Indiabulls Home Loan

Indiabulls NRI Home Loan

Indiabulls NRI Home Loan

Indiabulls NRI Home Loan: Indiabulls is the second largest private housing finance company in India, it is controlled by the National Housing Bank (NHB). Indiabulls is an ‘AAA’ rated company. The primary goal of Indiabulls is to make housing finance more affordable and feasible to contribute towards the organization of the housing sector, so that, greater ‘customer convenience’ service can be worked continuously.

Indiabulls Home Loans offers you an opportunity to make your dream fulfill of owning a beautiful house. The home loan schemes of Indiabulls, have been specially designed to suit the varied needs of individual customers. Indiabulls will guide you through every single step of the entire process, from thinking of owning a house to actually acquiring it.

Over the past few decades, there has been a huge increase in the number of Indians going abroad for study, jobs or business opportunities. Tagged as NRI (Non-Resident Indians), there are people in this category of Indians who are resident citizens of India with the Indian passport and have to relocate to another country for education, employment or any other legal purpose.

Indiabulls Home Loan For Dubai Based NRI’s:

This Home Loan Scheme is specially prepared for Non-Resident Indians (NRIs) who lived in Dubai and want to buy or invest in property in India. Buying a home involves various difficult procedures to find an ideal property, to ensure the reliability of the builder, paperwork, to organize the documents, and to meet the financial needs. It is impossible to achieve all these things right without being physically present.  Indiabulls identifies and understands this challenge and provides home loans for Indians residing in Dubai.

Indiabulls Home Loan For UK Based NRI’s:

Every NRI who living abroad for education, work and career have a dream to buy a home in India for their future or for their parents. Buying a house in another country does not easy, especially if the buyer does not stay here. Since many years, UK has always attracted the Indians. The country is growing in terms of different career prospects and academic excellence. Indiabulls provide home loans for UK-based NRIs at cheap and affordable interest rates and provide full support through all stages of buying a home from property search, financing options, legal, technical checks and more. This kind of support makes home loan ideal for NRIs living in the UK to take advantage of this loan to buy a home in India.

Also Read: SBI NRI Home Loan

Key Features and Benefits of Indiabulls NRI Home Loan:

  • You can avail this loan for the purchase of flat, house, bungalow, existing freehold properties, properties in an existing cooperative housing society or apartment owners association.
  • You can also avail this loan for construction of residential unit on a plot that already owned and for extension or renovation of the existing residential property such as adding floors, new rooms etc.
  • Indiabulls gives you extremely affordable and attractive interest rates.
  • It provides Doorstep service.
  • Quick approval of the loan.
  • You can get home loan counseling services.
  • Easy monthly repayments under part disbursements.
  • No pre-payment and foreclosure charges on home loans.
  • Indiabulls also provide Balance Transfer with reduced interest rates and EMI’s.

Eligibility Criteria For Indiabulls NRI Home Loan:

  • The maximum tenure for repayment of the loan is 30 years.
  • The loan amount can only be used to purchase properties in India.
  • The minimum age of the applicant is 21.
  • The maximum age of the applicant is 65 years at loan maturity.
  • He/she must have a steady source of income.
  • He/she must have a good credit history.

Loan Requirements:

You will have to apply for loan individually or jointly if in your property you have a co-owner, he has to be co-applicants for the home loan even though all co-applicants are not required to be co-owners. Basically, Co-applicant is a close family member.

  • Adjustable Interest Rate Home Loan:

Loans under adjustable interest rate are linked to IHFL’s benchmark rates. If IHFL’s benchmark rate changes, your loan rate can be revised from next month. However, EMI’s will not be paid on the home loan. If the interest rate increases, then the interest component in the EMI will increase and the main component will be reduced as a result of the expansion of the loan term, and on the contrary, when interest rates fall.

  • Maximum Loan Amount:
Loan Amount Maximum Funding
Up to Rs. 30 Lakh  85% of the cost of the property
Above Rs. 30 Lakh and Up to Rs. 75 Lakh 80% of the cost of the property
Above Rs 75 Lakh 75% of the cost of the property

Interest Rate for Indiabulls NRI Home Loan:

1) Variable Rate of Interest:

 

 

All Borrowers

Loan Slab Interest Rates (% p.a)
Up to 75 Lakhs 8.65% to 9.75%
Above 75 Lakhs to 300 Lakhs 8.70% to 10.75%
Above 300 Lakhs to 500 Lakhs 8.80% to 11.25%
Above 500 Lakhs 10.00% to 11.75%

 

2) Fixed Interest Rates:

 

3 Years

Loan Slab Interest Rates (% p.a)
Up to 300 Lakhs 9.75% to 12.00%
Above 300 Lakhs 10.50% to 12.25%

Indiabulls Home Loan Interest Rate 2017

Documents Required for Indiabulls NRI Home Loan:

Purpose Documents
Loan Application
  • Properly filled loan application form and signed by all applicants
  • 1 Passport size photographs
  • Processing fee cheque
KYC Documents
  • Passport Copy of the primary borrower as well as his/her spouse.
  • Visa copy of the primary borrower self as well as his/her spouse.
  • Labour Card / Work Permit / Official Identity Card
  • PAN card copy
  • Valid address proof of the applicant’s (Indian residence address Proof) like Telephone Bill, Electricity Bill, Water Bill, Piped Gas Bill
  • Valid copy of overseas tenant contract copy

 

Financial Documents  1)      For Salaried:

  • Salary slips (last 3 months) with 6 months’ salary bank statements
  • Form P60/P45 and latest Employment Contract
  • Consumer Credit Check report

2)      For Self Employed:

  • Latest 2 years’ ITRs, Computation, Financials Balance Sheet with Profit & Loss account
  • Audit Reports
  • Bank statement for last 6 months (all active bank accounts)
  • Consumer Credit Check report
Other Documents ( if applicable)
  • Sanction letters of every existing loan.
  • Statement of accounts of all the existing loans.
  • Latest 6 months repayment track

 

Indiabulls NRI Home Loan Fees and Charges:

     A. Processing fees:

Loan Amount Charges
Up to Rs.28 lakh Up to  Rs.10,000 for a loan amount
Above Rs. 28 lakh and Up to Rs. 30 crores Up to 0.5% for loan amount
Above Rs. 30 crores 0.5% to 1% for loan amount

     B. ECS / PDC: Rs. 250

     C. Late payment: 24% p.a. of the outstanding EMI.

     D. Statement account charges or amortization schedule: Rs. 200

     E. Retrieval of documents: Rs. 5000.

     F. Transaction handling charges: Rs. 2,500

     G. Database admin fee: Rs. 650

 

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