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Where We Build Your Visions
Owning a dream homes is now easy with Oxford Realtors!
General
Who is a Non-Resident Indian (NRI)?
Resident Indian (NRI) means a person who has gone out of India or who stays outside India, in either case for or on taking up employment outside India, or for carrying on outside India a business or vocation outside India.
Do you require permission of RBI Before to acquire a property in India?
An NRI buying an immovable property in India does not require any special permission.
Home Loans
What should be the age and qualification for availing home loan?
The minimum age of eligibility for an NRI is 18 years and it goes up to 60 years or retirement age (whichever is earlier) at the time of loan maturity. The age criterion may vary from bank to bank and other lenders
Can an NRI apply for home loan at Indian banks?
Yes, NRIs can avail home loans from Indian banks to purchase a property. The procedure to avail a home loan remains more or less the same as applicable to any resident Indian.
What is the eligibility criteria required for NRI to purchase a property in India?
The eligibility is calculated in the same way as it is done for resident Indians with special emphasis on:
– Age & Qualifications
– Current job profile and work experience
– Chances of continuing abroad for the loan tenure
– Chances of servicing the loan with an extended tenure in case the applicant needs to return to India
What kinds of properties an NRI can avail home loans for?
To purchase a house which is either ready to move in, under construction or bought from another owner, an NRI can avail home loans for:
– For construction of a property on a plot of land by self
– To purchase a plot allotted by a society/development authority
– For the purpose of renovation or improvement of an existing property in India
What are the documents needed for home loans?
Documents such as copies of passport, valid visa and work permit, contract of employment, work experience certificate, salary certificate and statements of non-resident external (NRE) or non-resident ordinary (NRO) accounts are usually required.
Oxford Realtors brings to you the convenience of availing housing loans. We have collaborated with esteemed institutions like ICICI Bank, HDFC, Axis, State Bank of India & a lot more. To make processing of loans easier for you
What tax benefits are available in regards to the home loans?
In the case of self-occupied property acquired or constructed out of borrowed funds, the deduction available for interest on capital borrowed is Rs. 2,00,000/-. In case of a rented property, the whole of the interest amount is allowed as deduction. The limit of repayment of housing loan qualifying for deduction under section 80C is Rs. 1,50,000/- (This covers Stamp Duty and Registration Fee).
What is the reducing balance method of interest payment?
In reducing balance you reduce the amount of principal payment already paid by you from the initial loan amount. You pay interest only on principal unpaid till that point of time and not the entire loan amount.
What is floating interest rate?
Also known as variable or adjustable rate, a floating interest rate is a type of debt including credit, loan, bond which does not have a fixed interest rate.
Do banks charge any processing fee for home loan?
Yes, banks do charge processing fees which usually varies from 0.25% to 0.50%. The processing fees is levied for the maintenance of your loan and once paid it is non-refundable.
How do I apply for home loan?
You can apply for home loan by approaching a housing finance company with a formal application. In addition to the application, you’re required to submit your personal details to the bank to know about your loan eligibility.
What are the general documents required for home loan applications?
To apply for home loan, you would require Identity proof, address proof, age proof, proof of educational/professional qualifications, employment details, bank statement, proof of income, pan card, property details and auditor’s report.
How much housing loan can one get?
Banks have set some parameters to determine the borrowing capacity of a candidate. The amount of home you get depends on your age, salary structure, liabilities and cash flow and expenses.
What is fixed interest rate?
A fixed interest rate loan is a loan where the interest rate doesn’t fluctuate. This allows the borrower to accurately predict their future payments. Variable rate loans, by contrast, are anchored to the prevailing discount rate.
