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.
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
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
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.