Non Resident Indians

NRIs can avail of financing assistance in the form of housing loans, for purchasing residential properties in India. These loans are available through leading financial institutions like HDFC, LIC, Canfin Homes, Citibank, ANZ Grindlays, Vysya Bank, SBI, Corpbank and ICICI.

Some of the features of these loans are:

• The applicant must be an Indian passport holder.
• Loan amounts are available up to Rs 1 crore (or 85%) of the cost of the property, whichever is lesser. Processing and administrative charges extra.
• Loan eligibility is decided by the repayment capacity of the individual. Repayment capacity takes into consideration income, age, qualification, number of dependents, other income, amounts and a few other items.
• Between 5 and 10 years, rates of interest vary from 7.75% to 9%.
• Repayment period ranges from 5 to 20 years or on superannuation or on completing 60 years of age.
• The loan is repaid in the form of Equated Monthly Installments (EMIs).
• The security for the loan would be the equitable mortgage of the property financed. This is created by the deposit of the original title deeds of the property with the HFI.
• Local guarantors will also be required in the case of a few institutions.
• Copies of the following documents have to be submitted along with the application for the loan to the institution.
  - Employment contract
  - Latest salary slip
  - Latest work permit
  - Visa stamped on the passport
  - Power of Attorney to a local individual
  - Receipt of payments made for purchase of the property
  - Agreement of Sale
• Interest rates and EMIs are subject to change without notice. Check with the financial institutions for prevailing interest rates.
• A salaried applicant should be abroad for at least a year, and a self-employed applicant for 3 years.