Tuesday, November 10, 2009

Best bank for NRI home loan in India

Hiya, Can any one suggest me the best bank in India to apply for NRI home loan. As far as I know people seem to have bad experience with all private banks especially with ICICI and HDFC. So if anyone could suggest any bank I can go for would be much appreciated.

NRI's are eligible to take residential property in India. Different banks use different criteria for lending to NRIs, including the various mandatory aspect of financial lenders An NRI must have an account with the lending bank He should tend to earmark the deposit held in addition to the mortgage on the property Else all required documents are similar to those applicable to the local residential persons. The interest rate for the NRI home loans do not vary much from the the one charged for Indian citizens. But they could get their loan sanctioned for the shorter period of time. For a home loans, NRIs get only 85 per cent of cost of loan. Whereas, the loan-size depends on the refunding capacity of the borrower. The loans equivalent to 36 times of the gross monthly earning of the applicant may be issued. Banks like ICICI, Bank of Baroda, State Bank of India, HDFC etc. are some institutions offers fixed as well as floating interest rate for a tenure, ranging from three to five years.

Plz help me about this......Home Loan matter!!!!!!!?

One of my friend wants to bye a flat, she is single earning & Current CTC: 1,32000(per Year),do u think she can take Home Loan of 11,000000/-? She has PF, salary by cheque in HDFC, also have form-sixteen (from last year), not a big balance in account .She is doing job from last five year in same company. If it̢۪s not possible can u plz tell me what she can do (about loan), she really wants to perches that flat. Plz help.

Most of the banks follows eligibility amount by 48 months take home salary. For example, your friend take home salary is Rs.10,000/- then she is eligible for 480,000/-

2 comments:

  1. Hey Thanks for sharing this informative content, i was looking for same kind of content Nri Loan

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