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Can an NRI avail of a loan for purchase of a residential property in India?
NRIs are allowed to take a home loan in India for purchase of a residential property in India. NRI home loans are offered both by banks and non-banking financial companies. However, in case of let-out property, interest payable on housing loan is deductible from rental income without any limit.
How can I get NRI loan in India?
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.
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.
What documents are needed for an NRI to buy property in India?
To get a home loan, NRIs must furnish the following documents:
- Copy of Indian passport and visa.
- In case an Indian passport in unavailable.
- PIO card if you hold a foreign passport.
- OCI card if your parents are citizens of India.
- Work permit / employment contract / appointment letter of your country of residence.
How much home loan can NRI get in India?
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.
Can Indian company borrow loan from NRI?
A company incorporated in India under the Companies Act can borrow money from an NRI and the borrowing can be both on repatriable and non-repatriable basis, ie the loan amount can be repaid either in India or the loan amount can be repatriated to the bank account of the NRI maintained outside India.
Can US citizens take home loan in India?
Anyone who comes under the definition of the Foreign Exchange Management Act, 1999 (FEMA) can avail a home loan in India. This means that an NRI home loan can be availed to purchase, construct, renovate a new or existing house. You can also take home loans to purchase a plot of land for residential use.
Does NRI home loan require power of attorney?
Power of attorney: NRIs must provide a power of attorney in case they’re not in India for executing the purchase transaction. Please note that you will need a special power of attorney which is registered and notarized and not a general power of attorney to execute a property transaction.