How To Get Home Loan in India For NRI | Home loan For NRI In India
There are various number of the Indians who are moving abroad. Due to job, studies or business opportunities. However, if they want to take a land in the India. There is some rules and regulations for the NRIs to take a home loan in India. Therefore, you must know about How To Get Home Loan in India For NRI. In order to take the land in the country.
NRI Indians are those Indians who are domicile citizens of the India with an Indian passport. However, there is an another category of the Indians whose ancestry makes them a PIO (Person of Indian Origin), who are not citizens of India. Banks and Financial institutions provide exclusive banking and loan products based on specific requirement of NRIs. Also there are various leading banks which provide home loan schemes to the NRIs. Such as ICICI, HDFC, SBI, Axis or Kotak.
How To Get Home Loan in India For NRI:
Tenure of loans:
However, a normal resident can easily avail for the loan for maximum tenure of 30 years with some banks. Moreover, tenure for NRI home loans is restricted. It is available with the range of the 5-15 years. Extension beyond the term of 15 years is solely at the discretion of the bank and in exceptional cases only.
Rate of Interest:
There is the higher rate of interest charged on NRI home loans to cover the higher risk involved. There is generally a margin of 0.25% -0.50% charged.
However, the documents required by the NRI home loans is different from resident home loansMoreover, the documents which are required are the copies of the passport, valid visa and work permit, contract of employment, work experience certificate, salary certificate and statements of NRE\NRO account.
For the people who are residing in the Middle East, copy of employment card is also required.
Submission of documents:
After this you need to submit your documents in the India. In order to get the home loan. There are many branches in the places like Dubai, Singapore, London etc. where you can apply for home loans. Few banks like ICICI, HDFC and Axis also extend the facility of online submission and status updating.
Repayment of loan:
However, the repayment of these loans can only be through the Non-resident External (NRE) or Non-resident Ordinary (NRO) accounts with remittance from abroad. Moreover, no other funds can be used in this. For the repayment of the loan. Hence, the loan must be repaid in the terms of the Indian Rupees only.
Change in status from NRI to Resident:
However, whenever there is a change in the status from NRI. In order to resident the loan is reworked. Moreover, according to the revised income and interest applicable is charged and the tenure is also revised.
Hence, these are the few procedure and methods through which NRI have to go through. In order to get the home loan in India. But the repayment of these loans must be done in Indian Rupees only.