Aadhar Housing Finance NRI Home Loan

Aadhar Housing Finance offers a specialised NRI Home Loan scheme designed to cater to the unique needs of Non-Resident Indians and Persons of Indian Origin. This scheme simplifies acquiring, constructing, or renovating properties for those living abroad through flexible repayment options, competitive interest rates, and a streamlined documentation process. With its commitment to providing customised financial solutions, Aadhar Housing Finance ensures that NRIs can easily navigate the complexities of property investment in India.

Feature & Benefits of Aadhar Housing Finance NRI Home Loan

Aadhar Housing Finance’s NRI Home Loan is tailored for Non-Resident Indians and Persons of Indian Origin. Here are a few reasons why:

• Supports various property investments, including purchase, construction, improvement, extension, and land acquisition.
• Competitive interest rates, high loan amounts, and flexible repayment options of up to 30 years for manageable financial planning.
• Facilitates balance transfer from other lenders for better rates and offers top-up loans for existing customers.
• Simplified documentation, a dedicated NRI helpdesk, and an option for online applications ensure a hassle-free loan acquisition experience.
• Eligibility for tax deductions on both principal and interest payments as per the Indian Income Tax Act.
• Provides professional advice on property selection, legalities, and loan-related queries alongside property verification services.
• Quick loan approval and disbursement process to expedite property investments.

Types of Aadhar Housing Finance Home Loans for NRIs

Aadhar Housing Finance offers a suite of home loan products for Non-Resident Indians (NRIs) to facilitate property ownership in India:

• For buying residential properties like apartments, houses, or villas.
• For constructing a house on owned land.
• For expanding an existing property with additional rooms or floors.
• For renovating or refurbishing an existing home.
• For acquiring land to build a future home.
• Transferring an existing home loan from another lender to Aadhar for better terms.
• An additional loan over an existing home loan for personal or business use.
• For securing a loan against the mortgage of a residential property.

Purpose of Aadhar Housing Finance NRI Home loan

Aadhar Housing Finance NRI Home Loan is designed to cater to the unique needs of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) who wish to own a piece of their homeland. The primary purposes of this loan include:

• Financing the purchase of a new or existing residential property in India.
• Funding the construction of a house on a plot of land owned by the applicant.
• Covering expenses related to renovating, repairing, or altering an existing residential property.
• Assisting in acquiring a plot of land intended to construct a house.
• Providing funds for adding more space to an existing residential property, such as adding rooms or floors.
• NRIs can transfer their existing home loan from another financial institution to Aadhar Housing Finance for better interest rates and terms.
• NRIs already have a home loan with Aadhar Housing Finance and can avail of additional funding against the same property for personal or business use.

Aadhar Housing Finance NRI Home Loan Interest Rates

For Aadhar Housing Finance NRI Home Loans, the interest rates can vary based on several factors:

Aadhar Housing Finance NRI Home Loan Documents Required

For NRIs applying for a home loan from Aadhar Housing Finance, here are the essential documents needed:

Identity and Residential Status

• Valid passport.
• Visa or work permit.
• Proof of overseas residence (e.g., utility bill or lease agreement).

Employment and Income Proof

• Employment contract.
• Last six months’ salary slips.
• Bank statements from overseas and NRE/NRO accounts (previous six months).
• Income tax returns for the last two years, if applicable.

Property-Related Documents

• Property title documents.
• NOC from builder/society, if applicable.
• Construction cost estimate (for construction loans).

Additional Documents

• Credit report (if available).
• Notarised Power of Attorney (if applying through a representative).

For Self-Employed NRIs

• Business registration or license.
• Business address proof.
• Last two years’ financial statements.
• Business bank statements (previous six months).

Aadhar Housing Finance NRI Home Loan Eligibility Criteria

Aadhar Housing Finance offers NRI Home Loans with specific eligibility criteria tailored for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs):

• Applicants must be at least 21 years old at the time of application and not exceed 60 years (or the age of retirement, whichever is earlier) at loan maturity.
• Must be an NRI or PIO, as defined by FEMA and RBI guidelines.
• Minimum two years of employment abroad or Business stability of at least three years.
• Stable income sufficient for loan repayment. The requirement varies based on the country of residence.
• A good credit history is essential for loan approval.
• The loan can be used for buying, constructing, renovating, or extending a property in India.
• Optional but preferred for enhanced loan eligibility, must be a close family member.
• A valid passport, visa, employment proof, income evidence, and property documents are required.
• The property must have legal and technical clearance from Aadhar Housing Finance.

Fees and Charges for Aadhar Housing Finance NRI Home loan

Here’s a simplified table outlining the fees and charges associated with Aadhar Housing Finance NRI Home Loan:

Tax Benefits of Aadhar Housing Finance NRI Home Loans

Non-resident Indians (NRIs) looking to invest in property in India have much to gain from Aadhar Housing Finance’s NRI Home Loan, not just in terms of financing options but also in tax savings. Here’s a streamlined insight into how NRIs can benefit from this financial product tax-wise.

Eligibility for Tax Benefits

The Indian Income Tax Act permits deductions on a home loan’s interest and principal amounts, offering NRIs a dual advantage. These deductions help manage financial liabilities and reduce taxable income, leading to significant savings.

Deduction on Interest

Under Section 24 of the Income Tax Act, NRIs can claim a deduction of up to Rs. 2 lakh on the interest paid on a self-occupied property. The interest deduction for rented-out properties is not capped, making property investment an even more attractive proposition for income and tax benefits.

Deduction on Principal Repayment

The principal repayment of the home loan qualifies for a deduction under Section 80C, with an annual limit of Rs. 1.5 lakh. This deduction is within the overall limit of Section 80C and covers various investments and expenses.

Additional Benefits

NRIs can also claim deductions for stamp duty and registration charges under Section 80C in the year these expenses are incurred. However, the property must be constructed or purchased within five years from the end of the fiscal year in which the loan was taken, or the interest deduction limit drops to Rs. 30,000.