Policies, Codes & Other Documents
For a Non-Resident Indian (NRI) who is away from India, having a home in India has a nostalgic touch. Earlier the hassles of getting a land purchase loan for an NRI in India was a long and tedious process. This made many NRIs shy away from investing in a property in India in the past. However, things have changed now. Thanks to digitization across the lending space in India, one can apply for an NRI home loan online. Today, these loans come with various features like minimum paperwork and flexible repayment options. Yet, someone looking for an NRI home loan must understand important loan facts like NRI home loan eligibility, NRI documents for home loans, etc. This article discusses key facts about NRI home loans that every NRI should know.
NRI Home Loans come with
· Home loans offered up to Rs. 10 crores depending on the NRI needs and eligibility
· Attractive NRI home loan interest rates
· Customised NRI home loan tenure
· Hassle free processing and approval
· Minimal documents required for NRI home loan
· Flexible equated monthly installment (EMI) repayment options
· Dedicated and experienced staff to handle the home loan process
The interest rate for home loans for NRIs differs between banks. For instance, Tata Capital offers competitive NRI home loan interest rates starting from 9% per annum.
· The minimum NRI home loan tenure to repay the Home Loan is 1 year
· The maximum loan tenure for home loan repayment is 15 years
To be eligible for a loan, the basic NRI home loan eligibility requirements to be met are:
· Must be a Non-Resident Indian
· Must be in the age group of 24 – 65 years
· If the NRI is a salaried individual, then they have a minimum of 3 years of work experience and earn at least Rs. 30,000 per month
The NRI home loan document checklist is stated below:
· A copy of a valid passport having the VISA stamp
· A copy of a valid visa or work permit or any equivalent NRI home loan document that supports the proposed account holder’s NRI status
· If residing in the USA, the latest employment contract copy giving proof of salary pr salary certificate or wage slip
· If residing in the UK, then the latest P60 or Income Tax returns are required
· If residing in UAE, a work contract required
· NRIs based in Singapore and Hong Kong are required to submit the latest IR8 and B4, respectively
· NRI documents for home loans require the last 6 months overseas bank account particulars. It should show the details of the salary received. The statement is compulsory for every NRI applicant who has a local NRE/NRO account
· The current NRI home loan document checklist requires any power of attorney(POA). Know your customer ( KYC) & financial documents like salary slips, to be attested by the Consulate or Notary Public of the specific country where the NRI currently residing.
A salaried individual has to provide additional NRI home loan documents as shown below.
· Home loan application process
· Identity Proof
· Address Proof
· Latest salary slip
· Past 6 months' bank statement
· Form 16
It is now very easy for NRIs to buy a home in India owing to the availability of online loan options. They should follow the below steps to get a home loan of their choice.
· Verify NRI Home Loan eligibility online
· Select the amount and maximum tenure for the NRI home loan
· Submit loan application along with the documents required for an NRI home loan
· Post approval, the funds are credited into NRI’s account
Owning a home in the place where they grew up is a desire of many NRIs. It will help them build cherished memories for future generations. Tata Capital has come up with customised NRI home loans to help NRIs have a simple, quick and hassle-free overall home loan process and realise their dreams of having a home in India. Tata Capital offers attractive NRI home loan interest rates with flexible repayment options and requires minimal NRI home loan documents. NRIs can apply for Tata Capital home loans from the comforts of their home or office from anywhere in the world. For more home loan details, visit the Tata Capital website.
Policies, Codes & Other Documents