Housing Loan

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Housing Loan

Shelter is one of the three prior necessities in human life. House, we prefer to call it as home, which is quite inevitable in life and also buying a home is an
important event in life. The Housing Loans have become very competitive retail banking segment and the banks are attracting the customers not only by reduction in interest rates but by making changes in the scheme to suit the customer demands. Banks have been also modifying the housing loan scheme from time to time on the basis of recommendations received from the field functionaries.

Documents required to apply for loan:-
1. Residence and Age Proof, which may be established from the PAN card, Election ID, Passport, Driving License and Ration card etc.
2. Copies of I.T. returns or assessment orders or Form-16 for the last two years.
3. Bank Pass-book of statements for the last two years.
4. Latest salary slip/statement showing all deductions in case of employed applicants six months.
5. Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (For company/ firm and personal account) for the last three years in case of self employed applicants.
6. Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your Company/firm in case of self employed applicants.

NRI Section of RBI
An Indian Citizen who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organizations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as non-resident) Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens.

For Investment in immovable properties:
A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri lanka or Nepal), is deemed to be of Indian origin
* (i) he held an Indian passport at any time, OR
* (ii) he or his father or paternal grand-father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 ( 57 of 1955).

The Reserve Bank of India (RBI) guidelines for loans to NRIs:
The amount given in the form of a loan is limited to 85% of the cost of the property as the remaining amount that is 15% needs to be provided an own contribution towards the cost of unit financed, less the loan amount. This amount can be remitted directly from abroad through normal banking channels or from the NRE/NRO account in India. The loan needs to be replayed including both the principal and interest as well as all charges be remitted to the housing finance company from abroad using normal banking channels, the NRE and/or NRO accounts in India. The loan for NRIs is quite feasible, because they are well in economic resource. Definitely, the bankers see the economical stability of the applicant, and sanction a fast loan for an NRI. The options ranges vary from buying your own house from a builder or from a second owner. And the same way as an Indian Resident they provide loans for improving your existing residence. There are specific documents to be got complete information required for that specific scheme, interest rates across loan amounts and finance companies.