Indian Copy
Indian Copy
Hello and welcome to our site. We want to to provide you with the best Indian Copy information and products that will assist you with finding what you are searching for. Below you will find Indian Copy products from Ebay for your convenience.
 |
US $46.00
| Build Affiliate Ebay Stores |
Information on NRI (Non-Resident Indians) Home Loan
What is an NRI Loan?
The NRI Home Loan is available to Non - Resident Indians from various HFIs for any of the following activities:
For purchase of a house either under construction or on Resale.
For self-construction of a property on a plot of land.
To finance the purchase of a plot of land allotted by a society / development authority.
To renovate / improve an existing property in India.
Who is an NRI?
You have to necessarily be a non - resident Indian holding a valid Indian passport. If you are of Indian origin but do not hold a valid Indian passport you do not qualify for a NRI Loan. There are basically two definitions of a Non - Resident Indian. One is as defined by the Income Tax Authorities and the second one by Reserve Bank of India (RBI).
For the purposes of home loans, all HFIs go by the definition of NRI as given by RBI.Post-disbursement charges:-
Definition 1 (RBI) :
According to RBI, an Indian citizen who holds a valid Indian passport and who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI.
Definition 2 (Income Tax Act):
According to this act, an NRI is one, who is employed abroad for a period of not less than 182 days in the financial year immediately preceding the year in which he is assessed.
What are the additional Documents needed to submit along with the application form?
- The comprehensive list of documents needed is as given below:
- Copy of your passport and the visa.
- Copy of your CDC in case you are employed in the merchant navy. No Encumbrance certificate for the land.
- General Power of Attorney as per the draft of the HFI duly attested by the Indian consulate at the place of your residence in case you are not available in India at the time of submission of application form. In case you are in India, the Power of Attorney can be locally notarised.
- Copy of your appointment letter and contract.
- Copy of your labour card/identity card (translated in English duly countersigned by the consulate) if employed in the Middle East.
- Salary certificate (in English) specifying name, date of joining, designation and salary details.
- Bank statements for the last six months - both domestic (NRE/NRO/FCNR) and international.
Contract slip with Income details incase you are employed in the merchant navy.
What are the Tax Benefits applicable to Non - Resident Indians?
No tax benefits are available for NRI customers unless you file returns and thereby become eligible to avail of the tax benefits as mentioned under Home Loans Kindly click here to see tax benefits applicable on Home Loans.
About the Author
Visit: http://www.apnapaisa.com and Check out vast range of loans & Insurance Comparators, Calculators and Many More.