Steps to Help NRIs Buy Their Dream Home in India

Different banks have different sets of criteria for home loans for NRIs based on educational qualifications and residing place, to name a few. For instance, bank like ICICI has set some criteria for individuals who stay in Middle East has to have the annual salary of minimum 36000 Dhms if the loan term is within 5 years and if the tenure is between 6-10 years, the annual income required is around 48000 Dhms. Whereas, individuals staying in USA and others, the required limits are between $ 30,000 and $ 42,000. Also, for self-employed, there are different set of criteria which also depends on educational qualifications. Most importantly, NRIs who hold graduate degree are only eligible for home loans in India.

Home loan occupancy:

With some banks, a resident in India can avail loan tenure for maximum of 30 years, which NRIs cannot avail for such a long period.  For NRIs, the maximum loan tenure ranges from 5-15 years and extending the tenure after 15 years exclusively depends on the bank’s decision and such cases are very rare.

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