NRI HOME LOAN

NRI Home Loan can be availed by an Individual who has been living overseas who has been conducting his business or pursuing a vacation is eligible for NRI Home Loan. An NRI can avail a long upto 2 Crores or an amount upto 85% of the value of the property. Almost all banks and financial institutions lend loan for an NRI and a processing fees is charged which can vary from 0.5% to 2 %. This is a onetime processing fee.

Loans can be applied for the following purpose

♦ New Construction or Purchasing a Home
♦  Purchasing an already built home ( Old home )
♦  Extention or Renovation of Home
♦  Purchase of Built up plot

ELIGIBILITY

♦  Person can be salaried , Self Employed or Self Employed professional
♦  Income not less than Rs. 12,000 monthly and Rs. 1,50,00/- yearly ( Net )
♦  Income of Spouse can be added is he or she falls short of minimum earning slab.
♦  Maximum Age can be 70 year for Self Employed & 60 for Salaried person

Income for Loan Tenure upto 5 years ( After Conversion if Required )

♦ Annual Gross Salary be atleast USD 30,000 for USA, UK and all other countries except Gulf    Countries.
♦ 36,000 Dirhams for Gulf Countries.
♦ 20,000 USD for Mechant Navy.

Income for Loan Tenure upto 5 years till 15 years ( After Conversion if Required )

♦ Annual Gross Salary be atleast USD 42,000 for USA, UK and all other countries except Gulf    Countries.
♦ 48,000 Dirhams for Gulf Countries.
♦ 26,000 USD for Mechant Navy.

Documentation Required

♦ 2 Passport Size Photograph
♦ Income Proof of the applicant
♦ Age Proof of the applicant
♦ Identity Proof of the applicant
♦ Appointment Letter or Contract Paper or Employment Letter
♦ Details of last salary drawn
♦ Sale Deed or Agreement of Sale
♦ Address Proof
♦ Original Copy of NOC under ULC Act
♦ Salary of the certificate duly attested by the Indian Embassy / Consulate
♦ Or any other document required by bank.



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