Invest In India

Are you an NRI and looking for a home loan? Then you don’t have to worry about it anymore, because most popular financial institutions and leading commercial banks in India are offering a home loan especially for the NRIs.

You do have choices to choose from a wide range of banks and financial institutions.  The government has come up with the ‘Griha Shobha’ scheme and as an NRI you can avail a loan amount of up to Rs 1 crore or even 85% of the estimated cost of your property.  The interest rate ranges from 11.25% to 14.25% per annum, also you will be charged a processing fee of around 1-2% of the loan amount which is a common process followed almost in all banks.

The organization that is providing you the loan will generally check for a lot of other factors as well, like your source of income, monthly/annual income, work experience, age, educational background, assets and liabilities and so on.  These are the factors generally they look upon to analyze and calculate your repayment capacity. The duration for the repayment of loans varies from 3-10 years and they are generally made with a combination of principal and interest amounts through Equated monthly installments commonly known as EMIs.

The list of documents to be produced to proceed with your loan request is a pretty long one and it is as follows.  You will have to produce the documents related to your property as well as your current employment details, like the copies of your agreement for sale and the sale deed, also the estimation of your property from an architect, all the related documents regarding the payments made by he/she while purchasing the property, copies of the approved drawings including the extensions of your property.

Now coming to the employment details, you will need to produce the copies of your work permit, visa stamped on your passport, the employment contract, the latest salary certificate, copy of your company identification card and an overseas bank account statement minimum for a period of four months.