Home loans for NRIs: Know all before taking it

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Home Loan
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Home loans for NRIs Know all before taking it
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• However, in case of an NRI, there is a stress on
  certain pre-requisite for the loan sanction like
  qualifications, current job profile, past
  experience, probability of continuing abroad for
  the loan tenure and probability of servicing the
  loan with an extended tenure in case of return to
  India.
• The Loan To Value (LTV) ratio for NRI customers
  varies from one bank to another, though the
  manner of calculation is the same in case of a
  regular home loan.

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• Though the regular home loan tenures can be up to
  25 years (as in case of current times due to
  increase in interest rates), loan tenure for NRIs
  is normally 10 to 15 years due to their better
  affordability.
• Along with documents required for a home loan,
  some additional documents are required to be
  submitted along with the application form for a
  NRI home loan.

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• The list of additional documents comprises
• A copy of your passport and visa. A copy of the
  appointment letter and contract. A copy of the
  labour card/identity card (translated in English
  duly countersigned by the consulate) if employed
  in the Middle East. Salary certificate (in
  English) specifying name, date of joining,
  designation and salary details. Bank statements
  for the last six months-both domestic
  (NRE/NRO/FCNR)
• Source http//www.moneycontrol.com/news/nris/hom
  e-loans-for-nris-know-all-before-taking-it_772473.
  html

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