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NRI Loan Against Property @ 9.00% Onwards

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

9.00%

Federal Bank Ltd.

9.50%

₹ 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
  19. PAN Card Copy
  20. AADHAR CARD + PASSPORT
  21. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  22. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  23. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  24. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  25. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  26. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  27. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. PAN CARD CLEAR COPY PROPRIETOR.
  2. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  3. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  4. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  5. LAST 1 YEAR GST RETURN COPY
  6. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  7. PROVISIONAL FINANCIAL AY 2019-20
  8. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  9. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  10. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  11. AGREEMENT TO SELL COPY
  12. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  1. PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  1. PHOTOGRAPH
  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  3. ADDRESS PROOF – COMPANY AND DIRECTORS.
  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  5. MEMORANDOM
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURNS
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions

How much loan amount can I except?

The loan amount is totally based on your property value, you can except 70% -85% of property value as loan amount.

Who can be co-applicant?

Remember, co-applicant must be blood-relation.

How to apply for nri loan against property?

There are various banks offering this type of product & all are best at their end, some offer low interest but lower loan amount while some offer high interest for higher amount. Hence, deciding the perfect banking partner is not that much easy, once you've chosen your ideal banking partner start contacting them through visiting their website or visit nearest bank branches for further information.

How much loan amount I can get?

You can get up to 50% of security value as a maximum loan amount.

Is I am eligible for nri loan against property?

Whether you are salaried or employed you must have stable income with good credit history & property in good condition.

Who can apply for nri loan against property?

NRI & PIOs individual can apply for this loan.

What are the documents required in nri loan against property?

  • Loan application form 
  • 2 colored photographs 
  • Identity proof 
  • Address proof 
  • Income proof 
  • Latest 1 year bank statement 
  • Securities documents

Can nri able to get loan?

Yes, many banks offer loan for nri at competitive rates.

What are the benefits of nri loan against property?

  • Attractive interest rates 
  • Minimal paperwork 
  • Quick processing 
  • Tenure up to 20 Years 
  • Balance transfer & top-up facility available

Related Topics

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business Credit Report
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