SALARIED OR SELF EMPLOYED
Minimum 2 years of work experience in present company
Minimum: 18 years
Maximum: 60 years/retirement age
Up to 30 years
Depends on the borrower’s profile
Nil to maximum of 2%
Late Payment Charges
1% to 3%
Non-Resident Indians (NRI) or Persons of Indian Origin (PIOs)
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.
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.
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.
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.
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.