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NRI Loan

Overview

NRI Loan Services with Eligibility,best Interest rate in india at Loanadda.Check Loan products,Apply for NRI Home Loans,Personal Loans etc. Buying a house can be the most rewarding decisions of your life. We make it both memorable and hassle free by bringing you the best offers across banks and NBFC’s. LoanAdda makes the whole process simpler and faster with various options ranging from purchase of home, balance transfers of existing home loan, purchase of plot, home improvement etc. LoanAdda, the leading marketplace for loans brings you a real time quote for all your loan requirements. Your dream home is now just a click away.

Types of Home Loan

There is a home loan for every requirement, take a look:

  • Ready Property Purchase Loans: These are for buying a new home.
  • Land Purchase Loans: These loans are for buying a new plot either as an investment or to construct a house.
  • Home Construction Loans: Opt for a home construction loan, if you plan to build a house over an already owned land.
  • Home Improvement Loans: These loans are applicable when you want to renovate or re-build your house.
  • Balance Transfer Loans: All banks are competing to bring the best rates to the customer. The customer can make use of the lower interest rate facilities to move his existing loan to another service provider at a better rate. As per the RBI guideline, there is no longer any pre-payment penalty for foreclosure of the loan.
  • NRI Home Loans: Specially designed for the benefit of non-resident Indians. The maximum tenure is 15 years and the rate of interest is a little higher than existing rates. The paperwork is also a little longer and complicated.

Steps to Online Apply for NRI Loan

The illustration below indicates what to expect at every step during the loan evaluation process. It helps understand how the credit decisioning works in banks and the steps they take before deciding to accept or reject a loan/ credit card.

Step 1

APPLICANT FILL OUT A LOAN APPLICATION FORM.

Step 2

DOCUMENTS HAND OVER TO THE BANK.

Step 3

BANK CHECK YOUR REPORTS AND CIBIL SCORE.

Step 4

HIGH CIBIL SCORE LEADS TO ELIGIBILITY CHECK BASIS DOCUMENTATION.

Reject

Low credit score leads to loan reject.

Your Credit File Is Thin.

Too many previous loans and too little income.

Loan Approval

Eligible will lead to loan approval.

Good Credit Cibil Score will lead to loan approval.

Banks eligibility criteria, the bank will approve your loan.

Reject

Non eligibility leads to reject loan application.

Residential address is on the defaulter list.

Documents Required For NRI Loans

Most banks follow the same general rules in terms of document requirement. There may be a few changes in certain cases, in which case, our loan officers will guide you personally to complete the documentation process. Salaried individuals.

1. Proof of both identity and residence (any 1) -: Valid Passport (mandatory)/ Voter ID Card/ Aadhaar Card/ Valid     Driving Licence.

2. Proof of income -:

  • (a) Photocopy of the Employment Contract / Appointment Letter / Offer Letter
  • (b) Last 3 months' Salary Slips /
  • (c) Photocopy of last 6 months’ Bank Statements, showing salary credits
  • (d) Photocopy of last 6 months’ Bank Statements of the NRE / NRO account in India

3. Other documents -:

  • (a) Photocopy of the valid resident Visa stamped on the Passport
  • (b) Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  • (c) Past occupational history
  • (d) Cheque for processing fee

4. Property related documents -:

  • (a) Copy of the Allotment Letter / Buyer Agreement
  • (b) Receipt/(s) of payment/(s) made to the developer

1. Proof of Business - Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax      Certificate.

1. Proof of both identity and residence (any 1) -: Valid Passport (mandatory)/ Voter ID Card/ Aadhaar Card/ Valid Driving Licence.

2. Proof of income -:

  • (a) Last 3 years’ Balance Sheets and Profit & Loss A/c Statements, with Annexures / Schedules (attested by a CA)
  • (b) Photocopy of the Memorandum of Understanding
  • (c) Photocopy of the trade / commercial license
  • (d) Last year’s Current A/c Statement of the business entity and 6 months’ statements of the individual of his NRE / NRO account in India

3. Other documents -:

  • (a) Business profile
  • (b) Photocopy of the valid resident Visa stamped on the Passport
  • (c) Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  • (d) Cheque for processing fee in AED
  • (e) Details of the ongoing loans of the business entity and the individual along with photocopy of the sanction letter

4. Property related documents -:

  • (a) Copy of the Allotment Letter / Buyer Agreement
  • (b) Receipt/(s) of payment/(s) made to the developer
NRI Loan Eligibility
Documents required for Guarantor:

Your eligibility for NRI Loan is determined by the following factors:-

Income/ Other Income

Age

Qualification

Property value

No of dependents

Bank Balance

Assets/Liabilities

Creating Breathing Space in a Cash Crisis

approve loanTRANSPARENT   Borrowing with an assurance of not having nasty surprises on the interest rate.

personal loanCOST EFFECTIVE   When you make an early settlement without incurring any penalty fees.

business loanRISK FREE   Unconditionally covering our loan offers and services.

home loanQUALITY   Expect accommodating staff ready to answer your enquiries.

bank loansINSTANT   Start processing your loan in just a few clicks.

unsecured loanCONVENIENT   Pay your loan right around the corner.

secured loanFLEXIBLE   Choose among our unique terms to fit your cash needs.