NRI Home Loans - Best Banks - Information Needed

[afdb001]

18 minutes ago, MiryalgudaMaruthiRao said:

PNB - No need to pay

Modi

[HoustonBullodu]

I have NRO account in SBI. Do we need to have accounts in other banks listed to apply for a loan? What type of documents are mandatory? Can we get pre-approved for X amount ? I wanted to keep everything ready before leaving so it will be easy to execute after construction starts  

[Assam_Bhayya]

1 minute ago, HoustonBullodu said:

I have NRO account in SBI. Do we need to have accounts in other banks listed to apply for a loan? What type of documents are mandatory? Can we get pre-approved for X amount ? I wanted to keep everything ready before leaving so it will be easy to execute after construction starts  

I have NRO account in SBI. Do we need to have accounts in other banks listed to apply for a loan?

Other bank accounts not mandatory. One SBI account is enough. You can go for HDFC / LIC housing finance too.

What type of documents are mandatory?

• ID proof (Passport/Aadhar should be fine)
• Address Proof(US bank statement)
• VISA copy
• Bank statements (US bank and India Bank accounts)
• W2 / Form-16
• Payslips
• PAN Card

Can we get pre-approved for X amount ?

No, approval depends on the property you are going to buy. Loan processing folks can confirm only when they log your file  for processing with Bank/Fin_institute. To log in loan processing file, you need to have "Agreement of Sale" of specific property.

But, since you're abroad with considerably good salary and if you don't have major loans in India, you can presume you are pre-approved. Even if you've any loans and credit cards balances in the US, they are not considered for eligibility for granting loan in India.

[HoustonBullodu]

Thanks @Assam_Bhayya

[Biskot2]

2 hours ago, HoustonBullodu said:

Thanks @Assam_Bhayya

how much you are planning to apply for ?

what are mandatory to get a loan in INdia. ???

[acuman]

7 hours ago, HoustonBullodu said:

Hello All,

Planning to make home improvements in India and exploring options to apply loan in India first to start construction ASAP.

Appreciate if you can please suggest best options available in India based on your experiences. I want to finish paperwork before l leave India 

There’s no best or worst banks. Evvadu ind lo loan isthe vaade neeku best bank. Bcoz ind lo all aprs are almost sam from

different banks.

[acuman]

4 hours ago, Assam_Bhayya said:

I have NRO account in SBI. Do we need to have accounts in other banks listed to apply for a loan?

Other bank accounts not mandatory. One SBI account is enough. You can go for HDFC / LIC housing finance too.

What type of documents are mandatory?

• ID proof (Passport/Aadhar should be fine)
• Address Proof(US bank statement)
• VISA copy
• Bank statements (US bank and India Bank accounts)
• W2 / Form-16
• Payslips
• PAN Card

Can we get pre-approved for X amount ?

No, approval depends on the property you are going to buy. Loan processing folks can confirm only when they log your file  for processing with Bank/Fin_institute. To log in loan processing file, you need to have "Agreement of Sale" of specific property.

But, since you're abroad with considerably good salary and if you don't have major loans in India, you can presume you are pre-approved. Even if you've any loans and credit cards balances in the US, they are not considered for eligibility for granting loan in India.

+ detailed credit report

ssn copy 

paychecks 

employment verification letter etc.,

[HoustonBullodu]

Thank you all