Nowadays banks and financial institutions categorize their loan amount as below and above ₹ 75 lacs, but normally the amount that can be borrowed ranges from ₹ 1,00,000 (₹ 1 lac) to ₹ 10,00,00,000 (₹ 10 crore).NRI Home Loan Eligibility for salaried person :
The loan amount can be either 40-65 times their gross monthly salary or EMI up to 50%-70% of their gross monthly salary.NRI Home Loan Eligibility for self-employed professional/businessmen :
The loan amount can be calculated based on their monthly income criteria which varies differently according to banks and financial institutions. The loan amount can be up to 5 times their annual income
The maximum term of NRI Homeloan is 30 years for floating rate and 20 years for fixed rate.Maximum NRI Loan to Value Ratio (LTV) :
NRI loan to Value ratio depends on the loan amount, generally it ranges from 75%-90% of the property.NRI Home Loan Documentation :
The documents like work permit from the country the NRI is working minimum two year continuous service Income proof, proof of education, identity proof, proof of residence, proof of property, visa proof, etc are the required documents mandatory along with the documents necessary for salaried, self employed persons.
By entering this information you get to know the exact figure one can afford for taking the loan according to his/her required capacity. For e.g. If Ram pays ₹25,000 EMI every month @10.50 % for 20 years, he can afford a loan of upto ₹ 25,04,056. Thus, by the use of this calculator one can easily calculate the required NRI Home loan affordable according to his/her capacity.
By entering this click on ‘calculate’ tab and youget to know about the total interest payment and the total loan amount to be paid. For e.g. Loan amount is ₹ 10 lacs, existing rate of interest is 10.50% , term of loan is 10 years, no. of payments per year is 12 i.e. scheduled no. of payments is 120 totally, the EMI comes to ₹13,493.50 and the total interest comes to ₹6,19,219.96. Therefore the total loan payment(principal+ interest) = ₹16,19,219.96.Thus, NRI Home loan EMI can be calculated accordingly to ones re-payment capacity, time period of loan and keeping rate of interest in mind.
NRI Loan Indicative Interest Rates:
Generally the interest rate for NRI Home Loan depends on the policies of banks and financial institutions.It usually ranges from 10.15%-12% and the processing fee ranges from 0.5%-2% plus service tax applicable.
Interest rates for NRI home loans would also depend upon the type of interest rate i.e. fixed rate or floating rate interest rates. Fixed rate of interest is fixed throughout the period of loan, while floating rate of interest changes according to external economic scenario.
I am extremely pleased by TakeBestLoans.Com services. TakeBestLoans.Com followed up with me at each stage. They were prompt in providing assistance even after getting Sanction from DHFL(Dewan Housing Finance Limited) till my loan disbursement.
Kolkata - Home Loan
Thank you very much TakeBestLoans.Com team. I received quick call from your team for my request. Person understood both requirement and circumstances. After conversation, my home loan requirement request was shared with DHFL. Really satisfied with your services.
Nagpur - Home Loan
Unbelievable. Haven't seen such a quick service when it comes to securing loan or any financial product. TakeBestLoans.Com has provided me the assistance and prioritized my case with lender when it was taking time with other providers. I got my loan in no time.
Bangalore - Home Loan
Great service. TakeBestLoans.Com put my request on highest priority for home loan process with Indiabulls Home Finance Ltd. I must admit that due to their efforts , I received sanction approval well within time frame.
Kolkata - Home Loan
Genuine huge Saving. I was provided multiple options for my mortgage loan with lowest interest rates. Out of which I got a good deal from L&T Housing Finance Ltd. Thank you for services and offering great saving on my mortgage loan.
Bangalore - Home Loan
Need a loan? Don't think beyond TakeBestLoans.com. Reasons are simple. They are having qualified and experienced team with strong domain knowledge. TakeBestLoans.com got me Home loan at better interest rates and for required amount without any hurdles, while others were not giving me the required loan amount.
Rajkot - Home Loan
With zero hurdles, least questions and highest saving. My home loan request was taken care by TakeBestLoans.com 's team. They studied my requirements and connected with RIGHT financial institution. First time ever, I did not required to spend more than required time. With least Interest Rate, Special Discounts and Speedy Processing, I saved Time and Money both.
Pune - Home Loan
Simply superb. Outstanding. I was in urgent need of loan balance transfer. I was referred by my friend who was please with TakeBestLoans.com services. A quick phone call and their team was able to transfer my home loan balance and top up loan sanction and disbursed within 20 days! Not only this, they managed to offer lower interest rate compared to my previous lender.
Mumbai - Home Loan