Buying a house
is not difficult for NRIs any more as the NRI Housing Loan makes the property
investment a 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 Grind lays 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 the cost of 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 repaying capacity.To arrive at the repaying capacity banks do take 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 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 the present
employer.
· Visa stamp on the passport.
· Continuous Discharge Certificate (if
applicable).
· Overseas Bank Account Statement for the
last few months.
2.Property Related Documents
· Receipts for payments made for purchase
of the dwelling unit.
·Copy of approved drawings for the
proposed construction/purchase/ extension.
· Agreement for sale/sale deed.
·A detailed cost estimate from
Architect/Engineer for property to be purchased/ constructed / extended Allotment
letter.
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. EMI payments can be made through post dated cheques from your
Non-Resident(External) Account/Non-Resident (Ordinary) Account in India.
More,
No comments:
Post a Comment
Your Comment on this box