Home Loan - USC/ OCI living in India

kls · Post by **kls** » Fri Jul 23, 2010 9:10 pm

Can a USC/OCI residing in India apply for a home loan similar to an Indian citizen living in India? Or there are additional formalities an OCI has to go through?

I looked at some of the bank's sites and couldn't find an answer...

returning_indian · Post by **returning_indian** » Fri Jul 23, 2010 9:15 pm

Try NRI loan with different banks. It should be fairly easy process with private banks and very tedious process with Govt banks.

kls · Post by **kls** » Fri Jul 23, 2010 9:52 pm

An OCI living in India can't apply for NRI loans as he/she is not an NRI.

I am sure OCIs settled in India have bought properties in India and some must have taken loans. Can anybody share their experience?

back2desh · Post by **back2desh** » Fri Jul 23, 2010 11:47 pm

I think in majority of R2I cases, people first purchase a house and then by the time loan everything is finished eventually in that process get their USC/OCI :)

I don't think there should be any issue with it. Just approach any private bank and you should be able to get a loan since you have OCI (make sure you are not trying to buy any Agricultural Land).

kls;308836An OCI living in India can't apply for NRI loans as he/she is not an NRI.

I am sure OCIs settled in India have bought properties in India and some must have taken loans. Can anybody share their experience?

returning_indian · Post by **returning_indian** » Sat Jul 24, 2010 12:36 am

kls;308836An OCI living in India can't apply for NRI loans as he/she is not an NRI.

I am sure OCIs settled in India have bought properties in India and some must have taken loans. Can anybody share their experience?

Did you talk to any bank yet?

voa1994 · Post by **voa1994** » Sun Jul 25, 2010 8:53 pm

I am a USC/OCI holder and I had applied and have been approved for a home loan recently thru SBI. The terms and conditions are the same as reqd for Indian citizens. I believe private and public banks are all the same interms of how you apply for loans. The main hurdle typically is getting the right documents to them--- sometimes the folks in banks do not exactly know what they need and I had a hell of a time trying to find out what their process involved. The chief manager and loan executives were out of SYNC on the requirements. I am in the US and I had to coordinate all of this thru my relatives so it made it even more difficult. Since you are already there-- I think it should be ok.

Here is the typical process:
1) Open a bank acct NRE/NRO which will pay for loan.
2) Application along with sales agreement etc.. from the builder
3) All documents --the list will be provided by them
4) Once approved--typically takes 2weeks if your documentation is in order.
5) Give Post dated checks.

The loan amount is released as a % of what your contribution would be towards purchase. It is not lump sum.

Hope this helps.