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DHFL NRI Home Loan

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DHFL NRI Home Loans

NRIs An Introduction

Hundreds of Indians immigrate to different countries each year for work, higher studies or business opportunities. This migration has led to thousands of families located in North America, Europe and Middle East.

Coined as NRI (Non-Resident Indians) are people who have an Indian passport and are living abroad for a long time (more than a year) for work, studies or other legal purpose. According to FEMA an NRI is “who resides outside India for employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period”. It also mentions that any Indian who hasn’t lived in India for more than 182 days during that financial year he/she is considered an NRI.

It is to these people that banks like DHFL provide home loans at competitive and exclusive interest rates.

DHFL NRI Home Loan

An NRI home loan will follow the same structure as a normal home loan with the loans being repaid in Equated Monthly Instalments (EMI). The difference arises in the interest rate and tenure, where the interest rate for NRIs is slightly higher and the loan tenure is lower than compared to home loans provided to Indian residents.

The NRI home loans have lower tenure as the borrowers earn a handsome income which indicates a higher repaying capability. Moreover, most of the NRI borrowers wish to close the loan at the earliest.

Benefits of DHFL NRI Home Loans

Attractive interest rates on a monthly reducing basis.
Low processing fee
Repayment period up to 20 years
Up to 80% of cost of the property as loan amount

DHFL NRI Home Loans Eligibility Criteria

The NRI home loan is offered to people who have been living outside India whose loan tenure, loan amount sanctioned, and interest rate will depend on the customer’s profile, age of customer at maturity of loan, age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of DHFL.

Residential Status: An NRI/PIO who has an Indian passport for any country

Home Loans for NRIs in UAE

Minimum of 18 years of age and maximum of 60 years of age at the time of loan maturityNRIs residing in UAE countries can apply for a home loan with DHFL and the loan has the following features.

Loan Amount: The loan amount depends on the annual income and repaying ability of the borrower. One can get minimum of INR 5 Lakhs as NRI home loan.

Repayment Period: The NRI home loan for UAE can be repaid in 20 years.

Interest Rate: It starts from 8.35% onwards.

Home Loans for NRIs in UK

NRIs residing in UK countries can apply for a home loan with DHFL and the loan has the following features.

Loan Amount: The loan amount depends on the annual income and repaying ability of the borrower. One can get minimum of INR 5 Lakhs as NRI home loan.

Repayment Period: The NRI home loan for UK can be repaid in 20 years.

Interest Rate: It starts from 8.35% onwards.

Home Loans for NRIs in USA

NRIs residing in USA can apply for a home loan with DHFL and the loan has the following features.

Loan Amount: TThe loan amount depends on the annual income and repaying ability of the borrower. One can get minimum of INR 5 Lakhs as NRI home loan.

Repayment Period: The NRI home loan for USA can be repaid in 20 years.

Interest Rate: It starts from 8.35% onwards.

Documents Required for DHFL NRI Home Loan

The following are the documents required to apply for the NRI Home Loans

List of papers/ documents applicable to all applicants:

Employer Identity Card
Attested copy of valid Passport and visa.
Address proof mentioning the current overseas address
Copy of Continuous Discharge Certificate (CDC)-for applicants employed in the merchant navy.
PIO Card issued by Government of India. (in case of PIOs)
The attestation of documents may be done by FOs/Rep. Offices or Indian Embassy/Consulate or Overseas Notary Public or officials of Branch/Sourcing outfits based in India.
Loan Application: Completed loan application form duly filled with 3 Passport size photographs
Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

Permission for construction (where applicable)
Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
Occupancy Certificate (in case of ready to move property)
Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement: Bank account details for the previous 6 months overseas account showing salary and savings and Indian account if any.
If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

Valid work permit
Employment contract - an English translation duly attested by employer/ consulate / our foreign office / Embassy in case it is in any other language
Last three months’ salary certificate/slip
Last six months’ Bank Statement showing salary credit
Latest salary certificate /slip in original and copy of identity card issued by the current employer
Duly acknowledged copy of last year Individual Tax Return except for NRIs/PIOs located in Middle East countries and employees in the Merchant Navy.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

Business address proof
Proof of income in case of self-employed professionals/businessmen.
Last 2 years Audited/C.A. certified Balance Sheet and P&L accounts,
Last 2 years Individual Tax Return except for NRI/PIO located in Middle east countries
Last six months’ Bank Statement of overseas account in the name of individual as well as company/unit.

Loan Repayment

As per RBI rules Repayment must be done in rupees through an account in the India or utilizing NRE or NRO accounts. If the property is rented out the rent receipt can be used against the Equated Monthly Instalments (EMI)

Tax benefits

As with resident Indians NRIs can also avail tax benefits on home loans under section 24 and 80c. NRIs can get tax exemption on the interest paid for a maximum of Rs. 2,00,000 and Rs.1,50,000 on the principle paid under section 80c. If it is a joint loan taken with another NRI or resident Indian/s then each member can avail for the tax benefits separately.

Restrictions in property owned

The Government of India has stipulated that an NRI can only own 2 houses in India. That is, they can own only 2 properties for residential purposes. Even if the properties are rented out they can only own two. They can own any number of commercial properties while they cannot own land for agriculture.

DHFL Home Loan EMI Calculator

To know how much you will have to pay as EMI on DHFL home loan, you can visit the official website of the bank. Go to ‘Tools and Calculators’ page where you will find the option for ‘Home Loan EMI Calculator’. After entering the page, you will find three fields where you need to enter the following details: 1) Loan Amount, 2) Interest Rate and 3) Tenure in years.

After entering the necessary details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page. It takes less than a minute to check the EMI amount against the home loan to be taken.

You can also view a similar home loan EMI calculator on CreditMantri website and apply for the loan directly. You will find the results of total amount payable with interest and interest payable separately.