Nowadays, the Non-Resident Indians [NRI] are showing huge interest in purchasing property in India. In fact, the RERA Act has revoked the trust of NRIs into the Indian property market and thus there is an increasing demand for the homeloan by the Non-Resident Indians. But, not being a permanent resident of the country leads a rough path in order to get their homeloan sanctioned form the banks here in India.
Therefore, we help you understand the details for getting homeloan sanctioned without much hassle.
- Only Banks Can Approve Financial Funding for Buying Property here:
An NRI has to make payment via Bank cheques when purchasing property in India. He or she can’t use the traveler’s cheques or any other foreign currency to make payment for the same. But the person can pay money through his or her Credit Card, Non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account which is regularly operated for making transactions in India.
- Can Avail Home Loan in INR
The NRI prospect is eligible for the sanction of homeloan in Indian rupees. Also, an NRI employee of the Indian employer can apply to get homeloan here.
Here is How NRIs can Apply for Homeloan
- You can apply online as well as offline to get financial funding from banks to owning residential or commercial space in India. The banking institutions sanction homeloan for constructing a home and to buy non-agricultural land anywhere in the country.
- The applicant has to submit documents depending on his or her professional background such as the required documents are different in case of a salaried NRI and self-employed NRI. Another thing that differentiates between the two is the country in which the applicant is currently living.
- The applicant has to stay in India for a particular timeframe for getting the homeloan sanctioned. Also, the co-borrower or the NRI guarantor has to reside in the country to fulfill the norms for getting homeloan sanctioned.
- Payment of EMIs for homeloan can be made through Non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account.
- In case the NRI purchased property for self-use in India then he or she has the facility to avail homeloan upto 1 crore rupees against Non-resident external (NRE) rupee and foreign currency non-resident (FCNR) account.
The NRIs fulfilling all these terms and conditions are eligible for sanction of homeloan in India.