Home Loan Services for NRIs from Mohan Finserv
Are you a Non-Resident Indian (NRI) looking to invest in property back home in Chennai but unsure how to finance your dream home from abroad? Mohan Finserv offers NRI home loans to help you purchase residential properties in India, whether it's for your own use or as an investment. Our expert team understands the unique challenges faced by NRIs and provides personalized solutions to make the process of securing a home loan in India seamless and efficient.
Loan Process and Procedure for NRI Home Loans
Initial Consultation and Eligibility Check:
The process begins with a consultation to understand your financial profile and objectives. We assess your eligibility for an NRI home loan by reviewing your income (whether from abroad or in India), credit score, and any existing financial liabilities. Our team ensures that you meet the specific requirements set by lenders for NRIs.
Application Submission:
Once you confirm your eligibility, you will need to submit your loan application along with necessary documents, including:
Valid passport and visa
Proof of overseas employment (salary slips, employment contract, or business documents)
Bank statements from your foreign bank account for the past 6 months Proof of income (e.g., tax returns, payslips) Property documents (if you’ve already identified a property)
A copy of your Indian property documents (for those buying in India) NRE/NRO account details for transaction purposes Power of attorney (if applicable)
Legal and Technical Verification:
Mohan Finserv undertakes an in-depth legal and technical evaluation of the property you wish to purchase. This includes verifying ownership, confirming that the property is free from encumbrances, and ensuring that all taxes are up to date. We also verify that the property meets the approval standards for NRI home loans.
Loan Approval and Sanction Letter:
Upon verification and completion of all checks, we will issue a sanction letter. The sanction letter will outline the loan amount approved, interest rates, repayment terms, and tenure. You’ll also be provided with an EMI breakdown and other relevant terms.
Sign the Loan Agreement:
Once you’ve reviewed the sanction letter, we will send you the loan agreement for signing. This document will include all the terms and conditions of your home loan, such as EMI schedule, loan tenure, interest rate, and collateral details. The agreement needs to be signed and returned to us to formalize the process.
Disbursement of Loan:
After signing the loan agreement, Mohan Finserv will disburse the loan amount in a manner agreed upon. For NRIs, the loan may be disbursed in installments based on the progress of the property purchase. We can also provide an option for direct remittance to the builder or seller (if you are purchasing an under-construction property).
EMI Payment and Repayment Schedule:
Once the loan is disbursed, you’ll start making EMI payments. For NRI home loans, repayment can be made from NRE/NRO accounts, foreign income, or through an Indian co-applicant. You can opt for monthly, quarterly, or half-yearly payment schedules, depending on your financial preferences.
Why Choose Mohan Finserv for NRI Home Loans?
Tailored Solutions for NRIs:
We understand the unique needs of NRIs and offer customized loan options that cater to the challenges of financing property from abroad.
Competitive Interest Rates:
Mohan Finserv offers attractive interest rates on NRI home loans, ensuring that you get the best deal possible for your property purchase.
Expert Guidance:
Our team of experts provides personalized support and guidance throughout the entire loan process, from initial consultation to loan disbursement.Our team of experts provides personalized support and guidance throughout the entire loan process, from initial consultation to loan disbursement.
Flexible Repayment Options:
We provide flexible repayment terms, allowing you to choose between different repayment schedules that suit your financial situation. Quick and Hassle-Free Process*: With minimal paperwork and expert assistance, Mohan Finserv ensures a smooth and efficient loan processing experience for NRIs.
At Mohan Finserv, we aim to make your dream of owning property in Chennai a reality, regardless of where you reside. Our NRI home loan services ensure that you can invest in your future back home with ease, backed by a team of professionals who understand your needs. Let us help you navigate the process of securing a home loan and make your property investment in Chennai a seamless experience.