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The eligibility criteria of NRIs differ from
Resident
Indians based on a few parameters. The parameters include:
Age: The loan applicant has to be
21 years of age.
Qualification: The NRI loan seeker
has to be a graduate.
Income: The loan applicant has to
have a minimum monthly income of $ 2,000 (although, this criterion
may differ across HFCs).The eligibility is also determined
by the stability and continuity of your employment or business.
Payment options: The NRI also has
to route his EMI (Equated Monthly Installments) cheques through
his NRE/NRO account. He cannot make payments from another
source say, his savings account in India.
Number of dependants: The eligibility
of the applicant is also determined by the number of dependents,
assets and liabilities.
An NRI applicant is eligible to get a home
loan ranging from a minimum of Rs 5 lakhs to a maximum of
Rs 1 crore, based on the repayment capacity and the cost of
the property, which although is variable by the priorities
of the home loan provider. Also Home
Loan Tenure for NRIs is different from Resident Indians.An
applicant will 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.
However, a NRI can enhance his loan eligibility by applying
for home loans with a co-applicant who has a separate source
of income. Also, the rate of interest for home loans to NRIs
is higher than those offered to Resident Indians. The difference
is to the extent of 0.25%-0.50%. Some HFCs also have an internally
earmarked 'negative criterion' for NRI home loans. As such,
the NRIs who hail from locations that are marked as being
'negative' in the books of HFCs, find it difficult to get
a home loan.
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