Many
banks in India provide loans to Non-Residential Indians. However, the
eligibility criteria are stringent, so it's necessary that any NRI applicant
should be able to fulfill all the criteria mentioned in the loan form.
Eligibility criteria: Often, these
include the age of the applicant being a minimum of 21 years and a maximum of
60 years for salaried professionals and for self-employed professionals, the
maximum age is 65 years at the time of the loan maturing. Besides, salaried
applicants should have lived abroad for a minimum of one year before applying
for a loan, while self-employed applicants should have lived abroad for about
three years.
How you should take an NRI Home Loan:
When you approach the bank for a loan, it's not always that you know just what
you want. You need guidance, so ensure that your bank gives you the time and
guidance to make the right choice.
Now,
you can also apply for an NRI home loanIndia, even though you live outside India. However, you should be aware of
the loan procedures in India. The procedures for residents and non-residents of
India may be similar, yet you need to know what you're investing in.
Documentation required: The
documentation required for an NRI home
loan India is simple. All you
need to submit are your valid passport and visa copies, cheque or draft in INR,
Power of Attorney document signed by all applicants, one passport size photo of
all applicants, with signature across, . You also need to submit an authority
letter signed by all applicants, company details, copy of your residential
address to be verified with a driving license copy, copy of PAN card and
self-attested address proof of all applicants.
Rate of interest: The interest on NRE account for anyone
taking a home loan is as follows:
Up to Rs. 25 lakhs: 10.50%
From Rs. 25-Rs. 75 lakhs: 10.75%
Rs. 75 lakhs and above: 11.25%
All these facilities for NRIs wanting to
buy a new or old house or flat, or make an addition to a flat, or alter an
existing house, renovate or repair it are available with ICICI Bank.
