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Rohit shifted to Manhattan, New York when he got a good job as a software developer. He got married over there and now has two kids as well. He settled his career, married and holds a wonderful family with his life being settled well in New York. However, he often remembers his childhood days back in India, friends & old memories, the bylanes of his house and funny/cherishing moments of his life.

He wishes if he could own a house back in India once again. Well, just like Rohit there are millions of Indians who have shifted to other countries across the world for business or jobs but wish to own their dream property in their motherland. With the rapidly growing economies in the world, India is an ideal destination to buy property and make one of the most after investments for NRI’s (Non-Resident Indians. However, it is not possible to own your property with the handful of savings and other prior commitments towards your family, existing debts regarding business, children education, etc.

Relax! Leading non-banking finance companies and banks have come up with NRI home loans with lower interest rates, a fair amount of time for loan repayments and flexible ways of repaying your loan.

NRI’s can avail housing finance for any property ready for possession or under construction, construction of property on owned plot or for renovations to the existing property. Buying of a plot also comes under a home loan.

Every finance firm or banks have different parameters to check the NRI home loan eligibility. They have to meet the criteria of minimum years of work experienced abroad or running a successful business and minimum age.

There are online sites of banks and NBFCs that will help you know their interest rates, processing charges, eligibility parameters, loan tenure, repayment procedures, etc. At the comfort of sitting in a foreign land, you can visit the sites, arrange a scanned copy of documents and apply it online for suitable NRI home loans with proper Emi calculator.

For NRI home loans, the documents required would be a copy of passport, your appointment letter, employments documents – like salary slips, and address proof. If there is an overseas branch located nearby your area abroad, you can submit these documents there. The banks or NFBC will transfer the documents to the head offices back in India.

Basically, some of the common parameters to judge the NRI home loan eligibility would be your nature of work, income source, risk appetite, credit score, additional income like spouse working, place and age of property, qualification, and a number of dependents. After a thorough check, they will assign a qualification amount for the applicant.

With the competition being soaring up each day, it’s the NRI interest rates that have started melting down. There are reputed finance companies who offer interest rates as low as 8.50 to 9% and you can get them on a monthly reducing basis. You can choose between fixed or floating home loan interest rates. Your housing loan can be pre-paid without any additional fee. The tenure for loan repayment can range anywhere between 15 to 30 years and you can repay it through foreign remittance or NRE/NRO accounts.

Thus, applying for NRI home loans is not a tussle task anymore. With so many benefits and convenience, it definitely makes sense to apply for one.  

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