NRI home loan | Apply NRI housing loan online

For people who are working in abroad, it would a dream for them to construct a home in their mother land. Just like the other investments, investing your hard earned money in real estate particularly on home construction is proved as the lucrative often especially in the city like Bangalore, where everyone loves to have their own home . If you are looking for NRI home loan for purchasing property or availing NRI home loan again the property located in the Bangalore city then Home Loan Bangalore would be the best option to get assistance in all form regarding home loan services.

We, the home-loan Bangalore offering seamless service when it comes to assisting our customers who are willing to get home loans in the Bangalore city, particularly we concentrate highly on NRI people who often struggles to get NRI home loans from the Indian financial bodies as they not being aware of terms and rules. We are the real experts on assisting the NRI people to get their home loans from the selective bank according to the customer’s wish.

What is NRI home loan?

NRI’s (Non-Resident Indians) who are living in abroad for various reasons particularly for job related, in recent years the nationalized and also the private banking sectors showing their interest on lending loans for the NRI’s for specific interest rates. Before getting into the NRI home loans requirement and all other necessary details, first we would like to get things clear about who are all NRI’s as per the terms of Indian banks.

Who are all considered as NRI’s by Indian Banks?

• A person who holds the Indian passport and lives in abroad because of various reasons like employment or business would be considered as the NRI (Non Resident Indian).
• However, the term employment holds various streams in it. It can be temporary one or designated by the GOI (Government of India).
• In general, many Indian citizens work in abroad by holding H1, L1 visas which are commonly known as the employment Visas. Persons who are holding those employment Visas are considered as the NRI’s.

We, the home-loan Bangalore are the real watch dogs when it comes to updating the terms and rules if it gets updated by the government officials or banking sectors over the NRI’s consideration.

Properties which are eligible for applying NRI home loans

As per the guidelines set by the RBI (Reserve Bank of India), there are certain list of properties among those NRI home loans can be applicable. However, there are certain banks which do the odd things by approving the properties which are ignored by many financial bodies, so it would be great to do proper analysis on banks about eligible properties for NRI home loans. We, the real experts on analyzing when it comes to sorting the NRI home loans eligible properties. Here are the basic common properties which are generally gets approved by majority of banking sectors in India for NRI home loans.

• For buying a new house or flat in Indian region
• For constructing a new house or flat in Indian region
• For repair, renovation or extension of an existing house or flats in India
• For purchasing the existing house or flats

Similarly, if you are an eligible NRI who wants to take a NRI home loan from the Indian banks or from private banks for the purchase ideal land, it should meet the following conditions:

• The purposed land should be for residential purposes only
• Also the land should be located within municipal limits to be approved by banks
• More importantly, the land must be a non-agricultural (non-farm) land

In addition to those, there are certain banks like SBI (State Banks of India) which provides loan amount for furnishing the new homes and also for buying home durables under the NRI home loans. Our experts well aware of such things offered by odd banks and never fail to update those to our NRI customers, as we know these tip will surely re-judge their planning on getting NRI home loans.

Amounts that can be availed under the NRI home loans

Loan amount limits gets varied depending upon the banks because of the unique policies followed by every banks when it come lending loans. However, as far as we collected the information from several Indian banks mostly eligible NRI’s can able to get loan amount up to 80 - 85% while calculating the net worth of the purposed property by the respective NRI.

On the other hand, our officials also collected that some of the banks offering NRI home loans depending upon the annual income of the NRI applicant. As far as the data collected, NRI can able to get around 40 to 50 times for their individual annual income amount. For example, if the NRI home loan applicant receives $150,000 as annual income means, then he or she can able to avail NRI home loan amount of around $67, 50,000.

Our executives will assists the eligible NRI’s to get maximum loan amount as per their wish from the Indian banks with respect to all legal documents.

Factors that determines the Maximum NRI Loan amount

Often Indian banks consider the certain facts on fixing the maximum amount limit for NRI applicants here are the certain list of factors which often plays a vital role on maximum loan amount prediction

• Visa status
• Type of job
• Educational qualification
• Location
• Dependents
• Other debt
• Income history
• Age of employment

Tenure Period for NRI Home Loans

Though, it purely depends upon the NRI loan applicant interest however, the maximum tenure period for such types of loans would be more around 15 – 20%. Meanwhile there are certain cases in which NRI home loans can be avail with the tenure period of 30% just like the normal home loans by considering the factors which are mentioned above. We, Home Loan Bangalore have the vastly experienced assistance who can predict the maximum home loan tenure period according to the NRI applicants ability and annual income rate.

Interest Rates for NRI Home Loans

Well, when it comes to loans interest rate would hits in first in the minds of applicant. In general, NRI home loans are offered by the Indian banks in floating method where the Interest won’t be in fixed level in most case the interest rates would be around 8 – 13%. However, as far the current data the lowest interest rate offered at 8.70% and maximum rate is 11.75% but there’s no prediction can be done in those rates as its get changed often depending upon the individual bank’s policies.

Required Documents for NRI to apply for Home Loans

There are the strict policies followed by the Indian banks when it comes to offering NRI home loans when compared with the regular home loans. Holding the NRI bank account with the bank is mandatory for availing NRI home loan from the respective banks.

We, the true experts on assisting in that crunch situation where we took full responsibilities on gathering the required documents from the clients as per the needs of respective bank.

Here are the lists of valid documents that are required by all banks commonly

However, apart from those lists the document lists will get varied and extended depending upon the individual banks. Our agents well aware of the fact and they will be up to date on the requirements for all banks when it comes to lending NRL home loans.

Comparison of NRI home loans from TOP banks of India

Here are the lists of details regarding NRI home loans offered by top few Indian banks; apart from those we do have the entire database of all banks offering NRI home loans and assist NRI customers according to their wish list of banks.