03/11/2022
How to get NRI Home Loans in Hyderabad?
With NRI home loans prevalent in India owing a home has become easy for the NRI’s just like the resident Indians. However an individual can avail a home loan provided he/she fulfils certain conditions.
NRI Status– To be eligible for an NRI home loan one must be an Indian citizen with a valid Indian passport and must be staying abroad for employment or carrying out business or vocation or must be posted abroad by the Indian government or companies or must be serving in international agencies like the IMF, UN, World Bank etc.
Property eligibility – Any property ready for possession or under construction, construction of property on an owned plot or for alterations to the existing property is eligible for loan. Moreover, one can also avail a loan for buying a plot of loan.
Educational qualification – An NRI at least needs to be a graduate to be eligible for a home loan.
Maximum Loan amount allowed – Banks generally avail 80-85% of the property value as loan depending on the income, place of residence etc.
Tenure of loan-The tenure for the loan may vary from 5-15 years.
Repayment of loan – The repayment of the loan is done through Indian rupees and it can only be paid through Non-resident External (NRE) or Non-resident Ordinary (NRO) accounts or by remittance from abroad through proper banking channels.
Documents Required- submit the following documents for availing a NRI home loan in Hyderabad.
Copies of passport
Valid visa and work permit
Contract of employment
Work experience certificate
Salary certificated (must be attested by the embassy) and statements of NRE or NRO accounts
Photograph etc.
Employment Card for employees residing in Middle East.
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