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Understanding the difference between an NRI home loan vs normal home loan is crucial for making informed financial decisions.
What is the Difference Between NRI Home Loan and Normal Home Loan?
Here is the difference between
Eligibility Criteria
NRI Home Loan |
Normal Home Loan |
Applicants must be NRIs, holding valid Indian passports or PIO/OCI cards |
Applicants must be Indian residents |
Applicant must have a minimum of two years of employment abroad |
No specific requirements regarding international employment |
Documentation
NRI Home Loan |
Normal Home Loan |
Documents required are employment contract, salary certificates, and income tax returns filed in the country of residence |
Salary slips, income tax returns, and Form 16 for salaried individuals; business |
Residential address proof from both the foreign country and India. |
Standard Indian residential address proof. |
Additional documents required are passport, visa, and work permit copies. |
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Loan Tenure and Amount
NRI Home Loan |
Normal Home Loan |
The tenure ranges from 5 to 15 years |
Can extend up to 30 years |
Often capped at a certain percentage of the property value, typically up to 80-90% |
Generally similar to NRI loans but may offer more flexibility in some cases |
Repayment Options
NRI Home Loan |
Normal Home Loan |
Repayments must be made in Indian Rupees (INR) through NRE/NRO accounts |
Repayments are made in INR |
Mode of payments include post-dated cheques, ECS, or direct debits from NRE/NRO accounts |
ECS, post-dated cheques, or online payments from domestic bank accounts |
Interest Rates
NRI Home Loan |
Normal Home Loan |
Generally similar to resident home loans but can sometimes be slightly higher due to perceived risk factors |
Standard rates offered by banks and housing finance companies, with variations based on credit scores and loan amounts. |
These differences ensure
NRI home loan vs normal home loan
.
Get the Lowest Interest Rates for NRI Home Loan via NoBroker NRI ServicesRead more
What are the NRI Account Benefits?
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City Tempo-Upto 50% Off
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Authors Of The Question
What is the Difference Between NRI Home Loan vs Normal Home Loan?
Vidhi
119 Views
2 Answers
6 months
2024-06-27T15:43:19+00:00 2024-08-06T15:07:22+00:00Comment
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