If you work in the merchant navy, your position demands you to spend extended periods of time away from home. You value the time you have with your family, and you don't want to spend it trying to comprehend banking regulations and house loans. My brother is in the merchant navy, so evidently, I know about home loan for merchant navy officer.
Check out home loans from the leading banks of India on NoBroker, here. Check out NoBroker’s EMI Calculator to get a correct estimate of your monthly EMIs.Can Merchant Navy get home loan?
Yes, they can. But for home loan for merchant navy there are certain requirements that need to be met. Let me tell you what are the requirements for merchant navy home loan.
Minimum income
The majority of banks consider an annual salary of at least Rs. 9 lacs to be the minimum requirement for navy men.
Eligibility norms
With a few exceptions, the fixed obligation to income ratio (Foir) is typically maintained at 60% and the loan term is maintained at 15 years.
Mandatory documents
Among the critical elements is a copy of the continuous discharge certificate (CDC), something that lenders use to calculate your eligibility. The disembarkation stamp is examined as part of the document verification process. To comprehend the nature of the shipping agreement, the most recent employment agreement between the shipping firm and the merchant navy employee is taken into account.
Your pay stubs, different deduction items, your date of joining or being on board the ship, and your title are some other details that will be verified. Your work permit will be reviewed along with a notarized power of solicitor, and a copy of the email verifying your employment with your shipping company and copy of your passport.
Your co-information applicants will also be needed, and if you don't have one, you could need to supply a guarantor.
Permanent address-proof
Seafarers spend most of their time away from India while working on ships with foreign flags. Lenders request verification of a permanent address in these circumstances.
Loan calculation
The number of days the navy officer stays on the ship is used to determine the loan amount. A merchant navy officer typically sails for nine months on average before becoming compensated for the remaining time. As a result, the eligibility is determined solely based on the past nine months' net income.
Loan repayment
The "Seafarer account," a Non-Resident External (NRE) savings account designed specifically for mariners, can be used to repay the loan.
Loan-to-value ratio
The loan-to-value (LTV) ratio is established in accordance with a typical home loan.
This is all you need to know about home loan for merchant navy officer.
Read More: How much home loan can I get on 60000 salary? How to get subsidy on home loan? Can NRI get home loan in India?Your Feedback Matters! How was this Answer?
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Authors Of The Question
Can Merchant Navy get home loan?
Snigdha Sajjal
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1 Answers
1 Year
2023-03-29T14:43:07+00:00 2023-03-29T14:47:59+00:00Comment
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