Capital First Ltd NRI Home Loan

If you are an NRI looking to buy a home in India, a Capital First Ltd home loan for NRI (now IDFC First Bank) might be the apt solution. This loan is ideal for purchasing various properties, except agricultural lands, farmhouses, or plantations. You can borrow up to a maximum amount of Rs 5 crores with a flexible repayment period of up to 360 months at an attractive interest rate starting from 8.75% p.a. onwards.

Features & Benefits of Capital First NRI Home Loan

Here are the features and benefits of the Capital First Ltd NRI Home Loan:

Features of Capital First Ltd NRI Home Loan

• Capital First Ltd NRI home loan maximum amount is up to 10 crore. 
• Flexible Repayment Options
• Diverse Property Eligibility
• Special Approval for Excluded Properties

Benefits of Capital First Ltd NRI Home Loan

• Competitive Interest Rates
• Tax Benefits
• Streamlined Documentation
• Local Co-applicant Provision
• Currency and Repayment Flexibility

Types of Capital First Ltd Home Loan For NRIs

Capital First Ltd, now IDFC FIRST Bank, offers several home loans for NRIs to cater to different needs and circumstances. Here are the common types of home loans that NRIs might consider from IDFC FIRST Bank.

Basic NRI Home Loan

• Ideal for purchasing a new or existing residential property.
• Available for different property types, excluding agricultural land, farmhouses, and plantations.

NRI Home Construction Loan

• Specifically designed for NRIs who want to construct a home on owned land.
• Funding covers the cost of construction as per the construction plan.

NRI Home Improvement Loan

• Suitable for renovation or refurbishment of existing properties.
• It can be used for interior upgrades, structural repairs, or other enhancements.

NRI Home Extension Loan

• For NRIs looking to add more space to their existing home, such as an additional room or floor.
• Provides finance specifically for the extension work.

NRI Land Purchase Loan

• Aimed at NRIs who wish to purchase a plot of land for residential construction in the future.
• Typically, the construction of the house should commence within a stipulated period from the date of the first disbursement of the loan.

NRI Balance Transfer Loan

• Allows NRIs to transfer their existing home loans from another bank or financial institution to IDFC FIRST Bank.
• Beneficial for availing better interest rates or terms not offered by the previous lender.

Purpose of Capital First Ltd NRI Home Loan

The primary purpose of the Capital First Ltd NRI Home Loan is to assist Non-Resident Indians (NRIs) in investing in real estate in India. These loans help meet NRIs’ unique needs and financial situations, facilitating property investment in their home country. Here’s a breakdown of the key purposes these loans serve:

• Purchasing Residential Property: NRIs can use these loans to buy apartments, flats, or houses in India, which they can use for their residence or as a holiday home when visiting India.
• Construction of a New Home: These loans provide the necessary funds to cover the construction costs for NRIs who own a plot of land and wish to construct a house on it.
• Home Improvement and Renovation: NRI Home Loans can also be utilised to renovate or refurbish existing properties. This can include making structural changes, painting, and interior decorating.
• Home Extension: These loans can finance these extensions if an NRI owns a property and needs to add more space due to family needs, such as adding rooms or floors.
• Land Purchase: NRIs looking to buy a plot of land for residential construction can avail of loans specifically for this purpose, supporting long-term investment plans.
• Balance Transfer: NRIs can transfer their existing home loans from other banks or financial institutions to IDFC FIRST Bank to take advantage of lower interest rates or better loan terms.

Capital First Ltd Home Loan Documents Required

Documents required for NRI home loan in Capital First Ltd include the following:

• Proof of income
• Employment agreement
• Visa or passport
• Work Authorisation

Capital First Ltd NRI Home Loan – Eligibility Criteria

The eligibility criteria for a Capital First Ltd NRI Home Loan are:

• Age Limit: Minimum of 23 years to a maximum of 60 years.
• Occupation: Must be employed on a salaried basis.
• Work Experience: At least 3 years of work experience is typically required.
• Minimum Income: Starts at Rs 2.5 lakhs.
• Property Type: Eligible for all property types except agricultural lands, farmhouses, and plantations. Special approval from the RBI (Reserve Bank of India) is necessary for these excluded properties.

Capital First Ltd NRI Home Loan Fees & Charges

The fees and charges that are incurred during the loan process at Capital First NRI Home Loan are:

Tax Benefits of Capital First Ltd NRI Home Loan

NRIs are eligible for tax deductions on their NRI Home Loan repayments under Section 80C and Section 24(b). Under Section 80C, a deduction on the principal amount paid up to Rs 1.5 lakhs is permitted, and Section 24(b) allows for a deduction on the interest expense up to Rs 2 lakhs.

However, it’s important to note that these benefits do not apply under the new tax regime.