NRI Home Loans

NRI home loans are for people who may live somewhere across the planet, but are Indians by birth. One can avail an NRI home loan to fulfill a lot of requirements and meet purposes like the purchase of a house or a building, even the renovation of a property in the country of India.

–    You can apply for one of these loans on the internet on the website of your preferred bank. The banks have made their online presence very apparent so it will be easy for you to navigate.

–    Most of these loans come with a fixed loan or a floating loan; you can even choose how you wish you repay the loan.

–    Most of these loans come with attractive offers and even some interest rates reduce by the month.

–    The application process is normally free.

–    An estimate can be gained of your home loan amount by utilizing the NRI home loan calculator.

–    The processing process is incredibly quick and transparent, as well.

– Easy Christmas loans can also acquired if you maintain the credit score.

–    There are absolutely no prepayment charges for paying off the loans before the actual due date.

–    You avail all these services from the comforts of your offices or your home.

Here is the of NRI home loan eligibility criteria:

You should have a minimum work experience in a company which you are still working in. You must be at least 21 years of age and less than 60 years, which would be a retirement age. Loan tenure can go up to 30 years, and the limit on the amount you want to borrow completely depends on your profile and how good your credit score is. An interest rate can start from 8.7% onwards. There is little to no prepayment charge. If you end up delaying the repaying of the loan, you will be charged 1-3% extra on the entire amount. To avail the NRI home loan facility, you need to be an Indian and your residency type has to be NRI (Non-Resident Indian). You will need a proper and valid passport and a work Visa, a properly filled out application form, an ID card from the employer, some passport size photographs, a copy of the contract relating to your employment, salary slips which date back a couple of months (the last 3 months), papers of the property and proof of ownership and details of any loans that you may have taken.

If you do not work for someone or a company and if you are self-employed, then the maximum tenure that can be offered for you would be 20 years for repayment of the loan. Make sure you have enough money in your savings to pay back the loan. The age of the property need not be fretted over. If it is properly maintained and if the residual age of it is 12 years, then the bank will normally sanction the loan.