If you are an NRI and wish to invest in real estate in Mangalore, the properties by K2 builders are the excellent prospects for you. Many of our customers are NRIs who have chosen to buy residential and commercial properties built by us, and they have already seen very good returns in a matter just a few years.

We provide a number of services to our NRI clients, so that they can process payments from abroad, and get home loans without too much trouble.

HOME LOANS

Any person who is a citizen of India, but lives outside the country, either temporarily or for the long term, is eligible to avail home loans though our banking networks. However, the person buying the property must hold and Indian passport that mentions the country of birth as INDIA. If you fall under any one of the following categories, you are eligible for a home loan

  • An Indian citizen who lives abroad for employment, or has a business abroad, or lives outside of India for any other reason
  • People employed with Government of India who are deployed abroad, and who are salaried employees of the government.
  • Individuals who work for the Government of India at international agencies such as the WHO, IMG, ESCAP, etc.

ELIGIBILITY

There are some variations in the criteria for home loans eligibility for NRIs and residential Indians. Here are some important requirements according to the FDI policy

  • The individual buying the property must have stayed in the country for at least 82 days in the 12 month period, as assessed by the FDI.
  • Alternatively, the individual must have stayed in the country for at least 365 days in total.
  • The person must be 21 years of age or more
  • The applicant must be a graduate, or have a higher level of education
  • The applicant must have a monthly income equivalent to at least $2000
  • An NRI is eligible for loans between Rs.5 lakhs to Rs.1 crore, and not more
  • An NRI can apply for a loan for up to 85 percent of the value of the property
  • If an NRI purchases a land instead of a home, he or she is eligible for up to 75 percent of the cost of the land
  • The rate of interest for NRI property buyers is higher than those for Indian residents, but again, the rules are different for different banks

If you want to increase the amount of your loan or reduce the interest rate, you can choose a co-applicant who is an Indian resident, and has a different source of income from yours.

DOCUMENTS REQUIRED

The documents required by the FDI law for NRIs to purchase a property in India as follows

  • A valid passport and Visa
  • Bank statement for the last 6 months in case of self-employed individuals
  • The appointment letter or contract issued by the company employing the applicant
  • A valid identity card belonging to the company that the applicant works for
  • In case of employed individuals, statement for the last 3 salary credits from the bank that the employer uses
  • Evidence that the applicant is currently working in the same company (latest salary statement, slip etc.)

The most important criterion for banks to finance home loans is the economic stability of the applicants. Since this is not a major problem with most NRIs, buying home in Mangalore is not a very difficult issue for them.

RBI GUIDELINES

The Reserve Bank of India (RBI) has certain strong guidelines that must be followed when an NRI applies for a loan to buy a property in Mangalore. Here are some of the guidelines that are important for you to know.

  • An NRI cannot apply for a loan to buy agricultural and farming land in India
  • The amount that the applicant pays for the property other than the loan can be transferred from any account including overseas banks or NRE and NRO accounts.
  • However, the EMI’s must be paid through an Indian bank or an NRE/NRO accounts

OVERSEAS PAYMENTS

If you want to buy apartments for sale in Mangalore, and pay for them without any loans, then overseas payments are accepted. According to the RBI guidelines, there are no restrictions as such on the channels of payments.

However, loan repayments must be done through an Indian intermediary. For these cases, an NRE or NRO account are most appropriate. Please contact K2 builders if you would like to learn more about home loans to buy our apartments or commercial properties.

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