Can NRIs take a Property Loan?

Apr 16, 2011     Posted under: Home Loan

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  • NRSs property loanLoan Permissible: Reserve Bank of India (RBI) permits NRIs and persons of Indian Origin (PIO) to buy residential and commercial property in India through a home loan.
  • Documentary Requirements: These are similar to those applicable to local residents – personal detail documents – photographs, passport and visa copies etc.
  • The loan amount: It can range between a few lakhs to a few crores. Most banks fund only 75-85% of the property’s total cost even for NRIs
  • Banks can check credit reports: Banks give loans based on the income limit and also pull out credit reports of borrowers from their country, check details from CIBIL.
  • Other must-haves: Most banks need you to have a blood relative in India, who can be a co-applicant for the loan.

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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