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  • NRI Loan Against Property

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  • In today’s world, properties are undoubtedly the most valuable tangible assets a person can own. They stand to serve as an important source of liquidity when there is a dire need for money. Be it for personal expenses or business requirements, these funds can be accessed by Indians and Non-Resident Indians (NRIs) alike by simply taking a loan against their property, without having to sell it.

    In fact, the process for availing a loan against a property does not vary a lot for an NRI and a citizen of India, owing to customer-friendly banks in the country. Many prominent lending institutions in the country offer the facility of loan against property to NRIs at attractive interest rates and minimal paperwork. As long as an NRI owns a residential/commercial property in his/her name, that person can easily borrow against his property.

    How to Apply for Loan Against Property as an NRI?

    If you are an NRI and are looking to take a loan against your property, then you should go through the following steps to take advantage of the wonderful features and benefits that the premier lending institutions in the country have to offer.

    Step 1: Research The importance of this step cannot be emphasised enough. Considering that there are plenty of banks out there which offer this product, it stands to reason that you should research thoroughly and find the banking partner that suits your purpose. Each bank will have their own set of interest rates, the quantum of loan, lending terms and conditions, repayment options, maximum tenure, et cetera.

    Hence, it is crucial that you choose to borrow from a bank to which you can afford to pay back comfortably, without the loan turning into a serious liability. You can always get in touch with the customer care representatives of the bank or visit the nearest the branch to learn more about taking a loan against property as an NRI.

    Step 2: Gather the Necessary Documents

    There is little doubt in the fact that loan applications are usually accompanied by a whole bunch of documents. This is particularly true if you are an NRI. That’s why, in order to make the process easier, prepare the required documents in advance and keep them with you. The list of documents needed can be found on the respective website of the bank, but as a general rule of thumb, you can be expected to furnish the following papers:

    • Identity proof and address proof like passport, PAN card, driving license, latest utility bills, et cetera
    • Income proof, which may vary for salaried and self-employed individuals
    • If Salaried, you may have to furnish copies of your passport showing the relevant visa stamps, along with a copy of your work permit/work visa/any relevant document which supports your status as an NRI working individual. Latest salary slips, overseas bank account statements in which salary is credit may also be required
    • If Self-Employed, you may be asked to submit a copy of your trade license/similar document, along with the balance sheet, profit & loss account and income computation for the last three years performed by a certified Chartered Accountant. In addition to this, a self-attested document stating the nature of your business, along with the copy of your passport with the relevant visa stamp may be also be needed
    • Photocopies of relevant property documents

    Step 3: Apply for the Loan Against Property

    After you have performed the aforementioned steps, all that is left to be done is to apply for the loan. You can do this online with most of the banks, though sooner or later, you may have to visit the bank in person and submit your documents.

    As you can see, it is quite simple to take a loan against property as an NRI. All it takes is some careful research and preparation. Good luck!

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    Home Loan Reviews

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      "Best Service"
      0.5 4.0/5 "Great!"
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      , mumbai
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    • HDFC Limited
      HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
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      , kanchipuram
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    • HDFC Limited Home Loan
      "Good"
      0.5 4.0/5 "Great!"
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      , coimbatore
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    • Punjab National Bank Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
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      , new delhi
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    • SBI Home Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
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      , dindigul
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    • SBI Home Loan
      "Easy and best loan"
      0.5 5.0/5 "Blown Away!"
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      , agra
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    • Central Bank of India Home Loan
      "Highly recommendable bank"
      0.5 5.0/5 "Blown Away!"
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      , bhubaneshwar
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    • DHFL Home Loan
      "Need to decrease interest charges"
      0.5 5.0/5 "Blown Away!"
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      , vijayawada
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    • ICICI Bank Home Loan
      "Average Loan service"
      0.5 3.0/5 "Satisfactory"
      ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.
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      , mumbai
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    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
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      , goa
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    • review Home Loan
      "Need to decrease charges & improve customer service "
      0.5 1.0/5 "Really Bad"
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      , goa
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    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
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      , vizianagaram
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    • Central Bank of India Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
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      , ramanathapuram
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    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
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      , itanagar
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    • Central Bank of India Home Loan
      "Easily accessible bank"
      0.5 4.0/5 "Great!"
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      , bangalore
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    • HDFC Limited Home Loan
      "Customer friendly loan service"
      0.5 4.5/5 "Excellent!"
      HDFC was the only bank which is offering for the home loan in the area where i have purchased the house so i opted with HDFC LIMITED. I had applied the loan amount of Rs. 28 lakhs and the given interest rate is 8.5% and they charged me a processing fee of nominal one. I took the loan 3 years ago and they took 40 to 50 days to sanctioned the loan.
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      , ambala
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    • Punjab National Bank Home Loan
      "Very ease to get the loan"
      0.5 4.0/5 "Great!"
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      , palakkad
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    • HDFC Limited Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
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      , madurai
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    • Bank of Baroda Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
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      , surat
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    • LIC Housing Home Loan
      "Not satisfactory"
      0.5 3.0/5 "Satisfactory"
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      Was this review helpful? 3
      , visakhapatnam
      Reviewed on Sep 28, 2019
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