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NRI MONEY

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the country of residence. For instance, $24,000 a year is considered the minimum income level for US-based NRIs. The loan amount can start from a few lakhs and go up to crores, depending on how much is the bank convinced of one’s eligibility. Some banks may allow NRIs to club their spouse’s or sibling’s income with theirs to improve their eligibility, while other banks will only consider the principal borrower’s income. Obviously, it is important to have a good credit history and high credit score, as WWW.NRINEWSTODAY.COM | JUNE 2019

banks will invariably check the intending borrower’s credit report - both in the country of residence and India.

Eligibility Requirements Any NRI can apply for a home loan in India as long as he/she is capable of repaying the loan and meets the eligibility requirements. These can again vary from bank to bank - however, most banks follow basic guidelines: Age: The home loan applicant should be minimum 18 years and

maximum 60 years of age. This age limit may differ depending on the bank in question - for instance, Axis Bank lists 24 years as the minimum age for NRI applicants. Job tenure: The applicant should have been employed abroad for at least two years, or should be serving a valid job contract abroad for a minimum period of two years. Type of account: The applicant needs to open an NRE/NRO (non-resident rupee/non-resident ordinary) account from which to service the home loan.

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NRINewsToday Magazine June 2019  

The cover page of this month’s issue hinges on how Indians abroad celebrated Narendra Modi’s win in Indian general elections. Thereupon your...

NRINewsToday Magazine June 2019  

The cover page of this month’s issue hinges on how Indians abroad celebrated Narendra Modi’s win in Indian general elections. Thereupon your...

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