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Home loans for NRIs: Know all before taking it

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Home loans for NRIs: Know all before taking it - PowerPoint PPT Presentation


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Use the interactive home loan calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the housing loan calculator\n

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PowerPoint Slideshow about 'Home loans for NRIs: Know all before taking it' - ShreekantRao


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Presentation Transcript
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However, in case of an NRI, there is a stress on certain pre-requisite for the loan sanction like qualifications, current job profile, past experience, probability of continuing abroad for the loan tenure and probability of servicing the loan with an extended tenure in case of return to India.

  • The Loan To Value (LTV) ratio for NRI customers varies from one bank to another, though the manner of calculation is the same in case of a regular home loan.
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Though the regular home loan tenures can be up to 25 years (as in case of current times due to increase in interest rates), loan tenure for NRIs is normally 10 to 15 years due to their better affordability.

  • Along with documents required for a home loan, some additional documents are required to be submitted along with the application form for a NRI home loan.
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The list of additional documents comprises:

  • A copy of your passport and visa. A copy of the appointment letter and contract. A copy of the labour card/identity card (translated in English duly countersigned by the consulate) if employed in the Middle East. Salary certificate (in English) specifying name, date of joining, designation and salary details. Bank statements for the last six months-both domestic (NRE/NRO/FCNR)
  • [Source: http://www.moneycontrol.com/news/nris/home-loans-for-nris-know-all-before-taking-it_772473.html]
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