Richard
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NRI loans are different from the loans applicable for Indian residents. You have to fulfill certain criteria before applying for loans.
You must be a graduate , minimum of 21 years of age and earn a minimum monthly income of 2,000 US Dollar. But this varies from bank to bank. The amount of loan should not exceed 85 % of the cost of the property.
The repayment terms and conditions are also different. You have to pay your monthly installments through your non resident external (NRE) or non resident ordinary (NRO)account.
You can make use of your existing house as a security to pledge against your mortgage or secured loan.
Income Tax of India states that you must have been in India for one year or more or must stayed for 182 days during the assessment year.
Besides this, you must also fulfill criteria like as housing loan documents, collateral and credit score for availing NRI loans in India.
 Posted 480 days ago
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