NRI Loan Information & Eligibility
With inflation going sky high worldwide, prices of commodities of daily use have
shot up like never before ...In such a scenario, buying a house is a pressurizing
task in itself when one feels that either “no , its not the right time”
or maybe "ok, let me compromise with this house since the one that I would
love to make mine is actually out of my budget."
Especially for the NRIs, when they are not with their families in India, buying
a home is then a need of security and protection for your family.
Today, buying a home is no more considered as just buying a roof for yourself but
also as a great investment option, as the share markets are vulnerable and the maturity
of your deposits and savings is far too slow to keep up with the pace of growth
around today. NRIs can hence benefit from the real estate sector by investing in
the same and taking the assistance of PaisaWaisa to avail
home loans for the same.
An individual who has been staying abroad for any reasons like that of employment,
business, vacation, or for any purpose wherein circumstances indicate an indefinite
period of stay abroad are eligible for NRI home loans. Apart from that, any of those
officials who have been posted abroad on duty or for any assignments with foreign
Governments or regional/national/international agencies are also entitled to these
loans.
The amount of loan to be borrowed is entirely dependent
on the person's repayment capacity. Repayment capacity is governed by taking various
factors such as.
- income
- work experience
- age
- continuity of occupation
- qualification
- assets
- liabilities
- spouse's income
- savings history
- number of dependents
- alternate employment prospects when the person returns to India
An easy solution to all your problems is now at your doorstep...Because life is
too short to be complicated !!!
Documentation :
- Completed Application Form
- 2 passport size photographs of each applicant
- Proof of residence (driving license etc.)
- Proof of Identity - Copy of Passport/IC/PIO card (Passport with Visa stamped thereon)
- Valid work permit
- Last salary certificate/slip in original and copy of identity card issued by the
current employer/proof of income in case of self employed professionals/businessmen
- Employment contract
- Details of previous employment
- Bank Account statement/passbook for the previous six months.
- Copy of Continuous discharge Certificate (CDC)- for applicants employed in the merchant
navy
- Copy of the Allotment letter of Housing Board/Builder/Co-op. Society
- Copy of Approved building plans/approvals in respect of proposed construction/purchase/extension
- Original NOC under the Provisions of ULC Act
- Copy of the Order permitting Land Conversion in case of conversion of Agricultural
land
- Copy of the land tax receipt/building tax receipt (whichever applicable)
- Detailed Cost Estimate/Valuation Report from approved valuer (In case of outright
purchase of an existing house/flat)