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NRI....... |
| Eligibility Criteria: |
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A number of factors are taken into account when assessing your repayment capacity. Your
income, age, number of dependants, qualifications, assets and liabilities, stability/
continuity of your employment/ business are some of them.
However, there are certain prerequisites which require you to: |
- Be holding a valid Indian passport
- Be over 25 years of age
- Be a salaried individual
- Be purchasing a house/ flat / apartment or extending
your current one
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There are ways by which you can enhance your eligibility.
For instance, if your spouse is earning, put him/her as a co-applicant. The additional
income shall be included to enhance your loan amount. Incidentally, if there are any
co-owners they must necessarily be co-applicants.
In the absence of a co-applicant, you will require a guarantor.
Even your fianc?e's income can also be considered for sanctioning the loan on your
combined income. The disbursement of the loan, however, will be done only after you submit
proof of your marriage.
Providing additional security like bonds, fixed deposits and LIC policies may also help to
enhance eligibility.
The final amount to be sanctioned will depend on your repayment capacity. However,
the amount you ultimately are entitled to will have to conform within the parameters
fixed: |
- Finance up to a maximum of 85% of the cost of the
property or the cost of construction.
- A minimum loan amount of Rs 5 lakh.
- A maximum loan amount of Rs 1 crore.
- The maximum loan tenure being 10 years.
- The loan term does not extend beyond the retirement
age or 60 years of age, whichever is earlier.
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| When the total cost is considered, registration and transfer
charges and stamp duty costs are also included. |
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