| Bank Name | Min Interest Rate | Processing Fee | Foreclosure Charge | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Indiabulls
|
8.80% | 1% | NIL | 240 |
|
|
Canara Bank
|
8.35% | 0.10% | NIL | 240 |
|
|
DHFL
|
10.00% | 1.50% | NIL | 240 |
|
|
Kotak Mahindra Bank
|
8.90% | 1.25% | NIL | 240 |
|
|
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ICICI Bank Ltd.
|
8.95% | 0.50% | NIL | 240 |
|
|
HDFC Bank Ltd
|
8.00% | 1.25% | NIL | 240 |
|
|
Axis Bank Ltd.
|
8.80% | 1% | NIL | 240 |
|
|
Bank of Baroda
|
6.85% | 1% | NIL | 240 |
|
|
State Bank of India
|
6.95% | 1% | NIL | 360 |
|
|
Invest on your dream today to get fruitful result in future, it doesn’t matter being an indian who must live in India to get home loan, by being a NRI also you can easily purchase property in India. Then what are you waiting for check your eligibility criteria for applying NRI home loan.
NRI home loan Eligibility CriteriaUsually, NRI home loan Eligibility Criteria depends on various factors like age of applicant, monthly salary or business income of co-applicant & residency..etc.
Eligibility Criteria for Salaried Individual
Eligibility Criteria for Self-Employed Individual
Note: - You can avail maximum loan amount as 75% - 90% property value.
There are Top factors that generally affects NRI home loan Eligibility Criteria as given below: -
Debt to Income Ratio: -Generally lenders check your monthly income & existing loan EMI to calculate whether you afford to pay another loan EMI without any default in making regular payment. If the ratio indicates as positive, then so your loan application gets approved.
Stable Income: - Whether you are earning high income, but lender want to know for which company you are working for & they cross check with listed companies to ensure that the company has enough capacity to provide you monthly salary without any issue.
What are the ways to increase NRI home loan eligibility?To increase NRI home loan eligibility, you need to consider Top 3 points as given below, this will aid you in increasing your eligibility level.
You can add Co-applicant: - This is one of the best ways to increase NRI home loan eligibility just adding your earning member of family give extra boost to eligibility level which aid you to get loan without any hassle.
Open account with preferred lender: - When you are planning to buy new home by getting a NRI Home loan then starts comparing from earlier days to know which bank or NBFC offer best deal. So, once you fix it then prefer to open a account by 1 year earlier of applying for loan this will help you build trust for lender.
Opt for Longer Tenure period: - Generally, longer tenure refers to low risk of default payment on EMI as the Emi amount will be much more affordable to pay & therefore it won’t become burden on you. Hence, choose for longer tenure period while applying for NRI Home loan to increase your eligibility.
PHOTOGRAPH BOTH
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
LAST 1 YEAR GST RETURN COPY
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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Several documents are required for NRI Home Loan as given below:-
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Generally, this facility allows you to get approval at short period & under the section 80c NRI Home Loan holder get the tax benefits additionally.
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Applicant age should be in-between 24 – 65 years & minimal work experiences should be 2 years as 6 months with current organization.
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For NRI Home Loan lowest Interest Rate starting 6.85% onwards.
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Yes, you can able to buy property India, even there are several banks offering finance to purchase property for NRI Home Loan buyers.
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For NRI Home loan you get the repayment period upto 30 years to repay the principal amount.
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Yes, there are various Banks & NBFC’s providing finance to home buyers at the lowest Interest Rate with other exclusive benefits.
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Yes, NRI are eligible to apply for Home Loan in India.
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You can get 75% to 90% of property value a loan amount ( e.g ) if you are property value is 50 lakh then you can expect around 25 lakh to 40 lakh.
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NRI Home Loans allows NRI’s Non-Resident Indians to get closer buy their dream home through finance.
CA Vikas Jain - Our Mentor
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