Steps to Help NRIs Buy Their Dream Home in India

Loan entitled properties:

Indian properties those are eligible for home loans including ready-to-move-in properties, under construction properties, construction of house on an owned piece of land and renovation of the existing property. If a NRI is planning to buy a land in India, it also comes under the eligibility options for home loans.

Also Read: Quick Guide: How NRIs Can Sell Inherited Property in India

Entitled Loan amount and additional conditions:

When it comes to NRI home loan eligibility, educational qualifications and income structure plays a key role in it. The availability of maximum loan amount highly depends on these two factors mentioned above. Banks or finance companies permit an advance of around 80-85 percent of the total property value depending on an individual’s Gross Monthly Income (GMI). However, there are also banks who give loan based on the ratio of Equated Monthly Installment (EMI) to Net Monthly Income (NMI).

Also Read: NRIs Can Now Protect Their Indian Property from Illegal Ownership