INTERVIEW QUESTIONS LOAN LOAN FOR NRIS DETAILS

Question: I am a NRI but seeking a home loan to buy a home in India. What is the maximum loan I can hope for?

Answer: The maximum loan amount eligible for your case will depend on your earnings and other factors. Usually NRIs can expect a maximum loan amount ranging from 80 to 85% of the total market value of the property. There is however a difference in which banks or NBFCs calculates the maximum loan amount for NRIs. Some bank use the gross monthly income of the NRI as a yardstick offering up to 40 times the gross monthly income as the maximum home loan amount. Other banks use net monthly income as their defining yardstick limiting a certain percentage of net monthly income as a deciding factor.

The maximum loan amount eligible for your case will depend on your earnings and other factors. Usually NRIs can expect a maximum loan amount ranging from 80 to 85% of the total market value of the property. There is however a difference in which banks or NBFCs calculates the maximum loan amount for NRIs. Some bank use the gross monthly income of the NRI as a yardstick offering up to 40 times the gross monthly income as the maximum home loan amount. Other banks use net monthly income as their defining yardstick limiting a certain percentage of net monthly income as a deciding factor. Source: CoolInterview.com

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