Loan Against Property in India for NRI
Anyone can raise funds against your residential or any property in India whether it is for consolidating debts, looking for better opportunities, your child's education, or any other personal/business needs.
Loan Against Property against your residential or commercial property to meet your business needs or for other financial commitments. A Non-resident Indian (NRI) Home Loan or a NRI Loan Against Property (LAP) subject to the repayment of the loan from the income generated in India so, banks try to manage that as the repayment of the loan should have to be through a Non-Resident Ordinary (NRO) account.
Eligibility for loan against property in India for NRI
Minimum net income INR500,000 p.a. (salaried)
The maximum age is 60 years.
Minimum loan amount INR300,000 for NRI Home Loans.
Maximum loan amount INR300,000,000 for NRI Loan Against Property.
Maximum tenure is 25years.
How much home loan can NRI get in India?
- The minimum and maximum loan depends on the customer's relationship with banks or lenders, city of property and property type. Currently loans are being offered to salaried NRI customers by the banks, meeting the credit policy of the bank and are subject to change from time to time. The rate for fresh purchase of ready property/approved under construction property is generally higher than the normal property or used property.
- Income and educational qualifications play a major role in deciding the maximum amount of loan available to an Loan Against Property in India for NRI . Banks allow an advance of 80-85% of the value of the property, subject to the Gross Monthly Income (GMI) of an individual. Maximum amount of loan granted, is in the range of 36-40 times GMI.