Buying a house is not difficult for NRIs any more as the
NRI Housing Loan makes the property investment a lot more convenient. Any
individual staying abroad for employment or for carrying on business or
vocation outside India or for any other purpose in circumstances indicating an
indefinite period of stay abroad are eligible for NRI Housing loan. Apart from
that, government servants posted abroad on duty with the Indian missions or
deputed abroad on assignments with foreign Governments or regional! International
agencies are also entitled to these loans.
NRI Housing loan is offered
by some of the premier financial institutions and banking in India such as ANZ Grind
lays Bank, ICICI Bank, HDFC, HUDCO, CITIBANK, LIC etc. As an NRI, you can avail
a maximum loan of Rs.1,00,00,000/- or
85% of the cost of the property including the cost of land, whichever is lower.
The rate of interest will vary from 11.25% to 14.25% per annum depending on the
financial institution. At the time of making application for the loan a
processing fee is payable which will vary between 1% to 2% of the loan amount
applied for depending on the institution.
The amount of loan to be
borrowed will depend upon a person's repaying capacity. To arrive at the
repaying capacity banks do take into consideration factors such as income, age,
qualifications, work experience, number of dependants, spouse's income, assets,liabilities, stability and continuity of occupation, alternate employment
prospects when the concerned person returns to India and savings history.
While applying for home
loans in India the following documents are to be submitted along with the
application:
1. Employment/Residency related documents
·
Employment
contract
·
Latest
salary slip.
·
Latest
work permit.
·
Identity
card issued by the present employer.
·
Visa
stamp on the passport.
·
Continuous
Discharge Certificate (if applicable).
·
Overseas
Bank Account Statement for the last few months.
2. Property Related Documents
·
Receipts
for payments made for purchase of the dwelling unit.
· Copy
of approved drawings for the proposed construction/ purchase/ extension.
· A
detailed cost estimate from Architect/Engineer for property to be purchased/
constructed / extended Allotment letter.
Once the loan is
sanctioned, the period of repayment of the loan is determined which normally
falls in the range of three to ten years.Loan can be repaid through Equated
Monthly Installments(EMIs) comprising principal and interest. EMI payments can
be made through post dated cheques from your Non-Resident(External)
Account/Non-Resident (Ordinary) Account in India.
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