Home is where heart is. Loan Street wishes a Happy Loan to all the NRI friends around the Globe. We will assist you in choosing the best property as well as the Best Fit Financial Institution to fund the same.
Besides the Official Open Hearted Welcome by the Government of India, we also want to Call you to this fantastic Red Carpet facility provided by us.
An ASSOCHAM report states â€œNRIs feel confident about the new government of India and waiting for an investment-friendly market in various fields." Increased NRI Property Enquiries is cheering up real estate developers. They are focusing on the NRI base in the US, UK and Asia Pacific Region especially.
The most attractive investment destinations for NRIs are Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun, Delhi-NCR, Chennai, Bhopal and Jaipur with Bangalore being at the Top and Delhi the Lowest.
An NRI or PIO can own any residential/ commercial property in India except any agricultural land, farm house and plantation property, and as many properties as one wants. Monetary transaction must be in INR and using an NRI account.
Funding the Purchase: NRI Home LoansMultiple Banks in India Love to have NRI property Buyers as their customers provided they are eligible and have bought the right property, in a legal sense. Thence, it is Critical to choose the property in structured conjunction with the Right lender for you.75 to 80 % of the value of the property can be funded by a financial institution, rest has to come from Personal resources.
In fact, choosing the lender before the Property will indeed, be a wise decision. And we at LoanStreet will give you the Opportunity to choose the Right Lender coupled with the property which the Chosen Lender will be readily funding.
A quick Must- Do for Property:
- Legal Check of the Property through an empanelled lawyer of the Lender
- Availability of No Dues and No Objection Certificate from the sellerâ€™s Society or Builder must be checked
There are many more, but donâ€™t you Worry; Our Magicians at Loan Street will work out all for you.
Repayment of NRI Home Loans is to be in rupees only, and has to be done by inward remittances from NRO/NRE account in India or issue Post-dated cheques or Electronic Clearance Service (ECS) from NRE, NRO or Foreign Currency Non Resident (FCNR) account.
Regulations on Sale of PropertyFEMA Says you can sell any residential or commercial property you have bought or inherited to anyone you want but any inherited agricultural property, plantation or farm house can be sold to resident Indian Only.
Repatriation norms by RBI state that the money should come in foreign currency from an overseas account, NRE or FCNR account and one cannot repatriate more than the amount invested in the property.Also, an NRI Cannot NRI cannot repatriate proceeds of more than two properties.
Tax SavingsAn NRI gets all tax benefits related to purchase of property that a resident Indian gets, please Read through the elementary guidelines for NRI Home Loans to get you an idea of how the best decision can be taken.
NRI Home Loan Eligibility
- The individual must be between 21 years and 60 years age
- Salaried individuals should be abroad for a minimum period of 1 year and Self Employed for 3 years
- Professionally Qualified Individuals have to be employed abroad for minimum 1 year and others or 3 years
For salaried individual
- A copy of current appointment letter/ salary certificate having particulars like the date of joining, designation and the salary earned
- Last 3 months salary slip for fixed salary and last 4 months for variable salary
- Last 6 months bank statement stating about the salary credits in the respective account.
For self-employed individual
- A copy of Certificate of incorporation of business
- A copy of Income Proof in the form of last 2 years C.A or equivalent certified/audited P&L accounts
- Last six months bank statement in the companyâ€™s name as well as individualâ€™s name
- Office address proof and business profile
Highlights Of NRI Home Loans
Properties Eligible For NRI Home LoansThe NRI Home Loan Eligibility with regards to properties are covered for :-
- Property ready for possession or under construction.
- Construction of property on an owned plot.
- Alterations to the existing property.
- Buying of a plot (in some cases)
Maximum Amount Of Loan Allowed And Other Conditions
- Maximum amount of loan that can be funded is 75-80 % of the property value depending on factors like place of residence, income etc.
- In comparison to the resident the tenure for NRI home loans is restricted. The tenure generally ranges from 5 years to 25 years at the discretion of the respective banks.
Rate of Interest
- A general margin of 0.25%-0.50% is charged. The NRI Home Loan Interest Rate is generally higher in comparison to the resident home loan. To check the best rate of interest click here
Submission of Documents
- Applying for NRI home loan does not require a visit to India. Banks like ICICI, Axis and HDFC doesnâ€™t only have branches in Dubai, Singapore, London but also extends the facility of online submission and status updating. It is fundamental to have an executing General Power Of Attorney in favour of an Indian Resident who would act on behalf of the individual for dealing with the respective bank.
Repayment of Loans
- The repayment has to be in Indian Rupees only. The repayment of these loans can be only through Non Resident Ordinary and Non Resident External Accounts.