LOAN ELIGIBILITY

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The loan eligibility criteria for NRIs are different from that of Indian residents:

Age & Education

Age & Education

The loan applicant should be a graduate and at least 21 years of age

Income

Income

The loan applicant should have a minimum monthly income of USD 2,000 (this may differ across housing finance companies);loan eligibility depends on stability and continuity of employment/business

Payment Options

Payment Options

EMI (Equated Monthly Installments) cheques have to be issued through an NRE/NRO account only

Number of Dependants

Number of Dependants

Loan eligibility is also determined by taking into consideration the number of dependents, as well as assets and liabilities of the loan applicant

  • An NRI applicant's home loan eligibility ranges from a minimum of Rs 5 Lakhs to a maximum of Rs 1 Cr.
  • NRIs have a different home loan tenure compared toIndian residents
  • Depending on the repayment capacity of the borrower,home loan applicants will be eligible for a maximum of 85% of the cost of property or construction, and up to 75% in case of purchase of land
  • An NRI can enhance loan eligibility for the home loan by including a co-applicant who has a separate source of income
  • Home loan interest ratesare higher for NRIs than those offered to Indianresidents;the difference is between 0.25% - 0.50%
  • As some housing finance companies have an internal "negative criterion" for NRIs based in certain regions, NRIs from such "negative regions" find it difficult to acquire a home loan
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