What you mean by NRI home loan Eligibility Criteria?
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 Criteria
Usually, 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
- • Age Limit of Individuals – 18 to 60 years of age
- • Minimum 2 years of work experience & must have 1 years of work experience with current organization
- • Nationality - Resident of Indian
- • Minimum salaried required 20,000 p/m
Eligibility Criteria for Self-Employed Individual
- • Age Limit of Individuals – 18 to 70 years of age
- • Minimum 3 years of existing business
- • Minimum turnover of business should be 4,50,000 per annum
Note: - You can avail maximum loan amount as 75% - 90% property value.
What are the factors generally affecting NRI home loan Eligibility Criteria?
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.