catchnitin

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.

saurabh5813

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?

ennarrenn

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.

Toshu20

Hello Saurabh,

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

dongrey

hi guys
i am looking to buy too and i am based in uk too. could you guys tell more about your experience of buying in NCR. dos and donts will help.

regards

man4ish

I also bought one flat in noida on loan from HDFC. It is very simple just submit your documents and a formal enquiry abt your job from HR Department. Your approval may will 20 to 30 days.

Regards

ritzshaan

hello everyone , i took a home loan from hdfc bank,
approval took about 10 days , in the absence of form 16 ur contract letter and past experience with the company will do.
i am not sure about the maximum tenure as i took for 8 years .
Thanks and Regards
Manish .