123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

What Are The Conditionthat Apply When An Nri Applies For A Home Loan?

By Author: Neha Sharma
Total Articles: 108

If you are an NRI and you are looking for an opportunity to invest, a real estate in India is an ideal option. Although the process may require the NRI to opt for an NRIhome loan, it can be a valuable addition to the investment portfolio indeed. Let’s explore what you need to get the NRI home loan, which is very similar to NRI loan in all fairness, but these loans do make you jump through a few hoops before you get the needed funds in.

NRI status

The status of NRI is defined by the (Reserve bank of India) RBI as “An Indian citizen who holds a valid Indian passport and stays abroad for employment or carrying out business or vocation under circumstances indicating an intention for an uncertain duration of stay abroad”. Thus if you come under this category, you can apply for a NRI loan. He must be employed in a private or government company or have a business that is outside India. He must also have a NRI account which will function as an international one with the benefits along with it.

Documents required

You don’t have to travel to India to apply for a NRI home loan. You can easily apply for a NRI home loan in the any of the banks abroad that have a branch in India. you will need to however, appoint a local resident or family member as the ‘ power of attorney’ who would act on behalf of you with the bank, where any transactions with the bank will be taken place in front of an embassy official. For any NRI loan, you will need to submit a certain set of documents which include:
• Copy of the passport which has a minimum of 6 months validity.
• Copy of contract of work with a minimum work experience
• Labour card or ID card ( middle east)
• Documents of the power of attorney ( optional)
• Bank statements of the NRI account
• Self employed individuals have to submit details of the company and license.
• Original title deeds tracing the title of the property and for a minimum period of the last 10 – 13 years.
• Additional documents related to the property


Other requirements

There are certain requirements for the NRI home loan depending on the value of the property and the income of the individual. If you are earning somewhere around USD 42,000, you can get a loan up to USD 30,000 for less than5 years. These details vary from country to country. So, do ensure that they are as per the expectations of the organization you are applying to.


Author Bio :- Neha Sharma is a finance student who loves to write about different kinds of NRI Loans and more. She is delighted to share information she knows about NRI home loans and offer a bit of helping hand to the NRIs.

Total Views: 49Word Count: 477See All articles From Author

Investing / Finance Articles

1. Share Market Tips For Investing With Profit Aim Research
Author: Profit Aim

2. When Your Business Cannot Wait For Cash? Just Look For Invoice Factoring Financing To Begin Soaring
Author: Stephen Perl

3. On May 29, 2012, The U.s. Department Of Labor Issued Advisory Opinion 2012-04a.
Author: Terrance Power

4. Download Forex Robots To Make Consistent Profits In The Market
Author: johnsyanol

5. Get Assisted To Learn What It Takes To Qualify For No Credit Check Car Loan
Author: Mary Coleman

6. How Loans Allow Bad Credit Borrowers To Overcome Financial Uncertainties?
Author: Sara James

7. Insurance Within Super
Author: Scott

8. Accomplish Your Social Security Retirement Benefits With Best Retirement Strategy Planner
Author: lauriejacckson

9. The Most Important Things You Need To Know Before Choosing A Tax Preparation Or Financial Planning S
Author: Accounting Services

10. Classification Of Forex Bonuses
Author: John Arnold

11. What Are The Different Types Of Emi Calculator Available In The Financial Market?
Author: Neha Sharma

12. Profitable Promotions For Traders
Author: John Arnold

13. Useful Tips To Make Money By Trading For Future
Author: Henry James

14. Private Equity Research – A Basic Need For Investors
Author: Levi

15. No Deposit Home Loan – Go For The Low Deposit Option!
Author: Mc Cutcheon

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: