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Table of contents
NRI Home Loan Guide | Godrej Properties Limited
Most banks determine the loan amount eligibility of NRI borrowers based on their income and credit history. Apart from fulfilling basics like minimum age, qualification and years of employment, one must earn a minimum amount to qualify for a home loan. The mandatory income limit again varies from bank to bank and also differs for the country of residence. The loan amount can start from a few lakhs and go up to crores, depending on how much is the bank convinced of one's eligibility.
Some banks may allow NRIs to club their spouse's or sibling's income with theirs to improve their eligibility, while other banks will only consider the principal borrower's income.
Obviously, it is important to have a good credit history and high credit score, as banks will invariably check the intending borrower's credit report - both in the country of residence and India. These can again vary from bank to bank - however, most banks follow basic guidelines:. This age limit may differ depending on the bank in question - for instance, Axis Bank lists 24 years as the minimum age for NRI applicants. A PoA is a document stating that the NRI has given someone else the authority to make certain decisions and act on their behalf.
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The logic behind this requirement is since the NRI lives in a foreign country, the lender needs someone in India to deal with. The PoA enables the bank to have a point of contact in India in case of any property or loan-related issue. Usually, lenders insist that the NRI borrowers appoint their parents, friends or children as the PoA holder.
Also, education qualification and profession play a role in deciding your loan eligibility.
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Like, only graduate NRIs can avail home loans in India. Indian financial institutions give rupee loans and so the same needs to be repaid in rupees only.
Since all transactions must happen through the banking channel, repayment has to be done by inward remittances. In case you let out the property you can use the rent to repay the loan as well. If you are buying an under-construction property, your developer may ask for a power of attorney POA favouring them. This is not unusual and would make documentation work slightly easier and quicker. A POA can be given to execute any contracts, deeds as well as mortgage, lease or even sell.
So make sure the kind of authority you are giving to the person through the POA. Just get it worded properly by a professional lawyer you trust.
Also, if and when you want to dispose the property, it is a good idea to have a POA to be a resident India who may be able to act on your behalf to complete formalities such as registration, possession, execution of agreement of sale, etc. Under the FEMA rules, if you are an NRI, you can sell any residential or commercial property you have bought or inherited to anyone you want.
If you have any inherited agricultural property, plantation or farm house, you have to search for a resident Indian to buy it.
Income Tax for NRI
However, you are allowed to gift them to another NRI or the person of Indian origin. There are some specific RBI guidelines on the repatriation of sale proceeds which need to be adhered to. You need to decide on whether you want money as repatriateble or not. One can repatriate up to the amount invested in the property.
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The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like a copy of the passport, a copy of the works contract, etc.