Q1 : Does RBI have any strategy for loans to NRI's/PIO's?
Ans : Yes, there comes strategy concerned by the Reserve Bank of India for allowance of Housing Loans to NRIs. The strategies are:
1. The loan amount should not be exceeded 85% of the cost of the housing unit.
2. Personal input as the cost of housing unit FINANCED less than loan amount, can be convened from direct transmittals from abroad only by normal banking mediums, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
3. Reimbursement of the loan, encompassing of the major and interest as well as all the charges are likely to be forwarded from abroad simply by normal banking mediums, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
Q2 : Can approved dealer allow loans to NRIs to buy of a flat/house for residential purpose?
Ans : Approved dealers have been allowed permission to grant loans to NRI's for attainment of house/flat for self-profession on their return to India issue to sure conditions Repayment of the loan should be come prepared inside a phase not more than 15 years out of inward remittance all over banking mediums or out of funds held in the investors' NRE/FCNR/NRO accounts.
Q3 : Can approved dealer allow housing loan to NRI's where he is a main borrower with his resident close relative as a co-applicant / guarantor or where the land is possessed mutually by such NRI borrower with his resident close relative?
Ans : Surely, such residential loans provided in rupees can also be paid back by the close relatives in India of the borrower.
Q4 : What are the credentials I have to put forward along with the application?
Ans : The subsequent credentials are usually to be put forward along with the application:
1. Photocopy of the labor contract and English translation appropriately supported by your employer.
2. Most recent salary certificate (in English) identifying the following: Name (as it appears in the passport), Date of joining, Passport Number, Designation, Perquisites and salary.
3. Photocopy of labor card/identity card.
4. Photocopy of applicable resident visa stamped on the passport.
5. Photocopy of monthly statement of local bank account for the last 4 months.
6. Property related documents
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