NRI services » Home Extension Loans for NRIs

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Home Extension Loans for NRIs

Home extension loans for NRIs are used by customers to get loans from the banks to extend their houses, by adding more rooms, kitchens, wash rooms, terraces, or any other rooms for your growing family. It may also be used remodel parts of the house as well. Home extension loan for NRI falls under the category of Home loans. But they should not be confused with home construction loans. Home construction loans are used to finance for the construction of yours newly acquired home or if you are planning to build a home


Loan Description:

The home extension loan for NRIs provides you a medium to you to extend or add space to your house. Be it an additional room on the same floor or the terrace, a larger bathroom, or even enclosing an open balcony, the Home Extension loan for NRI applicant is convenient and flexible. It aids your home extension plans with its appropriate loans and comfortable re-payment options. Home Extension loans are quick to arrange and repayable in easy monthly installments. If it is not extra bedrooms or balcony or a bigger kitchen, then you might also be looking to expand your lounge or add an extra bathroom. Perhaps you're thinking of extra entertaining space for parties with friends or bigger family get together. You may also be considering adding a conservatory so that there is somewhere for you to relax away from the rest of the family when everyone is at home.


Loan amount:

Banks generally offer about 70-85% of the total amount of home extension as loan. The amount of home extension loan for NRIs sanctioned usually depends on a number of factors such as the age of the applicant at the time of loan, tenure of the loan, repayment capacity of the borrower including his or her credit history.


Interest Charged by Indian Banks for Home Extension Loans for NRIs:

Rates of interest charged is in accordance with the bank's policy on the date of disbursement of loan. Interest rates can be either on fixed or floating basis. The process of home extension loan application is simple. NRI customers can fill online application forms or personally visit the bank for approval of loan. A nominal fee of 1-2% is charged as processing by the banks.


Documents Required by Banks for the approval of Home Extension loans for NRIs:

Salaried customers:

» Application form with photograph
» Identification and Residence proof
» Latest salary slip
» Form16
» Last 6 months bank's statement
» Processing fee cheque

Businessman/ Self employed professional:

» Application form with photograph
» Educational qualification
» Identity and residence proof
» Proof of business existence with business profile and last three years income tax return
» Last 3 years income statement and balance sheet.
» Last 3 month's personal and business bank statements.

Applicable charges or fees:

The different kinds of charges applicable to NRI Home extension loans are listed below:
» Upfront Fees
» Rate of Interest
» Legal and Technical Charges
» Stamp Duty and Registration Charges
» Personal Guarantee from Charges
» Cheque Bounce Charges
» Delayed Payment Charges
» Additional Charges
» Incidental Charges
» Prepayment Charges
» PDC Swapping Charges

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