|
|
|
|
|
26-12-09
|
#1 |
|
Member
Join Date: Nov 2009
Posts: 82
My Mood:
Thanks: 1
Thanked 0 Times in 0 Posts
|
Home loan for NRI
Guys,
I am looking to get a home loan for a flat I am looking to buy in Mumbai. I would like to know from other people the following 1) What is the maximum tenure of loan a NRI can get? 2) What is the fixed and floating interest rates for banks? 3) What bank does the fastest processing? 4) Which bank charges the least fees? I would truly appreciate any responses/pointers/experiences you can share. |
|
|
2 Weeks Ago
|
#2 |
|
New Member
Join Date: Apr 2012
Posts: 4
Thanks: 1
Thanked 0 Times in 0 Posts
|
Hi Nitin,
I am an NRI too and looking forward for buying a 3 BHK in Navi Mumbai or NCR. Are loan criteria different for NRI and RI? If so are they in favour of NRI or is it the other way round? |
|
|
|
2 Weeks Ago
|
#3 | |
|
New Member
Join Date: May 2012
Posts: 3
Thanks: 2
Thanked 0 Times in 0 Posts
|
As an NRI, you cannot get a loan for longer than 15 years, RIs can get up to 20 or even 25 years in some cases. Also, IMO, NRIs have to produce more documents supporting income, current status overseas, current employment overseas, etc. - as these things are relatively difficult for banks to verify.
Loan criteria are pretty much the same - your current income, whether you have other loans outstanding, loan to value ratio for the property (you need to come up with atleast 20% of the value of the property). All taxes on purchase (Service tax, stamp duty, registration, etc.) is to the buyer's account, i.e. banks will typically NOT take these into account while finalizing the saction amount. ALL Payments must be made through an NRE Account for you to be able to repatriate any gains overseas. Finally, I am not sure, but I think as an NRI, you are not eligible to deduct interest on housing loan in any Indian income-taxes that you may have to pay. My only suggestion would be - Go with a larger bank, IDBI, HDFC, etc. They are more aware of the documentation requirements for NRIs and seem to be more efficient at managing the process. Quote:
|
|
|
|
|
2 Weeks Ago
|
#4 | |
|
Member
Join Date: Jul 2011
Posts: 56
Thanks: 2
Thanked 11 Times in 7 Posts
|
Quote:
3 months back, I was able to get sbi loan processed for myself. I'm an NRI based in the UK. You may check the process that i had written at the below link: SBI home loan process for NRIs |
|
|
|
| The Following User Says Thank You to Toshu20 For This Useful Post: | VeerPratap (6 Days Ago) |
 |
| Tags |
| flat, home, loan, mumbai, nri |
| Thread Tools | Search this Thread |
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| Home insurance with home loan? | mishthi | Home Loans, Relocation, Vaastu Shastra | 10 | 09-08-11 06:04 PM |
| Home Loan | Sairam | Home Loans, Relocation, Vaastu Shastra | 3 | 15-06-11 02:55 PM |
| Which is the best Home loan? | Tanuj | Home Loans, Relocation, Vaastu Shastra | 11 | 19-02-10 01:52 AM |
| Top up on home loan from SBI | aniruddha.jadhao | Pune | 3 | 24-12-09 10:18 AM |
| SBP home loan | srangal | Home Loans, Relocation, Vaastu Shastra | 0 | 29-09-09 04:42 PM |
