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The Non-Resident Indians (NRIs) are acknowledged under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI – “An Indian citizen who holds a valid documents like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI.”
No matter where you are in the world, if its your dream to own a piece of paradise in your homeland bank and HFCs would assist you with NRI Home Loan to actualize your dreams. Bank offers a wide variety of home loan products tailored to the unique needs of NRIs at attractive rate of interest.
· Age: You need to be at least 21 yrs old
· For salaried applicant, you should have been abroad for a minimum period of 1 year
· For a self-employed applicant, you should have been abroad for a minimum period of 3 years.
· For salaried applicants the maximum age limit is 60 years or retirement age whichever is earlier (age at loan maturity).
· For self-employed applicants the maximum age limit is 65years (age at loan maturity).
· Qualification: The NRI loan seeker has to be a graduate.
· The applicant has to have a minimum monthly income of $ 2,000 (although, this may differ across HFCs).
Work permit / equivalent document supporting the NRI status of the proposed borrower
Power Of Attorney (POA)
Present employment details
Banks would charge 0.5%+service tax of loan amount as Processing Fee / Administrative Fee at the very initial stage of loan application.
Types of Loan:
NRIs can avail Home loan to purchase flat or house directly from the builder, buy resale property, home extension or renovation or construction.
POA (Power of Attorney) in NRI Home Loan
NRI clients appoint an Indian citizen as a POA (Power of Attorney) to act on behalf of them through an execution of the General Power of Attorney (GPA) deed.
The NRIs are given the opportunity to make the repayments; either in PDCs (Post Dated Cheques), ECS (Electronic Clearing Services). The borrower can pay EMIs by issuing post-dated cheques from your Non Resident External (NRE)/Non-Resident Ordinary (NRO) or Non Resident (Special) Rupee Account (NRSR) in India; or any other account approved by the Reserve Bank of India (RBI).
NRIs cannot claim tax benefits on Home Loans in India as they have to pay tax in the nation where they are actually employed and earn. However, if they pay tax in India for income earned in India, they can claim tax rebate for the Home Loan.
The NRI clients should approach only a licensed bank which is permitted to offer Home Loan to an NRI. RBI provides these licenses to the banks and makes them authoritative to deal with NRI loan.