If you are living outside India and contemplating of availing a home loan to own your ideal house in India, it’s for you. NRI homes loans are prevalent in India and created available with as much ease as to a citizen India. However, these loans are a little bit different with regards to qualifications, conditions, documentation, etc. Let’s look at the features that make the item different from frequent loans for citizen Indians.

At the outset, NRI home loan is created for the purpose of buying plots, under construction property, freehold property, renovation and maintenance of properties, etc.  However, not all NRIs can utilize NRI home loan. For the same, an NRI has to be a graduate, with a lowest per month earnings of USD 2,000 in living nation in monetary conditions. These limits may vary slightly from financial institution to financial institution. For instance, ICICI Home loans for NRI pegs the lowest earnings level requirement at USD 30,000 yearly for salaried employees. Besides, the period for which NRI loans can be availed is shorter as compared to period in frequent loans schemes. The NRI home loan period extends from 7-20 decades, which can be extended to 25 years in exceptional cases. The authority to extend home loan period comes under sole discretion of the lender.

Unlike frequent home loan for India residents, NRIs can utilize home loan for highest possible 80-85 per cent of the value of property or home, depending upon an individual’s gross per month earnings (GMI). Generally, this quantity is up to 36-40 times of the GMI, subjected to a highest possible limit specified by the lender. Few financial institutions also use the highest possible qualifications through EMI / NMI (Net Monthly Income) ratio, measuring your payment capability. For instances, SBI NRI Home Loans cap the highest possible permissible loan up to 40% of NMI for NRIs earning yearly earnings up to Rs 2 lakhs yearly earnings. The criteria for yearly earnings for NRI home loans is between Rs 2-5 lakh is 50% of NMI; whereas for persons having yearly earnings more than Rs 5 lakh, it is 55% of NMI.