How do i apply for an NRI Housing loan

The entire process of buying a property in India for NRI’s is seamless. You can avail loans through NRI housing loans from banks at attractive EMI options. Therefore, if you are someone that is looking for an NRI housing loan option and want to learn more about it? Then all of the details and critical points are enlisted below. Take a look.

Benefits of NRI housing loans

Before we start with any of the technical aspects of housing loans, let's talk more on the benefits that you can avail through these NRI housing loan options.

• Usually lower interest rates (sometimes)
• NRI house loans can be availed for various housing requirements such as purchasing of a property, renovating an existing property or building a house.
• Applying and tracking of loans can be done from any part of the world.

While there are many other key features and benefits that you can avail from NRI housing loans, it’s all based on the type, duration and the association of the bank that you wish to take the loan from.

Eligibility

Now that you are have learnt all about the benefits let's get down with the eligibility criteria of availing these loans. While few banks have a relaxed eligibility norm, others are quite strict and straightforward of what they require. Thus, let’s have an in-depth look at them.

• For NRI’s, the minimum age of applying for a loan in India is 21. The maximum age is 60 years.

• You will require the assistance of an Indian citizen as a co-applicant , co-owner or guarantor of the property to avail the NRI house loan.

• Often, the work experience differs from one bank to another while the standard requirements are for the NRI personal to have at least one year of salaried work experience overseas or two years if self-employed.

• It’s a safer option to check for the salary requirements online as each of the banks have different criteria. Based on the amount involved in the NRI house loans and the income, the conditions can be determined.

To sum everything enlisted above in a glance, a table has been enlisted below.

To know more detail you can visit: How do i apply for an NRI Housing loan on

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