This calculator computes the value of Equated Monthly Installments (EMI) for user specified values. Just enter the values for Rate of Interest, the Amount of Loan required, Tenure (in years) and specify whether you would like to use an Annual , Monthly or Daily Reducing balance for the calculations and click on the Calculate button. The Result will be displayed in the box named EMI.

Inherent Investment Potential With a population approaching the billion marks by the turn of the century, real estate in the Indian sub-continent has obvious potential for growth. While the idyllic Indian village life has an emotional appeal, the discerning investor knows the importance of easy accessibility to schools, hospitals, shops, offices, entertainment centers and airports. A real estate investment has far higher value in the major towns and cities of India. A wise investment here can benefit from the historic movement of population to urban centers. A process of economic liberalization has also encouraged NRI investments into real estate with the advantage of repatriation of the capital invested and even the rental proceeds under the circumstances prescribed by RBI.

Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., and authorized dealers to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittance or out of funds held in the investor’s NRE / FCNR / NRO accounts.

Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions.

Reserve Bank has granted general permission to foreign citizen of Indian Origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian Citizen or a person of Indian origin whether resident in India or not, subject to compliance with applicable tax laws.

Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.

Home Loan Tie-ups

We shall help you finance your desired living space at Mir Realtors through suitable home loans from HDFC, ICICI and AXIS Bank. We are here to help with your home loan needs every step of the way – right from educating you about the types of home loans available and the formalities involved to securing a suitable loan for you. However, having an understanding about the nuances and formalities involved in acquiring a home loan could come in handy.

BANK APPROVALS

ELIGILBILITY

For Resident Indians: Various factors like income, age, educational qualification, current liabilities, total assets, spouse’s income and more are taken into consideration to determine the eligibility of a home loan applicant. The general eligibility norms applicable for the Resident Indians include:

  • The loan applicant must be 21 years or older when the loan is approved 
  • The loan applicant must terminate before/when the applicant turns 65 years or before retirement, or whichever is earlier 
  • The loan applicant must have a regular source of income – employed or self-employed 
  • For NRIs: Though the eligibility criterion set for the NRIs is similar to that of resident Indians, more emphasis is given on the following when it comes to the appraisal of an NRI case.

  • Qualification – the NRI applicant has to be a graduate 
  • Current and past job profile 
  • Probability of continuing abroad for the loan tenure 
  • Probability of servicing the loan with an extended tenure in case the NRI Applicant has to return to India 
  • Should be employed abroad for at least 2 years 

BANK LOAN APPLICATION DOCUMENTS CHECKLIST

For Resident Indians:

  • A passport size photograph 
  • PAN card 
  • Voters ID 
  • Passport or license for age-proof 
  • Last six months’ bank statement 
  • Salary certificate / Slip 
  • Latest Form 16 
  • Certified IT returns for the past 3 years 
  • One cheque leaf for processing fee 

For NRIS:

  • Passport and visa copy
  • Photograph
  • Salary certificate / Slip
  • Work Permit / Job Contract
  • Personal Bank Statement for last 6 months (Overseas & NRE/NRO)
  • Processing fee cheque from NRE/NRO account
  • Power of Attorney (if the applicant is not in India, he/she can execute power of attorney in bank’s format)
  • Applicants from the UK or US need to produce credit report

ADDITIONAL FEE

The following fee and charges are attached with home loans processing.

  • Prepayment Penalty – If a loan applicant decides to pay up the entire money before the tenure, a pre-payment penalty is charged by certain banks – usually 1-2% of the amount being pre-paid. 
  • Processing fee – The fee payable to the lender on applying for a loan, usually ranges between 0.5-1.50% of the sanctioned loan amount. 

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