Nri Home Loan - Attractive Features Customized To Nri Needs

By Author: Vijay K Shetty
Total Articles: 2542
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Are you a Non resident Indian NRI who dreams of owning your home in India? NRIs are often faced with a problem of home ownership in India as many banks are hesitant to give away loans to NRIs citing many reasons. However, NRI’s home owning dreams can now be a reality as major Indian banks now offer home loans and home improvement loans. Through these loans, NRIs will be able to get the loans that they desire.

The home loans offered by these banks enable them to buy their space in India with any of Kotak's flexible options to finance your dream home. Get a host of attractive features customized to NRI needs with an easy to avail home loan.

Home improvement loans offered by the banks can now help desiring NRIs increase their existing home's value by investing in home improvement. They can now choose to make minor changes like paint or furnish, and even carry out major alterations like renovation with a Home Improvement Loan.

However, to avail of these loans, there exists a eligibility criteria. The eligibility criteria in most banks are as follows –
The Minimum Gross Income for loan tenor up to ...
...
5 years for NRIs from USA/UK /other countries excluding Gulf - USD 30,000
6 to 10 years for NRIs from USA/UK /other countries excluding Gulf - USD 42,000

For home loans for NRIs, provisions of Foreign Exchange Management (Borrowing and lending in Rupees) Regulation, 2000 shall be applicable. Only the income of the principal borrower/s will be considered for income eligibility of the NRI.

That apart, the processing fee payment source - Has to be by way of inward remittances through normal banking channel or by debit to NRE/FCNR (B)/NRO/NRNR/NRSR accounts or out of rental incomes derived from the property.

If all these eligibility criteria are fulfilled, NRIs can avail of these home loans and can give a home to their dreams.

Vijay K Shetty.
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