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Home Loans for Salaried NRIs: A Guide
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Indian real estate has become a highly sought-after investment option in recent years. This trend extends not only to residents but also to Indians living abroad who are eager to own property in their homeland. Whether for personal use, family needs, or investment purposes, NRIs have significantly increased their investments in Indian real estate in recent times. Their share rose from approximately 10% in 2019–20 to 15% in 2023, and it's projected to reach 20% by the end of 2025.
Considering the same, many Indian banks and financial institutions offer NRI Home loans to help you get your dream house.
However, just like any other legal and financial decision, applying for a home loan requires proper documentation, process and a good insight into various factors such as interest rates, eligibility and repayment options. To help you out, we’ll cover all these key points in our article.
Here’s what we’ll cover in the article:
Eligibility Criteria For NRI Home Loans
Each bank and financial institution has its own criteria for home loans for NRIs. However, a few general guidelines are common amongst all institutions. Let’s check what those eligibility criteria are:
(excluding Gulf)
Minimum USD 42000 p.a.
Gulf Dirhams 48,000 p.a.
Minimum USD 26,000 p.a.
Please note: A resident Indian co-borrower and resident Indian Power of attorney (POA) holder are compulsory to avail a loan. They can be the same or different persons.
Check out the NRI Home Loan interest rates offered by Kotak!
How to Apply For a NRI Home Loan: Step By Step Guide
Here’s the step-by-step guide to apply for a NRI Home loan:
1. Check Eligibility
Confirm that you satisfy the minimum income standards from your country of residence. Ensure employment type, age, and loan term eligibility.
2. Keep the documents ready
The following documents are required for the application:
KYC Documents
Income Proof
3. Loan Application
You can raise a request for Home Loans through the following ways:
Once you have raised a request, our representative will contact you and help you complete your application. On successful submission of your application, the bank will perform its due diligence along with a comprehensive background check before approving the loan. The final loan amount granted will vary case to case.
Loan Repayment Options for NRIs
For NRIs, the accepted EMI payment options are as follows:
You can also opt for prepayment to reduce your burden with minimal or no processing fees.
Conclusion
Building your home is a dream for many individuals. Easy NRI Home Loans can help make this dream come true. With Kotak, you can enjoy low interest rates, an easy application process and flexibility in terms and conditions to ensure a customer-friendly process. So, what’s the wait? Apply for Kotak NRI Home Loan and start designing your dream home today!
FAQs
1. Can a person of Indian origin apply for a Kotak Home loan?
Absolutely! If you clear all the eligibility requirements, you can apply for NRI Home Loans from Kotak.
2. What is the maximum loan tenure for Home Loans offered to Salaried NRIs at Kotak?
You can get a Home Loan of up to15 years at Kotak for Salaried NRIs.
3. Can a seafarer and government official with a foreign posting apply for NRI home loans?
Yes, under the Income Tax Act 1961, seafarers and government officials working abroad are considered NRIs and can apply for an NRI home loan.
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