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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.
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.