Here's what you need to consider to apply for a NRI Home Loan

One of the best investment opportunities for non-resident Indians (NRIs) is property. And now is perhaps the best time to invest with the Indian real estate market booming. Even banks are offering a helping hand to NRIs by offering a NRI home loan at the same rates as they apply to resident Indians. But getting home loans for an NRI isn’t the easiest the thing in the world.  A lot of documentation is required and the government has very strict regulations for when it come to NRI home loans. However, in recent times the Reserve Bank of India has relaxed some of its policies, thereby making it easier for NRIs to fulfil their dream of buying a home of their own in their country.

The prerequisites for a person applying for an NRI home loan is that she/he should have worked in a foreign country for over a year. In the case of self employed people or businessmen this requirement is extended to three years. The rules for self employed NRIs are slightly stricter than for salaried NRIs. It is easier for a salaried person to get an NRI home loan, than it would be for a taxi driver or small business owner.

The minimum income for the applicant to be eligible for an NRI home loan is different for different banks but the on an average, one must have an income of 30,000 USD or 35,000 DHM (for people residing in the UAE).

The main documents that you need to have if you want to apply for an NRI home loan are your passport, proof of residence, education qualifications, your PIO card, work permit, your latest salary slips, appointment letter of your current employer and bank statements of at least six months. These are the basic requirements, banks may ask for added documentation as proof but they are subjective to the banks.

For people who live overseas, owning a home in India is not only a good investment but the feeling of connection to the country that they grew up in. And there cannot be a better time to take that step and invest in a home here.

With the aforementioned details, you are sure to never go wrong. Make sure you execute each of these factors to avoid any kind of hassle whilst applying for a NRI home loan. You can also check your eligibility criteria, online, for the same. Visit Home Loan Eligibility Page to check yours.