Home loan priority/appreciation as NRI

NRI Home Loan is available to Non-Resident Indians and for the purposes of home loans, all housing finance companies(HFCs) go by the definition of NRI as given by RBI i.e., an Indian citizen who holds a valid Indian passport and who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad.

The HFCs have special provision for facilitating loan repayment by the NRIs towards the house, like

>> It can be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or
>> From such accounts as may be permitted by RBI from time to time.
>> As of today, the payments are done through NRO, NRE, NRNR and FCNR accounts. However, these accounts change on the basis of RBI permissions to each HFC.
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  • am I eligible?

    Am I eligible?

    I'm a student and just wished to ask Am I eligible for home loans as an NRI as I want to cash down on the the booming real estate in India?
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  • Sorry mate.... you need to wait.

    Sorry Manav, I'm afraid you are not....

    Your eligibility is calculated in the same way as it is calculated for resident Indians. However, you need to wait a few more years till you graduate.

    More emphasis is laid on the following criteria in the appraisal of a NRI case:

    >> Qualifications – the NRI applicant has to be graduate
    >> Current job profile & Past experience
    >> Probability of continuing abroad for the loan tenure
    >> Probability of servicing the loan with an extended tenure in case you have to return to India.
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  • hi i am Prashant from toronto... few years earlier i bought a plot in india but in a village... I wish to know if i can mortgage this property for the loan part cuz.. i dont have any other document ....

    advice....
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