ravinka

Dear Experts,

I Wanted to discuss here HOME loan options available to guys who are outside India, like me.

Here is my situation-
-Booked in Panachae in CLP, wish to pay off atleast first four 10% installments from my savings.Buyer's Name is joint, myself and my father.

Now,
-How can i apply for loan in India while statying outside ?
(I can apply here and get 5-6% interest rate but I am not going to be here for long term.I have to go back in 1-2 years.)

-Do I need to be present while applying loan ? Can I get my father as a signatory authority or something like power of attorny etc ?

-If you apply from NRI account loan, you have to pay off always from that a/c only.However in my case I am not an NRI, just outside India for a while.

-As its CLP, I wont need all amount at once, Do banks offer option to get release money as per need? Say approved for 25 Lacs and releasing money as 3Cs asked for it ??

Thanks

VedKapoor

Hi Ravinka,

I have had a similar situation...and got the loan done successfully...one possible difference being that my wife who is in India is a joint borrower and also joint owner of the property. Subject to this difference...pls note the following.

1. Banks are open to give you loan as an NRI. However, they may want your relative in India to be a joint applicant for the loan. And for that matter they may even say that the said relative be a joint owner of this property. This can be easily checked over from the bank...I mean the exact requirement.

2. It is possible for you to apply while being outside India. You would need to make a Power of Attorney (format will be given by the bank) and get this attested by Indian Embassy in the country of your residence...whereby you would empower your relative to sign the application on your behalf.

3. There is no condition that the loan has to be repaid from NRI account. It can well be paid from any account.

4. It is not a problem with the bank to pay as demanded by the builder in a construction linked plan. For example, in your case you want to pay, say 20 % and take loan for 80 %..you may go ahead and pay your share of 20 % in the first instance...and the subsequent installments will be paid by the bank.

5. Having said above, there is lot of documentation involved, in addn. of course to your income proof, visa, certificate of employment and salary, tax returns, etc etc..which the bank will provide you the list.

In conclusion, if you are able to sort out point no 1 above....it is possible.

Trust, the above helps.

Ved Kapoor

chandra2034

Home loan while living outside India is very time consuming and frustrating process. I guess between each installment there will be 6 month gap.
Can't say about other countries but in USA, you can opt for personnel loan 8.5% if your credit score is 730+ through Credit Unions banks.

And it's really easy and loan amount within 24 hours in your account. I took loan from 2 banks and need not to visit the bank also. Everything online.
I financed my existing old car through bank for 4.49% for 3 years.
By the time next installment will come you will end up paying your loan and take new loan. No processing fee and no pre-penalty.

If in case you return India then can opt for home loan for tax purpose.

ravinka

The issue here is that everything in US is credit history based.
I do not have suffitient credit score to qualify for a loan since I came here just a year back.