ELIGIBILITY CRITERIA

 

 

SALARIED OR SELF EMPLOYED 

 

 

Work Experience

 

Minimum 2 years of work experience in present company

 

 

Age Criteria

 

 

Minimum: 18 years

 Maximum: 60 years/retirement age

 

 

Loan Tenure

 

 

Up to 30 years

 

Loan Amount

 

 

Depends on the borrower’s profile

 

Interest Rate

 

 

7.35% onwards

 

Prepayment Charges

 

 

Nil to maximum of 2%

 

Late Payment Charges

 

 

1% to 3%

 

Nationality

 

 

 Indian

 

Resident Type

 

 

 

Non-Resident Indians (NRI) or Persons of Indian Origin (PIOs)

http://www.homeloansmortgages.in/nri-home-loans/

PROFILES

The different profiles that are eligible to apply for housing loans are:

  • Non-Resident Indian (NRI)
  • Person of Indian Origin (PIO)
  • Overseas Citizen of India (OCI) – except citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Bhutan or Nepal.
 
PREREQUISITES:

As an NRI, the customer should require a resident Indian as a co-applicant, co-borrower or co-owner of the property and be a part of the home loan application which is to be submitted.

AGE: 

If the customer is an NRI and wish to own a property in India, the minimum age requirement is 21 years. The Maximum age limit is either 60 years or retirement age, whichever is earlier, at the time of maturity of loan.

 

WORK EXPERIENCE: 

As a loan applicant, the customer should have a minimum overseas work experience of one year for salaried and two years for self-employed. Borrowers can check their eligibility through home loan eligibility calculator.

SALARY CRITERIA: 

All leading banks, NBFCs and housing finance companies have defined different salary criteria. Hence the customer should check, compare and choose the interest rates offered by several lenders with other eligibility criteria and further can check income bracket of the desired lender.

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