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NRI Loan Against Property @ 9.00% Onwards

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NRI Loan Against Property: Online Apply NRI Loan ProPertY @ 9.00%
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month) Forclosure Charge
State Bank of India
9.00% - 11.00
1%
1%
120
2%
Federal Bank Ltd.
9.50% - 11.50%
1%
1%
120
2%
Bank Name Min Interest Rate
State Bank of India

9.00% - 11.00

Federal Bank Ltd.

9.50% - 11.50%

₹ 10L
₹ 50L
₹ 1C
₹ 1.5C
₹ 2C
₹ 2.5C
₹ 3C
%
1%
5%
10%
15%
20%
25%
30%
1
10
20
30
40
50

Loan EMI

Total Interest

Total Payment

Eligibility Criteria

What you mean by NRI Loan Against Property Eligibility Criteria?

Any NRI Applicant who owns a valid Indian passport & have a regular source of income as a salaried or self-employed of minimum 2 years of working experience with having idle property can able to apply for NRI Loan Against Property.

NRI Loan Against Property Eligibility Criteria

Generally, NRI Loan Against Property Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc.

NRI Loan Against Property Eligibility Criteria for Salaried Individuals

  • • Age Limit of Salaried Individuals - 33 to 58 years of age
  • • Work experience of salaried Applicants – Minimum 3 Years
  • • Should be being at public, private companies or MNC
  • • CIBIL Score should be above 750
  • • Nationality - Resident of Indian

NRI Loan Against Property Eligibility Criteria for Self-Employed Individuals

  • • Age Limit of Self –Employed Individuals - 25 to 70
  • • CIBIL Score should be above - 750
  • • Minimum Years of doing Business -3- 5 Years
  • • Nationality - Resident of Indian

Note: - Maximum Loan Amount of Salaried Individual can avail up to 1 Cr & Self- Employed Individual can avail up to 3.5 Cr.

What are the factors generally affecting NRI Loan Against Property Eligibility Criteria?

There are Top 4 factors that generally affects NRI Loan Against Property Eligibility Criteria as given below: -

Applicant Age: - Lenders significantly check your age to calculate the repayment period (Tenure) that how long you can able to pay monthly EMI & pay back principal loan amount, as if you are younger in age, then it's likely that your loan application can be approved or if you are already left with couple of years to reach 60 then in this case you will be eligible.

Bad Credit Score: - Usually, credit score plays a crucial role in evaluating your eligibility criteria, if you have bad credit history like due bills, delay payment is the reason behind your bad Credit Score which will affect your eligibility criteria.

Interest Rates: - Lower Interest Rate means you will need to pay Lower EMI, which obviously means it require longer tenure period to pay back the loan amount. Your Interest Rates can be calculated on multiple factors like your income range, credit score & property market value like other such factors.

Regular Source of Income: - This is a common factor while applying for loan, you must need to show a regular source of income, you might be salaried employee or self-employed. As much as higher the income your loan amount determines.

What are the ways to increase NRI Loan Against Property eligibility?

To increase NRI Loan Against Property eligibility, you need to consider Top 5 points as given below, this will aid you in increasing your eligibility level.

Close Existing Loans Earlier: - Lenders will consider your on-going loans, Generally, Lenders use FOIR (fixed obligations interest ratio) parameters to evaluate & conclude your eligibility. Therefore, try to close existing loans earlier as much as possible.

Joint Home Loan: - Prefer Joint Loan: - It’s one of the best ways to increase your chances of getting eligible for NRI Loan Against Property. You just need to add your spouse or your parents as a co-applicant but remember that he or say must have a regular source of income, this will enhance your chances.

Check Credit Report before applying: - You need to ensure that your credit report does not have any error or missing payment as it would lower your CIBIl Score. Thus, check your credit report before applying for NRI loan against property & do correction to improve your CIBIL Score to avoid any rejection over your loan application.

Choose Longer Tenure: - Opting for longer tenure which obviously means you would require to pay lower EMI & building a strong confident for Lenders that you will have much more time to pay back your principal (loan amount). This will mark as low risk on your profile to fund the loan amount.

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. VALID PASSPORT COPIES FOR ALL APPLICANTS
  2. VALID VISA COPIES
  3. COPY OF CUREENT OVERSEAS RESIDENTAL PROOF OF ALL THE APPLICANT (DRIVING LICENSE , BANK STATEMENT , INSURANCE PREMIUM RECEIPT COPY OR UTILITY BILL )
  4. COPY OF INDIAN RESIDENTAL PROOF OF ALL THE APPLICANT
  5. CHEQUE
  6. COPY OF THE WORK PERMIT
  7. MORTAGE CREDIT REPORT FOR NRI/PIO CUTOMERS IN USA /UK/SINGAPORE/HONG KONG
  8. POWER OF ATTORNEY DOCUMENTS AS PER BANK FORMAT DULY SIGNED BY ALL THE APPLICANTS FINANCIAL DOCUMENTS
  9. COPY OF CONTINUOUS DISCHARGE CERTIFICATE (CDC) FOR MERCHANT NAVY EMPLOYEES
  10. VALID PASSPORT COPIES FOR ALL APPLICANTS
  11. VALID VISA COPIES
  12. COPY OF CUREENT OVERSEAS RESIDENTAL PROOF OF ALL THE APPLICANT (DRIVING LICENSE , BANK STATEMENT , INSURANCE PREMIUM RECEIPT COPY OR UTILITY BILL )
  13. COPY OF INDIAN RESIDENTAL PROOF OF ALL THE APPLICANT
  14. CHEQUE
  15. COPY OF THE WORK PERMIT
  16. MORTAGE CREDIT REPORT FOR NRI/PIO CUTOMERS IN USA /UK/SINGAPORE/HONG KONG
  17. POWER OF ATTORNEY DOCUMENTS AS PER BANK FORMAT DULY SIGNED BY ALL THE APPLICANTS FINANCIAL DOCUMENTS
  18. COPY OF CONTINUOUS DISCHARGE CERTIFICATE (CDC) FOR MERCHANT NAVY EMPLOYEES
Frequently Asked Questions

What is a Loan against Property? How is it different from a Home Loan?

The two loans are poles apart. A Loan against Property is a multi-purpose loan. The end-use could be funding your elder child’s marriage, your younger child’s education abroad, expanding your business. The collateral (secured asset) for this loan is a property which is already in existence or a plot of land.  A Home Loan on the other hand is taken only for the purpose of buying a residential property. 

Why should I take a Loan against Property?

Your assets like gold, FD etc. can be used as collaterals for loans. Real Estate is a valuable asset. You can leverage this asset and obtain necessary funds. 

Should I take a Personal Loan or a Loan against Property?

A personal Loan is also an all-purpose loan. However, no collateral is required for a personal loan. If you have a property, you should leverage it for funds. A Loan against Property scores over a personal loan for the following reasons: 

  1. A Personal Loan is available at steeper interest rates (around 20%) as compared to a Loan against Property (around 15%). 
  2. A Personal Loan is available for 1-5 years
  3. Loan against Property - 10-15 year

Can NRI’s get a Loan against Property?

Yes. Most banks are willing to offer loans to salaried Non Resident Indians (NRIs). They should live in select countries and should work for reputed organizations.

Do you need to specify the purpose for which you avail a Loan against Property?

Most banks don’t require you to specify the purpose for which you take a Loan against Property, upto a particular limit. Above that, they might require you to provide an undertaking that the loan is not for a speculative / illegal purpose. 

Can a Commercial Property act as collateral for Loan against Property?

Yes. You can take a Loan against Property by providing a Residential or Commercial Property as collateral. You can also take a loan against a plot of land. 

What are the taxation aspects?

Unlike a Home Loan, no tax incentives are available on the EMIs in case the Loan against Property has been availed by a salaried person. A businessman however can claim tax deduction on the entire interest amount paid on the loan if he can prove that the loan funds were used to improve his business.

How would my property value be assessed?

The bank shall determine the value of the property after conducting a formal valuation process. 

What are the documents required for applying for a Loan against Property?

The documents differ for a salaried and self-employed person:

A Salaried applicant needs to submit:

1. Application form with photograph

2. Identity and Address Proof

3. Latest Salary Slips

4. Form 16

5. Bank Statements (6 months)

6. Processing fee cheque

A Self-Employed applicant needs to submit: 

1. Application form with photograph

2. Identity & Address Proof

3. Business existence & Educational proofs

How much time does the Bank take to disburse the loan?

Banks usually take around 2 weeks for disbursing the Loan against  Property once all documentation is completed.

Do I need to insure the property?

Yes. The banks usually require that the property be insured against flood, fire, flood, earthquakes etc. during the loan tenure.

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