Which bank is best for NRI home loans in India?
- Axis Bank.
- Bank of Baroda.
Regarding this, are NRIs eligible for Pradhan Mantri Awas Yojana?
Are NRIs eligible for PMAY? An NRI is eligible for PMAY if his/her annual family income is below Rs. 18 lakhs. The direct family member should not have availed for the PMAY scheme already and should not be the owner of a house anywhere in India.
Likewise, can NRI be co applicant for home loan?
A co-applicant and GPA is compulsory for NRIs applying for home loan in India. A GPA holder either has to be a co-applicant or guarantor to the loan, with certain exceptions. The guarantor to the loan is a must when a local resident is not available as a co-applicant.
Can NRI buy property India?
An NRI can purchase the property, either as a single owner, or jointly, with any other NRI. However, a resident Indian or a person, who is otherwise not allowed to invest in a property in India, cannot become a joint holder in such property, irrespective of the second holder’s contribution towards the purchase.
As an NRI you will not need any special permission to buy an immovable property. However, while you can buy residential or commercial property you cannot purchase agricultural plots, farmhouses or plantations.
Many prominent lending institutions in the country offer the facility of loan against property to NRIs at attractive interest rates and minimal paperwork. As long as an NRI owns a residential/commercial property in his/her name, that person can easily borrow against his property.
SBI offers personal loan to NRIs (Non Resident Indians) through either mode: offline as well as online (Internet Banking). As an NRI, you can opt for either term loan or OD against NRI deposit.
Documents required for NRI personal loans
- Passport and Visa copy.
- Bank statement for at least 12 months.
- Proof of identity.
- Proof of address.
- Salary slips or salary certificate.
NRI can appoint a relative/family member/ resident Indian as the Power of Attorney (POA) to act on their behalf to complete the processing of the loan formalities and other requirements. This way, NRIs need not be physically present in India during the loan application process.
Home Loan Eligibility Based on Salary
|Eligible Home Loan Amount||Net Monthly Income (₹)|
|30 years||51.42 Lakh||77.13 Lakh|
|35 years||48.13 Lakh||72.20 Lakh|
|40 years||43.59 Lakh||65.39 Lakh|
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
SBI Home Loan Eligibility Based on Salary
|Age||Net Monthly Income (₹)|
|40 years||50.63 Lakh||1.01 Cr|
|45 years||47.47 Lakh||94.94 Lakh|
|50 years||43.08 Lakh||86.16 Lakh|
What is the maximum loan amount that I can get through NRI Home Loan? A person can get maximum 90% funding if the loan amount is Rs. 30 lakhs, 80% up to Rs. 75 lakhs and 75% for loan amounts above Rs.
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
Home loan insurance is not compulsory while availing home loan. However, as a means of securing your finances and assets, an insurance of this nature becomes important. As a buyer of insurance, you must remember to do your own research before availing this option.
Loan Against Property Eligibility Criteria, Dec 2021
|Age of the Applicant||18 to 70 years|
|Work Experience for Salaried||3 years and above|
|Loan Against Property Rates||6.90%|
|Business Stability for Self Employed||5 years and above|
|Minimum CIBIL Score||650|
For First Five Years EBR 6.65%
|LOAN AMOUNT||Applicable Interest Rate|
|Up to Rs 30 Lacs||EBLR+ 85 bps ER: 7.50%|
|Above Rs 30 Lacs to Rs 75 Lacs||EBR +95 bps ER: 7.60%|
|Above Rs 75 Lac||EBR + 105 bps ER: 7.70%|
CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is.
Banks which are offering 30 Lakh home loan amount at low rate of interest.
|Monthly Payment (EMI)||Total Interest Payable in 20 years||Total Payment (Principal + Interest) after 20 years for 30 Lakh of loan amount|
You can borrow up to 55 % of the market value of your residential property and up to 45% of commercial subject to your income eligibility.
Amount of loan: The loan amount that can be availed is up to Rs 150 lakhs for the customers of Tier I and Tier II cities, Rs. 50 to 75 lakhs in Tier III cities and for the customers of other cities and villages the loan amount that can be availed is Rs 50 lakh.
Loan Tenure: up to 30 years.
Best Loan Against Property Schemes
|ICICI Bank||8.35% p.a. – 10.00% p.a.||Up to 15 years|
|HDFC Bank||8.00% p.a. – 8.95% p.a.||Up to 15 years|
|IDFC First||8% p.a. onwards||Up to 20 years|
|Tata Capital||10.10% p.a. onwards||Up to 15 years|
Best banks to get your home loan in 2021
- Union Bank of India.
- Union Bank home loan interest rate.
- Kotak Mahindra Bank.
- Kotak Mahindra home loan interest rate.
- Bank of Baroda.
- Bank of Baroda home loan interest rate.
- Punjab National Bank.
- Punjab National Bank home loan interest rate.