NRIs (Non Resident Indians) are eligible for NRI loans, which can be used for such things as buying property. Non resident Indians are Indians who do not reside within India. Whether you live abroad for work or personal reasons for an indefinite period, you are eligible for an NRI home loan. In most cases, NRI loans are handed out according to your individual circumstances. In other words, the lender will assess your payment capacity to decide how much you can borrow. There are many elements which could affect your payment capacity including your age, income, the income of your spouse, savings and other factors. Compare some NRI loans which might be suitable for you. Please note that you will need to prove your NRI status in order to be eligible for a loan.
Compare NRI Loans
There are loans available to Indians who are not resident in India
What is an NRI?
NRIs (Non Resident Indians) are Indian citizens that live abroad for work or personal reasons. In order to apply for an NRI loan they must of course prove that they are full Indian citizens. This means they hold valid documents – such as an Indian passport. They may live abroad for duration of uncertain length.
Here are some examples of NRIs:
Indian citizens who live abroad for business, employment or other reasons which mean an indefinite stay overseas. People posted with Indian missions or other overseas Government agencies and any other Government employees posted overseas
What is an NRI Loan?
NRIs can avail specialist loans so that they may buy, build or carry out expansions/extensions on property in India. The majority of choose which offer suits you and your budget the most. NRI loans can usually be applied for online, making it a very simple and straightforward process.
Who is Eligible for NRI loans?
Of course you will need to provide certain documentation to be eligible for an NRI loan. Firstly, you will need to prove your status as an NRI. This will require, a valid Indian passport, minimum age of 21 years, you must be employed abroad a minimum of 2 or 3 years, you must have a valid work / job contract, you must prove steady source of income and you must have a bachelor's degree The requirements are quite specific but may differ according to the bank or lender. Therefore it is essential that you find out in advance, to avoid disappointment.
Payments of NRI loans
According to RBI regulations, NRIs cannot borrow more than 85% of the value of the home, while the 15% margin can be paid for via overseas foreign exchange transfers. If you are an NRI and need to set up loan payments from overseas, visit our Foreign Exchange for Private Clients section, to get the best services for fast, secure and cost-effective global payments.
What are NRI loans suitable for?
NRI loans are usually used to go towards buying, building or extension works on a property in India. Because of this they are similar to home loans and are often called NRI Home Loans. They can however, be used to fund education or larger purchases such as a car. Remember to take note, even as a home loan, according to RBI regulations, NRIs are not able to borrow more than 85% of the value of the property. There is a strict application criteria with this type of loan so you should ensure that you qualify before you apply. For example you must have an Indian passport and have been employed abroad for a minimum of 2/3 years before you can even think about applying for this loan.
07 September 2011
Which Way to Pay
NRI stands for “Non Resident Indians” and as such NRI loans are only open to Indian non-residents who need to borrow money for significant purchases. The monetary amount associated with NRI loans is variable because your application is individually considered and therefore your payment capacity will dictate the loan amount.