The 10 Most Trusted Non-Banking Financial Companies to Watch in 2019_compressed

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ABOUT THE AUTHOR Shajai Jacob is CEO - GCC (Middle E a s t ) o f A N A R O C K P r o p e r t y Consultants, launched by real estate industry veteran Anuj Puri in 2017. A well-rounded sales & marketing expert, Mr. Jacob was previously Executive Director & Head - Marketing (West Asia) at one of India's leading international property consultancies. He is based out of ANAROCK's Dubai office, has complete oversight of the Firm's brokerage operations across the Middle East & North A f r i c a n c o u n t r i e s , a n d spearheads ANAROCK's rapidly growing Middle Eastern business. He has 18+ years of rich experience in building brands and widening the visibility and scope for leading b u s i n e s s e s a n d h a s d e e p expertise across national and international markets. In the past, he worked with major firms such as Hindustan Unilever, YES BANK, United Spirits, Kingfisher Airlines and Barista. He holds a Master degree in Business Administration. Shajai Jacob CEO 32 August 2019|
Through the Professional’s Eye NRIS SEEKING HOME LOANS IN INDIA - A CHECKLIST Just like resident Indians, NRIs can invest in any number of properties in India and are also eligible to avail of home loans for as many properties as they like. Of course, while there is no cap on the number of properties for which an NRI can take home loans for, repayment capacity must always be factored in. Overleveraging is never a good idea and regardless of what viewpoint a bank takes, NRIs must do their own repayment capacity calculations. In India, most banks and non-banking financial institutions offer home loans to NRIs. However, the tenure of the home loan may vary, and the rate of interest is usually higher for NRIs. Loan Tenure and Rate of Interest An NRI usually has to pay a higher rate of interest than resident Indians. The tenure for a home loan to an NRI usually ranges between 5 to 20 years - only in select cases can it go up to 30 years for salaried professionals. Most banks determine the loan amount eligibility of NRI borrowers based on their income and credit history. Apart from fulfilling basics like minimum age, qualification and years of employment, one must earn a minimum amount to qualify for a home loan. The mandatory income limit again varies from bank to bank and also differs for the country of residence. For instance, $24,000 a year is considered the minimum income level for US-based NRIs. The loan amount can start from a few lakhs and go up to crores, depending on how much is the bank convinced of one’s eligibility. Some banks may allowNRIs to club their spouse’s or sibling’s income with theirs to improve their eligibility, while other banks will only consider the principal borrower’s income. Obviously, it is important to have a good credit history and high credit score, as banks will invariably check the intending borrower’s credit report - both in the country of residence and India. Eligibility Requirements Any NRI can apply for a home loan in India as long as he/she is capable of repaying the loan and meets the eligibility requirements. These can again vary from bank to bank - however, most banks follow basic guidelines: Age:The home loan applicant should be minimum 18 years and maximum 60 years of age. This age limit may differ depending on the bank in question - for instance, Axis Bank lists 24 years as the minimum age for NRI applicants. Job tenure:The applicant should have been employed abroad for at least two years, or should be serving a valid job contract abroad for a minimum period of two years. Type of account:The applicant needs to open an NRE/NRO (non-resident rupee/non-resident ordinary) account from which to service the home loan. Documents Required for Availing Home Loan • Valid passport and visa documents for the mandatory know your customer (KYC) exercise. • Permanent address proof in India. • Appointment letter, work experience certificate, work permit and contract of employment from the current employer in the concerned country. • Salary pay-slips and supporting statements of Non- Resident External (NRE) and Non-Resident Ordinary |August 2019 33
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Page 5 and 6: Editor-in-Chief Pooja M. Bansal Man
Page 7 and 8: C O N T E N T S 22 Adhikar Micronan
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The 10 Most Trusted Non-Banking Financial Companies to Watch in 2019_compressed

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