Frequently asked questions for non-resident Indians.

What is the loan amount that I can avail from Can Fin Homes ?
How will my loan eligibility be decided by Can Fin Homes?
How do I begin ?
What is the fee payable along with the application ?
Who can the co-applicants be for the loan ?
What is the rate of interest charged on the loan ?
What are the costs that can be included in the project cost ?
What are the documents that need to be submitted ?
What is the maximum term of loan that will be granted to me ?
How do I repay the loan ?
What will be the security for the loan ?
When will the loan disbursement take place ?
In how many installments will the loan amount be released ?
What is the time limit for availing the sanctioned loan ?
Can I pre-close the loan ?
What is the mode of payment of EMIs by me ?
Can I repay the installment or clear the loan from out of money originated in India ?
Who is a non-resident Indian ?
Is a person of Indian origin holding foreign passport eligible for a loan from Can Fin Homes ?

What is the loan amount that I can avail from Can Fin Homes ?

You can avail a maximum loan amount which is 75% of the cost of the property, which includes cost of land, cost of the building and cost of registration, whichever is lower.

How will my loan eligibility be decided by Can Fin Homes ?

The loan quantum that you would be eligible will depend on your repayment capacity as determined by Can Fin Homes. Repayment capacity will be considered after assessing your income, age, qualification, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc.

How do I begin ?

It's very simple! Can Fin Homes has 40 branches across the country. Just check the branch nearest to the location preferred by you for a house and send in your application for the loan with all the details asked for in the brochure along with the prescribed fee and our officers will get in touch with you soon.

What is the fee payable along with the application ?

For detail information contact our nearest Branch

Who can the co-applicants be for the loan ?

Normally the spouse will be the co-applicant for the loan.

What is the rate of interest charged on the loan ?

Interest is calculated on daily reducing balance basis.

Personal documents

• Employment Contract ( If the contract is in any language other than English, the same has to be translated into English and attested by Employer/Indian Embassy).
• Certified copy of the latest salary slips for the past 6 months.
• Identity card issued by the current Employer.
• Continuous Discharge Certificate, if applicable.
• Latest work permit.
• Visa stamped on the passport.
• NRE Bank account pass sheets.
• Overseas Bank Account Statement for the last 6 months.
• Bio-data covering educational qualifications, age, job experience, nature of profession/business etc., with necessary proof.
• Power of Attorney in favour of local representative in India, if required.
• Guarantor forms along with networth proof/income proof. No. of guarantors as per the norms of the Company. The guarantors should be related to the Applicant/Applicants.

Property documents

• Original title deeds tracing the title of the property for a minimum period of last 13 years.
• Encumbrance certificate for last 13 years.
• Agreement of sale/construction, if any.
• Approved plan/license.
• ULC clearance/conversion order, etc.
• Receipts for having invested the margin money through normal banking channels from the non-resident (external) account in India and/or the non-resident (ordinary) account in India.
• Latest tax paid receipt.

What is the maximum term of loan that will be granted to me ?

The loan repayment duration will normally be in the range of 5 to 10years.
However 8 to 10 years repayment time is applicable only to professionals

How do I repay the loan ?

The loan is to be repaid in Equated Monthly Installments (EMI) comprising of both principal and interest. EMI is to be paid every month and will commence from the month following the month in which your loan is fully disbursed. Till such time the loan is fully disbursed interest on the loan amount that has been disbursed is to be paid every month. This interest, called pre-EMI is payable by the end of every month. EMI and pre-EMI payments are to be made through salary deduction or post dated cheques.

What will be the security for the loan ?

Security to the loan will be the mortgage of the property being financed normally by way of equitable mortgage i.e., by way of deposit of title deeds. Personal guarantees or collateral security acceptable to the company could also be asked.

When will the loan disbursement take place ?

After the loan is sanctioned, you have invested your own contribution, the technical evaluation of the property has been done and the documentation formalities are completed, the loan installment will be released.

In how many installments will the loan amount be released ?

The loan will be disbursed in stages depending on the progress in construction and the agreement entered into with the builder. Normally the disbursements will be made in three to four installments. If the loan is for purchase of a ready built house, disbursement will coincide with the registration of the property in your name.

What is the time limit for availing the sanctioned loan ?

The loan will have to be availed within 3 months from the date of sanction if the purpose of loan is for purchase of a ready built house/flat and within 14 months if the purpose of loan is for construction or 36 months for a composite loan.

Can I pre-close the loan ?

Yes, you can pre-close the loan.

What is the mode of payment of EMIs by me ?

The EMIs are to be paid through normal banking channels from abroad or from the Non-Resident External Account (NRE) or Foreign Currency Non-Resident Account (FCNR) or Non-Resident Ordinary Account (NRO) or close relatives of the borrower in India can repay the installment through their bank accounts directly to the borrower's loan account. Normally, Can Fin Homes collects post dated cheques of your NRE Account.

Can I repay the installment or clear the loan from out of money originated in India ?

As per the present norms the margin money investment, repayment of installments and front end fees and all remittances towards the loan are to be remitted from abroad and all such remittances to be supported by Foreign Inward Remittance Certificate (FIRC) or Bankers Certificate, except in the following cases :

• Installments can be paid from out of rental income subject to our norms.
• When the borrower becomes a resident, outstanding loan amount can be repaid from out of local funds.

Who is a non-resident Indian ?

A non-resident Indian is an Indian citizen, staying abroad, for employment/business or vocation or stays abroad under circumstances indicating retention for an uncertain period of stay abroad. (Persons posted in UN Organisations, World Bank, IMF, WHO etc., officials of State/Central Government, Public Sector Undertakings deputed abroad are also treated as non-resident Indians.)

Is a person of Indian origin holding foreign passport eligible for a loan from Can Fin Homes ?

As per the present guidelines of the Reserve Bank Of India, persons of Indian origin holding foreign passports are eligible for loans from Can Fin Homes with permission from Reserve Bank Of India.