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17 MAY, 2021
Raja, an NRI, was visiting India to attend a wedding. After a brief discussion with a friend, he realised that he could maintain a house in India for occasional visits. Unfortunately, he lacked sufficient funds to invest in a home. The friend suggested taking a home loan. However, none of them knew about the procedure of taking an NRI home loan
If you are an NRI and wish to take a home loan in India, it would help if you are aware about its eligibility criteria and documentation. Here is a quick guide to help you with it.
Eligibility Criteria for NRI Home Loan
NRIs can avail a home loan in India to buy a ready-to-move-in house and a property under construction. They can also take a loan for constructing a house or for purchasing a plot of land. The eligibility criteria to avail a home loan for NRIs include the following-
The applicant should also earn a minimum threshold of income to avail a home loan. The minimum gross salary requirement for -
36,000 Dirhams if living in Gulf countries and 20,000 USD for those employed in Merchant Navy.
42,000 USD for those living in the US/UK, 48,000 Dirhams for those living in Gulf countries and 26,000 USD for individuals employed in Merchant Navy.
Documents Required for Home Loan
To avail a home loan in India, the NRI applicant would need to submit the following documents -
He/she might also be asked to furnish a copy of the work permit, valid visa, passport and details of the business if any.
In a Nutshell
It is no longer difficult to avail a home loan in India even for an NRI. Once they complete all the formalities, the applicants can easily fulfil their dream of purchasing a house in India. Also, the loan repayment can be done through NRE or NRO accounts in Indian rupees. You can apply for an NRI home loan from Kotak Mahindra Bank and enjoy benefits like attractive interest rates, simplified documentation, quicker turnover time and higher eligibility.
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