pdogra

Hi there,
I posted a question before this. But it really begged the question that
"Can citizens of other countries get a loan in India".

I am a citizen of india (I can get a OCI/PIO sometime soon). I recently had to give up my indian citizenship (not very happy about it .. honestly). My parents still live in India.

I am looking to buy a house/flat in mumbai. what do you think is right way ? Can you please shed some light ?

Can i get a loan 1) being a canadian ciztizen
2) Or can I involve my father (now retired).
3) Shall I get a OCI/PIO first and then apply for a loan (will I get a loan).

Please advise.

nanu_rp

Hi Mr. Dogra,

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pankajretail

Dear Mr. dogra ,
parents might be in the old age , why to leave them in too fast life of mumbai , rather shift them to pune, which is very well connected to mumbai with 3 hours journey , also climate of pune is far more better than mumbai. pls think on that .
regarding your querry on loan will check and revert back .

pkumar

You can get loan as a PIO. Quoting the reference I got from: http://www.uniconproperty.com/NRIServices.aspx

• Are there any guidelines for loans to NRI's/PIO's?
  Yes, there are guidelines issued by the by the Reserve Bank of India for home loans issued to NRIs. These are:
  • The loan amount shall not exceed 85% of the cost of the dwelling unit.
  • Own contribution, which is the cost of dwelling unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
  • Repayment of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.

• List of documents to be submitted along with the loan application?
  The following documents are to be submitted along with the loan application:
  • Photocopy of the labour contract and English translation duly countersigned by your employer.
  • Latest salary certificate (in English) specifying the following:
    • Name (as it appears in the passport)
    • Date of joining
    • Passport Number
    • Designation
    • Perquisites and salary
  • Photocopy of labour card/identity card.
  • Photocopy of valid resident visa stamped on the passport.
  • Photocopy of monthly statement of local bank account for the last 4 months.
  • Property related documents.