Home Loan for NRI - Eligibility, Documentation, & it's Procedure | RSP LIC Housing Loan

Home Loan for NRI - Eligibility, Documentation, & it's Procedure

RSP LIC Housing Finance Limited (RSP LIC HFL) offers NRI home loans to facilitate property purchases in India for NRIs. These loans can be used for buying a new home, constructing a house, renovating, or extending an existing property.

Eligibility:

To be eligible for an NRI home loan, the borrower must:

• Be an NRI with a valid passport and visa.
• Have a stable income and employment abroad.
• Maintain a good credit history.

Loan Amount and Tenure:

• The loan amount is determined based on the property value and borrower’s repayment capacity.
• The tenure can extend up to 20 years, subject to the borrower’s age and loan amount.

Interest Rates:

RSP LIC HFL offers competitive interest rates for NRI loans, with both fixed and floating rate options available.

Processing Fees and Charges:

• A processing fee is applicable, typically a small percentage of the loan amount.
• Other administrative and legal charges may also apply.

Documentation:

The required documents include:

• Proof of identity and NRI status (passport, visa).
• Proof of income (salary slips, employment contract, bank statements).
• Property documents (sale deed, agreement to sell).
• Power of Attorney if the borrower cannot be present in India.

Repayment:

• Repayment is through Equated Monthly Installments (EMIs).
• The loan can be repaid using NRE/NRO accounts or through remittances from abroad.
• Prepayment options are available without hefty penalties.

Customer Support:

RSP LIC HFL provides customer support through branches, a dedicated helpline, and online services to assist NRIs with their loan queries and applications.

Application Process:

• NRIs can apply for the loan online through the RSP LIC HFL website or by visiting designated branches.
• The process involves submitting an application form, required documents, and undergoing a verification process.
• Upon approval, the loan amount is disbursed either directly to the seller or into the borrower’s account for construction or renovation purposes.

Additional Features:

• Flexibility in loan repayment schedules to suit the borrower’s financial situation.
• Options to transfer existing NRI home loans from other financial institutions to RSP LIC HFL for better terms and interest rates.
• Personalized assistance and guidance throughout the loan process.

RSP LIC HFL’s NRI loans are tailored to meet the unique requirements of NRIs, making it easier for them to invest in property in India. By offering competitive interest rates, flexible repayment options, and robust customer support, RSP LIC HFL aims to provide a seamless borrowing experience for NRIs.

For more detailed information and to apply, visit our NRI loan page.