r2i forum

Hi Guys,
I have been following this great R2iclub for a long time. I'm planning to go india on May 12th. I'm trying to get a pre approval for home loan. Does the SBI or LIC ask for credit reports? or do you know any bank who can give loan with NO Credit report check? thanks for your help.
I'm looking for only 50lakhs loan. I talked to one of the Agent(broker) refered by my fiend. he said I'm not eligible for loan since I'm already using 53% of my salary. My salary (W2 income) is take home after 401k and insurence is $4000 a month. Since I have house payments of $1500 and car loan and credit cards close to $2000. Also I'm putting the max in 401K and other plans towards retirement since I'm planning to R2I Dec2011, I can withdraw funds in 2012 begining with less taxes. I have a business Income( profit) which is about $3000 a month consistent for last 3 years, which they can not count since it is not w2 and is self employment.
Also I have LIC insurence for 25lahs on mine and 5lakhs on my wife. If I know how much i get preapproved, I can look for a house in that budget. But I do not want to go more than 50lakhs.
Since last 10 years I have the ICICI nre account.

thanks Ram.

Hi,

I am just applying for a home loan through SBI in chennai. They did not ask for any credit report. They would require 3 months pay stub and 2 years w2, 6 months bank statement. They consider the net income that is deposited into your bank account. Thumb rule is if you have Rs.1 lakh (the dollar equivalent of 2500$) deposited into your bank as net salary then you will get 50 to 55 lakhs. I just sent my docs and hoping the loan will be worked out in a couple of weeks. Good luck to you. Thanks.

-Ramesh

I'm traveling to India during the 2nd week of May. I need home loan from SBI. I saw your post. Did the loan process go smooth for you?
I saw the SBI NRI home loan necessary document at their website. https://www.onlinesbi.com/nri/loans/sbinri_lon_homlon.html#hm3

Thanks
karthik

guys,

How did the loan process go? I am planning to go with SBI for loan for a plot purchase. I have aNRE account with them for over 10 years. Do I need to get the documents notarized with US branch or just the copy with original will be ok?

rameshvasudev;283223 I just sent my docs and hoping the loan will be worked out in a couple of weeks. Good luck to you. Thanks.
-Ramesh

kvinayag;284875
I'm traveling to India during the 2nd week of May. I need home loan from SBI.

Can you list out the DOCS that was requested/sent, please.