details of any other loan availed from any other bank/financial institutions. (To be mentioned on the application form)
Bank statement showing repayment of the loans availed from any other bank or financial institution for the last 6 months repayment track record from the bank or financial institution the loan has been availed from.
Processing fee cheque in favour of from NRE/NO account.
Power of attorney details & contact person details to be updated on the application form
In case of property selected copy of property documents are also required. (Please provide details such as complete property address, owners details & payment made to the builder from own sources

Note: – If the documents are in language other than English an English translation of the same attested by the embassy should be provided. In case applicant & co applicant is not present in India at the disbursement of the loan and POA has been identified then KYC documents of the applicant & co applicant to be attested by the notary public or Indian Embassy. Or customer can provide banker’s certificate from his bank on their letter head mentioning that applicant & co applicant are KYC complied with the bank.

Why Choose Us

If you are looking for the best NRI home loans then you need to look no further as we have got you have covered! We can provide you with the best NRI home loan so you don’t have to worry at all.