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NRI Salaried Home Loans: Build Your Future, Gateway to Owning a Home in India

Introduction

 

Many non-resident Indians (NRIs) have always a dream to own property in their home country. To this end, most Indian banks and NBFCs that deal in home loans have been designing specific home loan products such as the NRI salaried home loan. 

 

NRI Home Salaried Loans Benefits

 

NRI home loans come with several benefits designed to make the process of purchasing property in India smoother and more convenient:

 

Interest Rates: While several factors may be considered as facilitating NRIs’ access to housing loans, a major one is the ability to compete for interest rates that are affordable for home ownership in India.

Repayment Options: There are several repayment methods, which cater to the flexibility afforded to borrowers by empowering money through EMIs and bullet repayments as per one’s financial capacity of the cardholder, who is an NRI.

Advisory Services: Almost all the banks engage themselves in providing home loan advisory services which include property search consultants, legal and technical consultants, and information on project by the developers.

Convenience: NRIs can go for home loans online with the loans being disbursed with the help of a Power of Attorney (POA) holder, no visit to India required

 

Options for Loans / Banks / NBFCs

 

Banks /Nbfc R.O.I Processing Fees Loan

Amount

Cibil Score Apply Now
HDFC Bank Home Loans 8.55% – 10% (Reducing Per Annumn) 0.5% – 1% 5.00 Lacs and above 650 or above https://referloan.in/loans/hdfc-bank-home-loan
Kotak Bank Home Loan 8.85% – 10% (Reducing Per Annum) 0% – 0.25% 20.00 Lacs and above 700 or above https://referloan.in/loans/kotal-bank-home-loan
Bank of India Home Loan 8.6% – 10.75% (Reducing Per Annumn) 0.5% – Rs.10000 10.00 Lacs and above 675 or above https://referloan.in/loans/bank-of-india-home-loan
Canara Bank Home Loan 9.35% – 13.8% (Reducing Per Annumn) 0% – 0% 10.00 Lacs and above 675 or above https://referloan.in/loans/canara-bank-home-loan
Aavas Housing Home Loan 10% – 18% (Reducing Per Annum) 1% – 1.5% 25.00 Lacs – 5.00 cr 650 or above https://referloan.in/loans/aavas-bank-home-loan
Bajaj Housing Finance Home Loan 8.55% – 10% (Reducing Per Annum) 0.2% – 0.5% 5.00 Lacs – 75.00 cr 650 or above https://referloan.in/home-loan/bajaj-housing-finance
PNB Housing Home Loan 8.85% – 14% (Reducing Per Annum) 0.25% – 0.5% 5.00 Lacs – 20.00 cr 625 or above https://referloan.in/loans/pnb-hfl-loan-home-loan
Shri Ram Housing Finance Home Loan 11.6% – 13% (Reducing Per Annum) 1% – 1.25% 10.00 Lacs – 1.00 cr 650 or above https://referloan.in/loans/shri-ram-housing-finance-home-loan
We Rize Home Loan 10.1% – 18% (Reducing Per Annum) 0.5% – 1% 5.00 Lacs – 75.00 Lacs 650 or above https://referloan.in/loans/we-rize-home-loan
Mahindra Finance Home Loan 9.1% – 15% (Reducing Per Annum) 1% – 3% 3.00 Lacs – 75.00 Lacs 650 or above https://referloan.in/loans/mahindra-finance-home-loan
L & T Finance Services Bank Home Loan 8.6% – 9.5% (Reducing Per Annum) 0.25% – Rs.10000 30.00 Lacs – 3.00 cr 650 or above https://referloan.in/lnt-financials-services-home-loan
Tata Capital Home Loan 8.7% – 11% (Reducing Per Annum) 0.2% – 0.5% 30.00 Lacs – 7.00 cr 750 or above https://referloan.in/loans/tata-capital-home-loan
Aditya Birla Home Loan 9% – 11% (Reducing Per Annum) 0.5% – 1% 25.00 Lacs – 25.00 cr 675 or above https://referloan.in/loans/aditya-birla-home-loan
Piramal Finance Home Loan 10.6% – 14% (Reducing Per Annum) 1% – 1.5% 30.00 Lacs – 5.00 cr 650 or above https://referloan.in/loans/piramal-finance-home-loan
Hero Housing Home Loan 10.1% – 11% (Reducing Per Annum) 0.5% – 1% 20.00 Lacs – 5.00 cr 650 or above https://referloan.in/loans/hero-housing-home-loan
Indiabulls Finance Home loan 9.5% – 10% (Reducing Per Annum) 1% – 1.5% 20.00 Lacs – 5.00 cr 675 or above https://referloan.in/loans/indiabulls-finance-home-loan
IDFC Bank Home Loan 8.95% – 9.25% (Reducing Per Annum) 1% – 1.5% 10.00 Lacs – 5.00 cr 680 or above https://referloan.in/loans/idfc-bank-home-loan
ICICI Bank Home Loan 8.7% – 10% (Reducing Per Annum) 0.25% – 0.5% 50.00 Lacs and above 700 or above https://referloan.in/loans/icici-bank-home-loan
Axis Bank (Asha Home Loan) 10% – 14% (Reducing Per Annum) 0.5% – 1% 5.00 Lacs – 1.00 cr 700 or above https://referloan.in/loans/axis-bank-asha-home-loan
Yes Bank Home Loan 10% – 11% (Reducing Per Annum) 0.25% – 1% 50.00 Lacs – 10.00 cr 700 or above https://referloan.in/loans/yes-bank-home-loan
Standard Chartered Home Loan 8.6% – 10% (Reducing Per Annum) 0.5% – 1% 25.00 Lacs – 25.00 cr 700 or above https://referloan.in/loans/standard-chartered-home-loan
Yes Bank Home Loan (Small Segment) 10% – 11% (Reducing Per Annumn) 1% – 1.25% 5.00 Lacs – 3.00 cr 680 or above https://referloan.in/loans/yes-bank-home-loan-small-segment
DCB Bank Home Loan 9.85% – 14% (Reducing Per Annum) 0.5% – 1% 30.00 Lacs – 3.00 cr 650 or above https://referloan.in/loans/dcb-bank-home-loan
SBI Bank Home Loan   8.6% – 10.4% (Reducing Per Annum) 0% – Rs.10000 10.00 Lacs and above 650 or above https://referloan.in/loans/sbi-home-loan
Central Bank of India Home Loan 8.6% – 10.4% (Reducing Per Annum) 0% – Rs.20000 10.00 Lacs and above 700 or above https://referloan.in/loans/central-bank-home-loan

 

General Eligibility and Document Required for This Type of Loan

Eligibility 

    • Resident status: The Applicant has to be an NRI, PIO, OCI
  • Age: Age between 21 years by 65 years of age.
  • Employment:Minimum overseas experience required is six months and total work experience as minimum of two years.
  • Income:This depends on which country it is, and the minimum net monthly income is as follows. For instance, in the GCC countries it was AED 6000 and other countries including the United States of America it was USD 3500.

Net Monthly Income

  • For GCC Countries – AED 6000 – p.m. (or equivalent)
  • Other Countries & USA – USD 3500 -p.m. (or equivalent)
  • For Merchant Navy – USD 2500 p.m. (9 months CDC subject to avg. of 2 years)

Documents Required:

    • Proof of Identity: PAN card, Aadhaar card.
    • Address Proof: any utility bill or rent agreement.
    • Business Proof: Registration certificate, the business license.
    • Bank Statements, Bank Statement, Income Tax Return and Profit Loss A/c
  • Other documents : visa copy, oic card Person of Indian origin (PIO)

 

How Referloan Can Help 

 ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients as per the need.

This is how ReferLoan can help!

  • Tailored Loan Option:Customised home loans that healthy your monetary state of affairs, with aggressive interest fees designed for salaried people.
  • Documentation:The procedure of focussing on your perfect domestic could be made less complicated with trouble-free office work and steerage at sure points.
  • Fast  Approvals: Quick approval approaches ensure you don’t need to wait long to steady your loan.
  • Payback Plans:Quick approval strategies assure which you may not should wait a prolonged time to get your loan accredited

Frequently Questions 

  • Which categories of people are allowed to borrow for NRI home loan?

The NRIs, PIOs, and OCIs who draw their income through a regular salary and fulfill the standard benchmark set by the concerned lender regarding home loan eligibility in India are allowed to apply for home loans for NRIs.

  1. What is necessary from the applicant that has to be presented while going for NRI home loan?
  • Work contract and pay stub
  • Income tax returns & bank statements – foreign & Indian.
  • Other official document – overseas address proof/India address proof
  • Power of attorney in case it is needed.
  1. Is it anyhow possible for an NRI to get a joint home loan?

Yes, NRIs can take a joint housing loan along with family member perhaps spouse or parents in India or themselves being an NRI.

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