The Non-Resident Indians or NRIs are those Indian citizens who live outside India 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. The non resident Indians are recognized are recognized under the Foreign Exchange Regulatory Act of 1973. Most bank and housing finance companies of Indian offer home loans for non resident Indians. However the eligibility criterion and interest rates of home loans of non resident Indians vary from those offered to the resident Indians.
Documentation required for home loans for Non Resident Indians are different in some respect those required by those resident Indians. Apart from the usual payslips or business assessment documents for last 3 years there are some extra precondition for home loans for non resident Indians. According to provisions of the Income Tax Act the non resident Indians should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more to be entitled for a home loan in India.
NRIs applicants are eligible to get a home loan starting from a minimum of Rs 5 lakhs to a maximum of Rs 1 crore according to the repayment capacity and the cost of the property,. Home Loan Tenure for Non resident Indians differ to some extent from from Resident Indians. But the most significant detail about home loans for non resident Indians are that the non resident Indians often have to pay a little extra rate of interest on home loans. The difference in interest rates in home loans for non resident Indians and those of resident of India is usually to the extent of 0.25%-0.50%.
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