| Bank Name | Min Interest Rate | Processing Fee | Max Tenure (Month) | Foreclosure Charge | |
|---|---|---|---|---|---|
|
8.80%
|
1%
|
240
|
NIL
|
|
|
8.35%
|
0.10%
|
240
|
NIL
|
|
|
10.00%
|
1.50%
|
240
|
NIL
|
|
|
8.90%
|
1.25%
|
240
|
NIL
|
|
.png)
|
8.95%
|
0.50%
|
240
|
NIL
|
|
|
8.00%
|
1.25%
|
240
|
NIL
|
|
|
8.80%
|
1%
|
240
|
NIL
|
|
|
6.85%
|
1%
|
240
|
NIL
|
|
|
6.95%
|
1%
|
360
|
NIL
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
8.80% |
|
|
|
8.35% |
|
|
|
10.00% |
|
|
|
8.90% |
|
|
|
8.95% |
|
|
|
8.00% |
|
|
|
8.80% |
|
|
|
6.85% |
|
|
|
6.95% |
|
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.
Usually, NRI home loan Eligibility Criteria depends on various factors like age of applicant, monthly salary or business income of co-applicant & residency..etc.
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.
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.
What are the document required for NRI Home Loan?
Several documents are required for NRI Home Loan as given below:-
What is the benefit of NRI Home Loan?
Generally, this facility allows you to get approval at short period & under the section 80c NRI Home Loan holder get the tax benefits additionally.
Do I am eligible for NRI Home Loan?
Applicant age should be in-between 24 – 65 years & minimal work experiences should be 2 years as 6 months with current organization.
What is the Interest Rate of NRI Home Loan?
For NRI Home Loan lowest Interest Rate starting 6.85% onwards.
Can I buy property in India as a NRI?
Yes, you can able to buy property India, even there are several banks offering finance to purchase property for NRI Home Loan buyers.
What is the maximum tenure period to repay loan amount?
For NRI Home loan you get the repayment period upto 30 years to repay the principal amount.
Can banks provide finance for NRI Home Loan?
Yes, there are various Banks & NBFC’s providing finance to home buyers at the lowest Interest Rate with other exclusive benefits.
Can NRI apply for Home Loan in India?
Yes, NRI are eligible to apply for Home Loan in India.
How much loan can I get through NRI Home Loan?
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.
How can get NRI Home Loan in India?
NRI Home Loans allows NRI’s Non-Resident Indians to get closer buy their dream home through finance.
Want to get financial service? Advise by CA Vikas Jain
CA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
Read MoreCA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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