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Non-Resident Indians

NRIs can avail financing assistance in the form of housing loans, for purchasing residential properties in India. These loans are available through leading Housing Finance Institutions like HDFC, LIC, Canfin Homes, Citibank, ANZ Grindlays, Vysya Bank, SBI, Corpbank and ICICI Bank.

The Common Features of the Housing Loans

• Loan amounts are available up to Rs 10 million (or 85%) of the cost of the property, whichever is lesser. Processing and administrative charges are extra.
• Loan eligibility is decided by the repayment capacity of the individual. Repayment capacity takes into consideration income, age, and qualification, number of dependents, other income, amounts and a few other items.
• The rates of interest vary from 7.75% to 9% is depended on the time period between 5 and 10 years,
• The Repayment period is depended on the time period from 5 to 20 years or on superannuation or on completing 60 years of age.
• The loan is repaid in the form of Equated Monthly Instalments (EMIs).
• The security for the loan would be the equitable mortgage of the property financed. This is created by the deposit of the original title deeds of the property with the Housing Finance Institution.
• Local guarantors will also be required in the case of a few institutions.
• Copies of the following documents have to be submitted along with the application for the loan to the institution.
  • Employment contract
  • Latest salary slip
  • Latest work permit
  • Visa stamped on the passport
  • Power of Attorney to a local individual
  • Receipt of payments made for purchase of the property
  • Agreement of Sale
• Interest rates and EMIs are subject to change without notice. Check with the financial institutions for prevailing interest rates.
• A salaried applicant should be abroad for at least a year and a self-employed applicant for 3 years.

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