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Loan for NRIs Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM LOAN INTERVIEW QUESTIONS LOAN FOR NRIS INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Loan for NRIs Interview Questions & Answers - Learning Mode

There are laws specific for Loans for NRIs in India and various foreign remittance rules must be followed by the borrower. Under the RBI regulations, the repayment of the housing loan by NRIs can only be made by remittances from abroad through normal banking channels or through NRE/NRO account or out of rental income derived from the impugned property. The amount must be payable in Indian Rupees only.

Try Loan for NRIs Interview Questions & Answers - Exam Mode

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Loan for NRIs Interview Questions & Answers - Learning Mode
Try Loan for NRIs Interview Questions & Answers - Exam Mode
Question: I am a NRI and I want to help my relative?s children with higher education. Can I get an education loan in India?

Answer: Yes you can get an education loan in India for the higher education for your relatives in India. You will however need to be the parent or a guardian of the child. This means you can seek an education loan for your relatives like nephews and nieces. Under an NRI education loan you can seek tuition fee along with any admission fee, costs of books and equipment and other expenses. The margin money for NRI education loan for loans up to Rs. 4 Lakhs is zero while for loans above Rs. 4 Lakhs is 15% o Source: CoolInterview.com
Question: I am an Indian national but working overseas for the past two years. I am seeking a home loan to buy a residential property in India. Would I be eligible for home loan?

Answer: You haven?t mentioned if you have been staying overseas at a stretch or off and on. In case you have been out of India for more than 182 days in a financial year, you are considered to be a non resident Indian, provided you have an Indian passport. Non resident Indians are allowed to buy residential property including both existing as well as under construction property and home loans are easily available from various banks and NBFCs.

One thing to note is that unlike resident India, banks Source: CoolInterview.com
Question: I am an NRI but need to take up a loan against my fixed deposit. Am i eligible for such a loan?

Answer: As a NRI you can get a loan against securities as well as against any bank fixed deposits. You can get an overdraft against your NRE, NRO and FCNR accounts while still retaining ownership. Most banks offer an overdraft up to 90% of the deposit amount in an NRE or NRO account. You cannot however prematurely withdraw any deposits if there is an outstanding overdraft against them. Source: CoolInterview.com
Question: I am a NRI and seeking education loan for my child. Can a NRI apply for an education loan in India?

Answer: Yes you can get education loan for your child as a non resident Indian. Almost all technical and professional courses offered by UGC approved educational institutes are approved for a NRI education loan. What's more, you can seek an education loan for your relatives like nephews and nieces as well. The margin money for NRI education loan for loans up to Rs. 4 Lakhs is zero while for loans above Rs. 4 Lakhs is 15% of the loan amount. For loans above Rs.4 Lakhs you would need to provide a coll Source: CoolInterview.com
Question: I am a NRI working with merchant navy. The nature of my job is contractual and I am not on a 12 month payroll of my company. I need a personal loan but will I be applicable?

Answer: If your employment is under a contract basis and not as a regular company employee, your loan may not get approval. At the same time, loans of contract employees in India can be passed based on the nature of job and profile of the applicant. This is because chances of loan approval largely depend on the regularity of your income. Banks are taking an extra caution in case of NRIs, as they are not sure about their job continuity abroad. Therefore they do not want take a risk. Source: CoolInterview.com
Question: I work in the merchant Navy hand have a NRI status for the last very many years. As a NRI what is the maximum home loan I can hope for?

Answer: Usually NRIs can expect a maximum loan amount ranging from 80 to 85% of the total market value of the property. There is however a difference in which banks or NBFCs calculates the maximum loan amount for NRIs. Some bank use the gross monthly income of the NRI as a yardstick offering up to 40 times the gross monthly income as the maximum home loan amount. Other banks use net monthly income as their defining yardstick limiting a certain percentage of net monthly income as a deciding factor. Source: CoolInterview.com
Question: I am a NRI but seeking a home loan to buy a home in India. What is the maximum loan I can hope for?

Answer: The maximum loan amount eligible for your case will depend on your earnings and other factors. Usually NRIs can expect a maximum loan amount ranging from 80 to 85% of the total market value of the property. There is however a difference in which banks or NBFCs calculates the maximum loan amount for NRIs. Some bank use the gross monthly income of the NRI as a yardstick offering up to 40 times the gross monthly income as the maximum home loan amount. Other banks use net monthly income as their def Source: CoolInterview.com
Question: I am a NRI with good financials but I do not have an educational degree. Will I be eligible for a home loan in India?

Answer: NRIs seeking a home loan need to pass through a tough screening pattern when it comes to home loan eligibility. Only graduate NRIs are offered home loans and people with no degree or less
educational qualifications than a master degree are usually screened out or declined a home loan. Source: CoolInterview.com
Question: As an NRI can I opt for a home loan to buy farm land in India?

Answer: Unlike resident Indians, there are some rules that you need to follow when opting for a loan as a NRI. As a non resident Indian you are not allowed to purchase any agricultural land in India. Home loans are available only for residential properties that are either under construction or ready for possession along with construction of property on a self owned plot and or any possible alterations for any existing property. Source: CoolInterview.com

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