Who are the Non - Resident Indians who can qualify for NRI housing loans?

The Foreign Direct Investment Policy permits FDI up to 100% from foreign/NRI investor. Under such circumstances this automatic route encourages the NRI confidence. Banks offer attractive NRI housing schemes to accommodate the housing needs of NRIs. From the stables of HFCs, NRI housing finance plans with suitable repayment options.

What are the eligibility criteria for NRI?

The eligibility criteria for Home Loans are different for NRIs as compared to those of Resident Indians. The requirements for procuring home loan for NRI is illustrated in the table below:

Age: The minimum age for a loan applicant is 21 years age.

Qualification: The minimum qualification of the loan seeker has to be that of a graduate.

Income: The loan applicant has to have a minimum monthly income of $2,000 (This criterion may differ across HFCs). Moreover, the eligibility is also determined by the stability and continuity of your business or employment.

Payment options: There are the Equated Monthly Installments which the NRI needs to route through cheques or his NRE/NRO account. Making payments from another source say, his savings account in India is not allowed.

Number of dependents: Another aspect for NRI Home Loans is that the eligibility of the applicant is also determined by the number of dependents, assets and liabilities.

Based on the repayment capacity and the cost of the property, an NRI applicant is eligible to receive a home loan that ranges from a minimum of Rs 5 lakhs to a maximum of Rs 1core, This again is subject to variables depending on the priorities of the home loan. A loan applicant can be eligible for a maximum of 85% of the cost of the property or the cost of construction as applicable and 75% of the cost of land in case of purchase of land, based on the repayment capacity of the borrower. Besides, the Home Loan Tenure for NRIs is different from Resident Indians.

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