If you are looking for better options to invest then investing or buying affordable Apartments in Mangalore is the best thing to do. It is one of the fastest growing real estate markets in India. Many of our customers at Gold Palace are NRI’s and foreigners for whom this is indeed the best investment opportunity. Properties, including hotels and luxury apartments would always yield great returns for the owners, and the profits ratio just multiplies.
We understand that as NRI’s you may not have all the time in the world to go through the typically slow process of buying a property in Mangalore. We not only built the best apartments in Mangalore, but we also help you buy them more easily by simplifying your loan process and processing payments directly.
Home loans for luxury apartments Mangalore
In order to be eligible for a loan as an NRI, you must meet the following criteria:
- You hold an Indian passport
- You are a Person of Indian Origin
- You have lived in India for a minimum of 100 days over your live time.
In order to be eligible, your passport must list your country of birth as India. This is the only required criteria for an individual to get the property registered in his name. an individual is termed to be an NRI by the Government of India if he meets the following criteria –
- Citizens of India who live in an another country for the purpose of employment, business, or another reasons
- Employees of the Government of India who have been stationed abroad for a given period of time
- Indians who represent the Government of India for international organizations such as the United Nations, World Health Organization, UNESCO, and more.
Rules for Eligibility and interest rates
Although the process for applying for loan for NRI’s and regular residents of India are similar there are some things that needs to be taken into consideration -
- The person in whose name the property is being registered must be at least 21 years of age
- The applicant should have lived in India for at least 82 days in the preceding 12 months prior to the date of application
- The applicant must have lived in india for at least 365 days over his/her lifetime
- The applicant needs to have an educational qualification of a graduate or an equivalent level
- The amount of the loan cannot be below Rs. 5 lakh or exceed 1 crore.
- An NRI cannot apply for a loan that is more than 85 percent of the full cost of buying the home
As an NRI, the interest rates on your home loans will be higher. The exact rates are dictated by the specific bank that you apply with. Applying with another applicant as a co-owner who is a regular Indian resident will bring the interest rates to regular level. This way you can save money. Gold Palace Group helps you to deal with all these formalities and you’re your purchases of property in Mangalore memorable.
The FDI laws, as applicable in Mangalore require you to produce the following documents if you are an NRI and willing to buy an apartment or other property from Gold Palace :
- If you are self-employed, a bank statement for the last 6 months is required
- If you are employed, your contract or employment letter in its original form as issued by the employer is required
- The identity card issued by the employer
- A valid and original passport
- A salary statement from the company employing you or a pay slip as proof of employment
When banks process your loan application for buying apartments from the top builders in Mangalore, they want proof of the financial stability. NRI’s have a very stable economic situation, so getting a proper home loan for your apartment does not entail a lot of problems. We encourage you to reach out to us for any kind of assistance about additional documents for your specific case.
If you want to apply for a loan for buying apartments in Mangalore, you need to be aware of guidelines issued by the Reserve Bank of India:
- The payment that is done directly without a loan can be done through any Indian or overseas bank
- However, if you are applying for a home loan, the payment for that must be done through an Indian Bank
- The EMI’s must be paid through a bona fide NRE or NRO account with an Indian Bank
As the best builders in Mangalore, we not only take care of the quality of your apartment, but also making the buying process as convenient for you as is possible. Many of our home buyers who are NRI’s process their overseas payments through internet banking or wire transfers.
However, if you are applying for a loan, you need to do it through a registered bank in India. Please do contact us to learn more about the payment methods, so we may help you as best as we can.