by Shreekant Rao
Published Thu, Feb 16th 2017, 14:51 | Finance
The Non-Resident Indians (NRIs) are acknowledged under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI - "An Indian citizen who holds a valid documents like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI."
No matter where you are in the world, if it's your dream to own a piece of paradise in your homeland bank and HFCs would assist you with NRI Home Loan to actualize your dreams. Bank offers a wide variety of home loan products tailored to the unique needs of NRIs at attractive rate of interest.
Eligibility Criteria
Age: You need to be at least 21 yrs old
For salaried applicant, you should have been abroad for a minimum period of 1 year
For a self-employed applicant, you should have been abroad for a minimum period of 3 years.
For salaried applicants the maximum age limit is 60 years or retirement age whichever is earlier (age at loan maturity).
For self-employed applicants the maximum age limit is 65years (age at loan maturity).
Qualification: The NRI House Loan seeker has to be a graduate.
The applicant has to have a minimum monthly income of $ 2,000 (although, this may differ across HFCs).
Credentials:
Valid passport
Visa copies
Work permit / equivalent document supporting the NRI status of the proposed borrower
Power Of Attorney (POA)
Present employment details
Processing Fee
Banks would charge 0.5%+service tax of loan amount as Processing Fee / Administrative Fee at the very initial stage of loan application.
Types of Loan
NRIs can avail Home Loan to purchase flat or house directly from the builder, buy resale property, home extension or renovation or construction.
[Source:http://www.sooperarticles.com/finance-articles/loans-articles/how-apply-nri-home-loan-715392.html?]