For
what purposes can NRIs get a housing loan from Indian
Housing Finance Companies (HFCs)?
Indian HFCs can give a loan to NRIs for buying or constructing
a home, to buy plots, extending an existing home and to
undertake improvements.
Do housing finance companies give loan to NRIs where
the property will be owned jointly by such NRI borrower
with his resident relative?
Yes. However, in such cases the payment of margin money
and repayment of the loan installments should be made
by the NRI borrower.
What are the documents generally required from NRIs?
The following documents are to be submitted along with
the application:
In what form are the payments to be made?
Payment of fees, charges, Pre-Emi, additional interest
and incidental charges
Cheque drawn on an Non-Resident (Ordinary)/ Non-Resident
(External)/Non-Resident Special Rupee account Post dated
cheques drawn on any of the above accounts
Demand draft/pay order from an Non-Resident (Ordinary)/
Non-Resident Special Rupee account FCNR account Funds
transfer from abroad
Cash payments are not to be accepted.
Payments towards EMI
Payments towards EMI are to be made through post dated
cheques drawn on an Non-Resident (External)/ Non-Resident
(Ordinary)/ Non-Resident Special Rupee account.
Clearance of arrears by defaulters
An NRI who is not repaying his loan regularly, may subsequently
opt to clear his outstanding loan through direct remittances
from abroad through normal banking channels, from the
Non-Resident (External) account in India or through
his Non-Resident (Ordinary)/ Non-Resident Special Rupee
account /cash (withdrawn from his Non-Resident (Ordinary)/
Non-Resident Special Rupee account).
What is meant by "Own Contribution"? Is it necessary
that the own contribution have to be paid through the
NRE account?
Own Contribution is the cost of the dwelling unit financed
less the loan amount. The own contribution should be
met from direct remittances from abroad through normal
banking channels or from the Non-Resident (External)
Account/Non-Resident (Ordinary) or the Non-Resident
Special Rupee account in India.
Can the loan be paid ahead of schedule? What are
the pre-payment Charges?
Yes, you can repay your loan ahead of schedule, by remittances
from abroad through normal banking channels, your Non-Resident
(External) Account/Non-Resident (Ordinary) or the Non-Resident
Special Rupee account in India. No early redemption
charges are payable.
How is the loan reassessed if there is a change
in status from Non-Resident Indian to Resident Indian?
The repayment capacity of the applicant(s) based on
Resident status is reassessed and a revised repayment
schedule worked out. The new rate of interest will be
as per the applicable rate on Resident Indian loans
at the time of conversion (for that specific loan product).
This revised rate of interest would be applicable on
the outstanding balance being converted.
|
Home
Loans for NRIs .........
