subject: Financial Assistance for NRI – Terms Involved! [print this page] Financial Assistance for NRI Terms Involved!
Have you taken a job outside India, do you manage your business abroad or are on a lengthy vacation? You may want to carry out some refurbishment of home, invest in real estate market or buy a new or old flat. Whatever may be your need for financial assistance, you can reach out to banks which have got permission from the Reserve bank of India to carry out NRI loans. You can approach only those banks which have prior approval from RBI.
He should be earning an income of 2,000 US dollar. He must have minimum qualification of a graduate and a valid passport. Eligibility of income level may vary from bank to bank, and if you are applying for a non resident home loan it should not exceed more than 85% of the total cost of your property.
You must repay your loans within 15 years unlike Indians who have a relaxed time of 20 years. Your monthly EMIs will be paid through NRE accounts, non resident external. Remember that this type of borrowing has high interest rate compared to normal loans.
On what grounds can you apply for this type of funds:
If you are working abroad
If you have some projects to work on for a short period of time
If you run your business outside India
You may be on an uncertain vacation.
You may want to see your house constructed and ready to occupy when you come back to India after a period of two years. Isn't it a solace? You can appoint some one to take care of your construction work or refurbishments when you are carrying out your tasks abroad. NRI loans are made available through Reserve Bank of India norms. Any one who is residing outside India but holds an Indian passport will be considered for this type of loan.
The amount of loan to be given depends on your repayment capacity. This calculation is made based on your savings and credit history, work experience, monthly and annual income, source of income, age, qualifications, number of dependents, etc. You also have to submit property-related documents including originals.
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