A home loan is sanctioned to the NRIs for any of the following housing finance schemes:
Your eligibility is calculated in the same way as it is calculated for resident Indians. More emphasis is laid on the following criteria in the appraisal of a NRI case:
The housing finance offered to NRIs normally do not exceed 5 years. However, some HFCs (Housing Finance Companies )offer loans for a term of 7 years. The repayment for the loan is by way of EMIs. The EMIs begin only after the entire loan is disbursed. In case of a part disbursement, you pay simple interest at the rate applicable on the loan amount that is disbursed to you.Q4. How is the mode of payment for NRI home loans?
The loan towards the house has to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from such accounts as may be permitted by RBI from time to time. As of today, the payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI permissions to each HFC.Q5. What are the Tax Benefits applicable to Non-Resident Indians?
No tax benefits are available for NRI customers unless you file returns and thereby become eligible to avail of the tax benefits as mentioned under Home Loans.Q6. What are the documents required for obtaining NRI Home Loans?
NRIs are required to submit additional documents than is normally required for a resident Indian.
To invest in an immovable property in India, following criteria of people are applicable.