| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Foreclosure Charge | Chances of Loan Approval | |
|---|---|---|---|---|---|---|---|
State Bank of India
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9.00% | 1% | 500 | 120 | 2% |
|
|
Federal Bank Ltd.
|
9.50% | 1% | 500 | 120 | 2% |
|
|
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 CriteriaGenerally, 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
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.
PHOTOGRAPHS 2
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
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
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
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
DDRESS 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
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
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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The loan amount is totally based on your property value, you can except 70% -85% of property value as loan amount.
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Family members of borrowers can be co-applicant.
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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.
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You can get up to 50% of security value as a maximum loan amount.
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Whether you are salaried or employed you must have stable income with good credit history & property in good condition.
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NRI & PIOs individual can apply for this loan.
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Yes, many banks offer loan for NRI at competitive rates.
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CA Vikas Jain - Our Mentor
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