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Learn how NRI Home Loan interest rates work.

It is convenient for an NRI or a non-resident Indian to acquire an NRI home loan from any of the lenders in India for buying a property in the country. Before knowing the top 5 things for NRI home loans, it is imperative to first understand all the essential details.<br>

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Learn how NRI Home Loan interest rates work.

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  1. Learn how NRI Home Loan Interest Rates work.

  2. It is convenient for an NRI or a non-resident Indian to acquire an NRI home loan from any of the lenders in India for buying a property in the country. • Before knowing the top 5 things for NRI home loans, it is imperative to first understand all the essential details.

  3. Pre-Requisites for NRI Home Loans

  4. Home loan for NRI needs following conditions to be fulfilled prior to application: • The home loans process needs an Indian resident as a co-applicant or a co-borrower or a co-owner of the property to be a part of the NRI loans application process that is to be submitted. • The minimum age of the NRI borrower to acquire such loans must be 24 years. • The borrower shall need to submit the salary slips and financial statements of the salaried account to the lender, specifically of the last three months’.

  5. Procedure for NRI House Loans

  6. In today’s digital world, there are eons of online platforms available wherein you submit an online application for the home loans with all the details. • Such platforms enable you to upload all the requisite documents online and then manage the entire mortgage process on your behalf.

  7. You will have to issue a power of attorney in the name of your co-borrower (a family member or anyone willing to be the co-applicant to the home loan in India).

  8. Also, you need to visit the Indian embassy in your country and get the power of attorney format from the lender to whom you’re applying the home Loan. • In order to apply loans for NRIs, there is a specific format that has to be signed in favour of your Indian co-applicant in the application form.

  9. After this the Indian Embassy shall put its seal of approval on it. • Stamp duty might be required in case you are creating a mortgage deed in favour of the new lender.

  10. Top 5 things NRI Home Loan Borrowers must know

  11. 1) For a salaried NRI, the maximum tenure possible is 30 years whereas for a self-employed NRI, it is 20 years. 2) Your savings must give you enough financial buffer. It is wise to first get a loan approval for yourself and then decide the property you want to buy. 3) If the residual age of the property is at least 12 years and the property is well-maintained, then the lender will certainly fund it.

  12. 4) The NRI home loan interest rates are not different than the home loan rates for Indian residents. 5) If a female Indian resident is the joint owner of a property, a decrease of five basis points is allowed in the case of NRI Home loan rates.

  13. Thank You

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