|6.95%p.a. – Lowest Home Loan Interest Rate For NRI Home Loan|
Current home loan rates in India are very attractive for NRIs looking forward to making property investment in India. With the series of repo rate cuts the housing loan interest rates of all banks have been reduced. All bank housing loan interest rates have made a new 15 years low. Home loan interest rates today starts from 6.95%*p.a.
NRI Home Loan Transfer Details
Who Can Apply:
- Non Resident Indian (NRI), Person of Indian origin (PIO), Overseas Citizen of India (OCI).
- Both Salaried as well as self-employed NRI, PIO & OCI can apply for a NRI home loan balance transfer in India.
- All NRIs, PIOs & OCIs except a citizen of Iran, North Korea (Democratic People’s Republic of Korea), Cuba, Syria, Sudan, and Crimea Region of Ukraine, Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Nepal, Macau, Nigeria, Hongkong or Bhutan.
Minimum Salary For Nri Home Loan:
- $42,000 (for salaried and self-employed individuals living in the US and other countries).
- 84,000 AED for the salaried and 48,000 AED for the self-employed (for individuals residing in the GCC countries.
- USD 2000 p.m. for 9 months for the salaried individuals working in the merchant navy.
Age: Minimum 25 years of age and maximum 60 years or retirement age (whichever is earlier) at the time of loan maturity
Work Experience: Minimum overseas work experience of one year for salaried and two years for self-employed.
NRI Home Loan Maximum Amount: As per the income eligibility of the NRI.
Home Loan Transfer Minimum Tenure: 5 years.
Home Loan Transfer Maximum Tenure:
Maximum home loan tenure India is
- Up-to15 years for salaried.
- Up-to 20 years for self-employed.
(Some banks also provide tenure up-to 25years)
Home Loan Transfer Charges For Nri:
Charges for home loan transfer includes
- Home loan transfer processing fees + applicable GST.
- Franking & stamp duty cost of 0.20% on the loan amount + applicable GST.
- Administrative cost i.e. legal and technical charges which range from Rs.5000/- to Rs.10,000/- which varies between banks.
- Other miscellaneous expenses such as CIBIL charge, CERSAI charge, title search cost, etc.
|Home Loan Processing Fee Comparison (Of The Top Banks) For NRI HDFC home loan processing fee: up-to 0.50% on the loan amount. ICICI bank home loan processing fee: 0.30% on the loan amount. Canara bank home loan processing fees: Rs.10,000/-|
NRI Home Loan Transfer Interest Rates: Starts from 6.95%*p.a.
The Home Loan Transfer Rates Of Top Banks
|Bank||Home Loan Rate Of Interest|
|ICICI Bank||7.10% p.a. For Salaried. 7.25% p.a. For Self-Employed.|
|Canara Bank||6.95% p.a. For Salaried & Self-Employed|
|HDFC Ltd.||7.10% p.a. For Salaried & Self-Employed|
Note: Interest rates are subject to change without prior notice.
|Click For – Icici Bank Home Loan For NRI|
Other Charges In NRI Home Loans
- Prepayment Charges: Up-to 4% plus applicable GST.
- Late Payment Charges: Up-to 2%-4% per month plus applicable GST.
- Rate Conversion Charges: Up-to 1.75% on the outstanding loan amount plus applicable GST.
NRI Housing Loan Transfer With Top-up:
- Top-Up Eligibility: Subject to the income eligibility and the market value of the property. The combined loan (outstanding loan + top-up) amount must not exceed the prescribed banking LTV norms.
- Interest Rate: Remains same as home loan interest rates for the top-up amount not exceeding the original loan amount. For top-up over and above the original loan amount, mortgage interest rates are applicable.
Nri Home Loan Eligibility Calculator:
Home loan transfer eligibility calculator makes it easy for you to make an evaluation per month saving on EMI by calculating the EMI with new reduced interest rates and improved loan tenure. You can also compare EMIs with different interest rates and different loan tenures. Calculate your home loan eligibility with Loanfasttrack’s EMI calculator.
Home loan transfer terms and condition For NRI
- Residential status:
Salaried – Should have lived abroad for at least 1 year.
Self -Employed – Should have lived abroad for at least 3 years.
- Must have minimum 1 year of work experience.
- As per RBI rules Repayment must be done in rupees through an account in India or utilizing NRE or NRO accounts.
- NRI must be present at least once for the home loan transfer process.
- can own only 2 properties for residential purposes. Therefore home loan funding or home loan balance transfer is possible only for 2 residential properties.
- POA is mandatory in NRI funding.
- Repayment must be done in rupees through an account in India or utilizing NRE or NRO accounts.
- If an NRI has invested in an under-construction property, home loan transfer before possession is not possible.
- For other home loan transfer requirements click.
Home Loan Transfer Best Offers From Top Bank
- NRI Home Loan ICICI: 7.10% p.a. & zero processing fees for loan amount above Rs.1 crore.
- NRI Home Loan HDFC: 7.10% p.a. & zero processing fees for loan amount above Rs.1 crore.
- NRI Home Loan Canara Bank: 6.95% p.a. & Rs.10,000/- processing fees.
|Special Offer For Fresh NRI Home Loan @ 6.95% p.a. From ICICI Bank For Builder Property Purchase|
NRI List of Documents For Home Loan Transfer
KYC & Other Documents
1) Photo ID proof of applicant & co-applicant.
2) Age Verification Proof of applicant & co-applicant. (Any one)
Pan card, Passport, Driving Licence, Aadhaar Card, Birth Certificate, Election ID, Domicile Certificate, Ration Card, School leaving certificate, SSC/HSC admit card/Mark Sheet, School/College passing certificate, Life Insurance Policy and.
3) Self attested overseas address proof and Indian address proof.
4) Latest 2 passport size color photographs of applicant & co-applicant.
5) Valid passport copy- Passport copy with arrival & departure entries.
6) Valid visa copy/ work permit.
7) Power of Attorney document duly signed by all the applicants.
8) KYC Documents of the Power Of Attorney self attested by him along with the bank’s POA format duly attested by the Indian consulate if the NRI is not in India & if the NRI is in India the POA can be locally notarized.
9) Duly signed application form by the applicant & co- applicants.
10) Processing fees cheque.
11) Overseas Credit Bureau report.
12) Own contribution receipt.
13) LOD, Outstanding letter and 12-18months repayment track record.
Financial Documents for Salaried NRI
1) Latest 4 months Salary. W 2 Forms Copy if NRI is US Based.
2) Appointment Letter / Contract Letter Copy / salary certificate (in English) clearly mentioning the date of joining, designation in the company and current salary earned.
3) Copy of previous appointment letters.
4) Last 6 months bank account statements of the salary account.
5) Last 6 months statement of NRE/ NRO Account.
6) Employment continuity proof: Employment Letter/ Employment Contract Copy.
7) HR contact details –Name, Number & official email ID for employment confirmation.
8) Company Profile or Company Website requirement (only for Pvt. Ltd. Co.)
9) Valid copy of Work Permit / Labour Card / Identity Card (translated in English and countersigned by the consulate) if employed in the Middle East.
10) Copy of CDC in case of customers who are employed in the merchant navy.
Financial Documents for Self-Employed NRI
1) Copy of Incorporation of business letter.
2) Income Proof for NRI in Middle East: Last 2 years audited/ Chartered Accountant (CA) certified P&L accounts.
3) Income Proof for NRI in US and Canada: Last 2 years Certified Public Accountant (CPA) compiled/reviewed/audited P&L accounts.
4) Income Proof for Other NRI: Last 2 years CA or equivalent certified/audited P&L accounts.
5) Office Address Proof- any one- Utility bills, telephone bills, electricity bills or its equivalent and Tax ID certificate.
6) Latest 6 months bank account statements of the current account.
7) Latest 6 months bank account statement in individual’s (NRI) name.
8) Business Existence Proof: Partnership or its equivalent with registration certificate with appropriate authority, Memorandum of Association (MOA) and article of association or its equivalent, Certificate of Incorporation with appropriate authority, Limited Liability Partnership (LLP) Agreement and Certificate of Incorporation in case of LLP.
9) For Partnership Firms: Partnership deeds/Latest list of partners along with their profit sharing ratio certified by all partners For Corporate applicant: Latest list of director and shareholding pattern certified by statutory Auditor/ CA/ Company Secretary (CS) or equivalent.
10) Business Profile on the letterhead with details like nature of business activity, product/services, number of years in business, number of employees, branches if any, group company if any, assets, future business plan, ownership/equity stake-in case of promoter/director, etc.
11) Business continuity proof.
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|Hey Nri !! Also Looking For A Mortgage Loan? Get In Touch With Us Today For The Lowest Mortgage Loan Interest Rates.|