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Special Home Loan Offers for NRI’s

By: lo@nzzone0 comments

NRIs can avail home loans in India on any residential property or plots purchase and constructing house with attractive NRI home loans interest rates and fee options. Availing the NRI home loan in India through Loanzzones is easy with an online Home Loan application process and quick turnaround time

Applicant staying abroad can give power of Attorney to any family member or friends they trust. Power of Attorney (POA) will allow applicant to grant another person the power to make decisions pertaining to your property.

If NRI applicant want to pre-close a home loan by making a lump sum payment towards part/full payment many Banks offer pre-close with applicable charges.

NRI Home Loan can be availed

– For purchasing a house or apartment, constructed or to-be-built in India

– For self-constructing a home on a plot in India

– For renovating or improving an existing property in India

– For financing for the purchase of a plot in India

Who are considered under NRI Home Loan?

  • Non-Resident Indian (NRI)
Eligibility CriteriaSalaried or Self-Employed 
Work ExperienceMinimum 2 years of work experience in present company
Age CriteriaMinimum: 18 years Maximum: 60 years/retirement age
Loan TenureUp to 30 years
Loan AmountDepends on the borrower’s profile
Interest Rate8.70% onwards
Prepayment ChargesNil to maximum of 2%
Late Payment Charges1% to 3%
Nationality Indian
Resident TypeNon-Resident Indians (NRI) or Persons of Indian Origin (PIOs)

Documents Required

  • Full passport and work visa copy
  • Duly filled loan application form
  • Employer ID card
  • 3passport size photographs
  • Proof of valid work permit
  • contract Copy of employment
  • Current overseas residential proof, e. house lease agreement, bank statement, utility bill, card statement, etc.
  • Salary slips of the past three months
  • Statement for the last six months of salary account and NRE/NRO account
  • General power of attorney
  • Last year ITR except for NRIs in Middle East nations and Merchant Navy Employees
  • Details of previous loan(s), if any
  • Property papers
Banks Provide Home Loan for NRIsInterest RateProcessing Fee
SBI7.95% p.a. onwardUp to 0.25% of the loan amount
HDFC Bank8.00% p.a. onwardsUp to 1.25% of the loan amount or
₹3,000 whichever is higher+applicable tax
ICICI Bank8.95% p.a. onwards0.5% of the loan amount +
applicable Service Tax and Surcharge
Axis Bank8.80% p.a. onwardsUp to 1% of the loan amount
subject to a minimum of Rs.10,000/-
LIC Housing Finance8.70% p.a. onwardsAs applicable from time to time
DHFL Housing Finance10.00% p.a. onwardsUpto Rs. 5,000 + document
charges + Applicable GST
Bank of Baroda8.10% p.a. onwards1% of loan amount (minimum Rs.7500)
with maximum Rs.1,50,000/-
Kotak Mahindra Bank8.90% p.a. onwardsNil (floating) & up to 1.25 (Fixed)
Indiabulls Housing Finance8.80% p.a. onwards0.50 to up to Rs. 10,000
Canara Bank8.35% p.a. onwards0.10% subject to a minimum of
Rs. 500 and maximum of Rs. 10,000

Click here to know more about Home Loan

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