Can Singaporeans take loans to buy Indian property

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If you fulfill all requirements needed to successfully purchase property in India, the next step would be securing a loan.

There are three banks that provide loans for Indian property; Housing Development Finance Corporation (HDFC), State Bank of India (SBI) and the Industrial Credit and Investment Corporation of India (ICICI).

HDFC in Raffles Place provides loan packages and property search assistance throughout India.

They provide a maximum loan of 80% of the property's cost with maximum loan repayment tenure of 20 years.

If you need assistance in opening a NRE/NRO/FCNB account, the State Bank of India (SBI), located in Cecil Street and Little India provide those services. They also offer home loans and other facilitation services.

ICICI in Raffles and Little India also provides services for NRIs. Interested parties can simply walk in to any of their branches to apply for a loan. ICICI can process the loan application from any of their branches in Singapore.

Whether you are employed or self-employed, you need to present specific documents to the bank to determine your eligibility for the loan.

These documents include things like your last three years salary slips or income tax assessment, bank statements for the last six months and copy of CPF transaction history for the past six months.

You can read more about the types of documents needed here.

As buying property in India can be a complicated affair, it is certainly safer to acquire a loan in Singapore.

Also as with the case of SBI, searching for Indian properties with the help of an organization in Singapore is a safer and less complicated process.

For more information on the requirements to buy properties in India, please read our detailed 'Buying property in India' guide.

 

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