Housing and Finance in India
Buying a house is not a Herculean task for
the NRIs anymore as availability of NRI Housing Loan makes
investment lot more convenient. Any individual staying
abroad for employment or for carrying on business or vocation
outside India or for any other purpose in circumstances indicating
an indefinite period of stay abroad are eligible for NRI Housing
loan. Apart from that, government servants posted abroad on
duty with the Indian missions or deputed abroad on assignments
with foreign Governments or regional/international agencies
are also entitled to these loans.
NRI Housing loan is offered by some of the
premier financial institutions and banking
in India such as ANZ Grindlays Bank, ICICI Bank, HDFC,
HUDCO, CITIBANK, LIC etc. As an NRI, you can avail a maximum
loan of Rs.1, 00, 00,000 or 85% of the cost of the property,
including cost of the land, whichever is lower. The rate of
interest will vary from 11.25% to 14.25% per annum depending
on the financial
institution. At the time of making application for the
loan a processing fee is payable which will vary between 1%
to 2% of the loan amount applied for depending on the institution.
The amount of loan to be borrowed will depend
upon a person’s repayment capacity. Repayment capacity
takes into consideration factors such as income, age, qualifications,
work experience, number of dependants, spouse's income, assets,
liabilities, stability and continuity of occupation, alternate
employment prospects when the concerned person returns to
India and savings history.
While applying for a home
loans in India the following documents are to be submitted
along with the application:
1. Employment/Residency related documents:
- Employment contract
- Latest salary slip.
- Latest work permit.
- Identity card issued by current employers.
- Visa stamped on the passport.
- Continuous Discharge Certificate (if applicable).
- Overseas Bank Account Statement for the last four months.
2. Property Related Documents:
- Receipts for payments made for purchase of the dwelling
- Copy of approved drawings of proposed construction/purchase/extension.
- Agreement for sale/sale deed/detailed cost estimate from
Architect/Engineer for property to be purchased/constructed/extended.
- Allotment letter from the co-operative society/association
of apartment owners.
3. Power of attorney
Once the loan is sanctioned, the period of repayment of
the loan is determined which normally falls in the range
of three to ten years. Loan can be repaid through Equated
Monthly Installments (EMIs) comprising principal and interest.
Repayment by way of EMI commences from the month following
the month in which you take full disbursement. EMI is payable
every month, by the end of that month. EMI payments are
to be made through post dated cheques from your NON-Resident
(External) Account/Non-Resident (Ordinary) Account in India.
Note: People of Indian origin, holding
foreign passports are not eligible to obtain loans from Housing
Gurgaon, Noida, Faridabad, Chennai, Pune,
Bangalore, Kolkata, Hyderabad, Ahmedabad, Chandigarh
|Agra, Amritsar, Bhiwadi, Bhopal, Bhubaneshwar, Coimbatore, Greater Noida, Greater Bangalore, Goa, Ghaziabad, Indore, Jaipur, Jalandhar, Jamshedpur, Jammu, Kochi, Kanpur, Ludhiana, Mangalore, Mysore, Manesar, Mohali, Nagpur, Nashik, Neemrana, Panipat, Rudrapur, Sonepat, Thiruvananthapuram, Visakhapatnam