Home loans have made the dream of a lot of people come true. Home loans are not only for the residents Indian citizens but NRIs can also avail this service. But there are a few things that need to be taken care of.
Non Resident Indians are those who are Indian citizens and also hold a valid Indian Passport. Such Indian citizens can avail loan for construction of new houses or flats, purchase of old houses or flats, flat addition, alteration of existing houses, renovation, repairs etc.
The documents required can vary from one lender to the other but to avail loan the minimum age required is 21 and their minimum monthly income should be $2000 and he must be a graduate. The lenders also consider the loan number of people dependent on the applicant.
A NRI can avail loan top a maximum of 85%of the total cost of the property. Such a borrower is required to pay the EMIs through post-dated checks from his/ her Non Resident External (NRE) or Non Resident Ordinary (NRO) or Non Resident (Special) Rupee Accounts (NRSR) in India.
A NRI borrower can avail loan from a minimum of 5 lac to a maximum of 1 crore which depends on the repayment capacity of the applicant and the value of property and also a NRI borrower can not avail tax benefits on the home loan.
No comments:
Post a Comment