SPECIALIZATION PROJECT

ON
“ANALYSIS OF FINANCIAL PERFORMANCE ON HOME LOANS
OF HERO HOUSING FINANCE LIMTED”
Submitted in partial fulfilment for the award of the degree of
Master of Management Studies (MMS).

(University of Mumbai)

Submitted By
(RUPALI SURESH PATIL )
(Roll No.-MB22097-)

Under the Guidance of

PROF. (DEEPAK NAYAK)
Academic Year 2023-
24

SAS INSTITUTE OF MANAGEMMENT STUDIES (MMS),

Saravali, Boisar (w),
Tal. & Dist. Palghar (MH) -401 501.
Enrich Enhance Elevate

CERTIFICATE
This is to certify that project titled ‘ANALYSIS OF FINANCIAL PERFORMANCE ON HOME
LOANS OF HERO HOUSING FINANCE LIMTED”

is successfully completed by (RUPALI SURESH PATIL) during the IV

Semester, in partial fulfillment of the Master’s Degree in Management Studies
recognized by the
University of Mumbai for the academic year 2023-24 through SAS INSTITUTE
OF MANAGEMENT STUDIES.
This project work is original and not submitted earlier for the award of any
degree /diploma or associateship of any other university / Institution.

Internal Examiner
Name: Signature:
External Examiner
Name: Signature:

Dr. BhageshSankhe
(Director SASIMS)
College Seal
 DECLARATION

I hereby declare that Project Report submitted by me on the topic

“ANALYSIS OF FINANCIAL PERFORMANCE AND LOANS
OF HERO HOUSING FINANCE LIMTED” is a Bonafide work undertaken by
me and it is not submitted to any other University or Institution for the award of
any degree diploma/ certificate or published any time before.

Signature:

Name:
Roll No:
Place: Saravali, Boisar (W) Date:

ACKNOWLEDGEMENT

I express my sincere thanks to my project guide, “PROF. (DEEPAK KUMAR)

”, Assistant Prof, of MBA Department, for guiding me right from the Inception till
the successful Completion of the project, I sincerely acknowledge HIS for
extending HIS valuable guidance, support for literature, critical reviews of project
and the report and above all the moral support HE had provided me for this project.
I would also like to thank our Director Dr. Bhagesh Sankhe Sir, our HOD Kushal
Rajput sir and other staff members of MBA Department, for their help and
cooperation throughout my project.

(RUPALI SURESH PATIL)

 TABLE OF CONTENT

Chapter Title Page No.

No.

Declaration
Certificate from company
College Certificate
Acknowledgement
A Company Profile
B Review of Literature
C Research Methodology
1 Problem Statement
2 Objective of Research
3 Type of Research
4 Sources of Data
4.1 Primary Data
4.2 Secondary Data
5 Instrument of Data Collection
6 Type of Sampling
7 Sample Size
D Data analysis and interpretation
E Findings
F Limitations
G Recommendation
H Conclusion

I Bibliography
J Annexure
COMPANY PROFILE –

HISTORY OF HERO HOUSING FINANCE LIMITED

Hero Housing Finance Limited (HHFL) is a subsidiary of Hero FinCorp, which is
a part of the Hero Group. The company was established in 2017 with the aim of
providing housing finance to customers in India. 

HHFL began its operations by providing loans to individuals for the purchase,
construction, and renovation of their homes. It also offered home improvement
loans, loan against property, and balance transfer facilities to its customers. HHFL
has a pan-India presence, with branches in major cities across India.

The company's philosophy is to provide transparent, hassle-free, and customer-

centric services. It aims to provide customized home loan solutions to meet the
unique requirements of its customers. HHFL has a team of skilled professionals
who are well-versed in the housing finance industry, and they strive to provide the
best services to their customers.

HHFL has received several awards for its excellent services, including the Best
Home Loan Provider in Affordable Housing by ASSOCHAM, the Best NBFC in
Affordable Housing by CREDAI, and the Best Emerging Housing Finance
Company by INTACH, to name a few.

Overall, Hero Housing Finance Limited has become a prominent player in the
Indian housing finance industry and continues to grow by providing quality
services to its customers.

HERO HOUSING FINANCE PROFILE-

HERO HOUSING LTD a fairly new player in the Indian housing finance
market. Hero FinCorp, is a well-known financial services provider in India.
As for Hero Housing Finance, they specialize in providing affordable housing
loans to the underserved segments of society. Their focus is on supporting the
government's efforts towards "Housing for All" by providing financing
solutions to the economically weaker sections of society, as well as to the
middle-income group. Overall, I see them as a socially responsible company
that's trying to make a meaningful impact on people's lives.Hero Housing
Finance Limited is an unlisted public company incorporated on 16 June, 2016.
It is classified as a public limited company and is located in South Delhi,
Delhi. It's authorized share capital is INR 1,000.00 cr and the total paid-up
capital is INR 629.23 cr.
Hero Housing Finance Limited's operating revenues range is Under INR 1
cr for the financial year ending on 31 March, 2018. It's EBITDA has
decreased by -331.27 % over the previous year. At the same time, it's book
networth has decreased by -12.23 %. Other performance and liquidity ratios
are available here.
Description: The company provides financing services. It offers housing
finance for construction, renovation, and expansion, as well as renders loan
against properties.
Products & Services: Housing finance for construction, renovation, and
expansion, as well as renders loan against properties.
Category: Financial services
The current status of Hero Housing Finance Limited is - Active.The last
reported AGM (Annual General Meeting) of Hero Housing Finance Limited,
per our records, was held on 26 August, 2022.
Hero Housing Finance Limited has six directors - Renu Munjal, Nagesh
Dinkar Pinge, and others.
The Corporate Identification Number (CIN) of Hero Housing Finance
Limited is U65192DL2016PLC301481. The registered office of Hero Housing
Finance Limited is at 9, COMMUNITY CENTRE, BASANT LOK VASANT
VIHAR NA, New Delhi, South Delhi, Delhi.

VISION AND MISSION & VALUES OF HERO HOUSING FINANCE

Courage

We go beyond the accepted norms of the industry and work towards helping
loan-seekers across the country, from all walks of life without discrimination.
Empathy

Home buying is one of the most crucial milestones in the life of most of our
customers. Naturally, it is an emotional process. We understand and respect
this and treat every client with utmost empathy, care and support

Passion of Excellence

We believe in delivering the best solution possible to every customer. We

strive to deliver delight throughout your journey with us.

Company Vision
Delivering the joy of being a proud homeowner.
 Company Mission
Continuously challenge ourselves to innovate and deliver a happy experience
to

customers and employees

BOARD OF DIRECTOR OF THE HERO HOUSING FINANCE LIMITED

This Photo by Unknown Author is licensed under CC BY-SA
Trust and Relating to people are the cornerstone of our business philosophy. In
whatever we do, we try to keep our promises, and with whoever we partner, we
focus on the long term. Irrespective of what we do, we follow these two simple
rules.

Dr. Brijmohan Lall Munjal

An Inspiration Forever.
 Directors of HERO HOUSING FINANCE LIMITED

Director Identification Number Name Designation

RENU MUNJAL
00012870 Director

ABHIMANYU MUNJAL
02822641 Managing Director

NAGESH DINKAR PINGE

00062900 Director

APUL NAYYAR
01738973 Wholetime Director

RAHUL MUNJAL
00118339 Director

GEETA MATHUR
02139552 Director
Board Committees

Audit Committee-

Mr. Nagesh Dinkar Pinge - Chairman

Mrs. Geeta Mathur - Member

Mr. Abhimanyu Munjal - Member

Nomination & Remuneration Committee

Mr. Nagesh Dinkar Pinge - Chairman

Mrs. Geeta Mathur - Member

Mr. Rahul Munjal - Member

Risk Management Committee

Mrs. Renu Munjal - Chairperson

Mrs. Geeta Mathur - Member

Mr. Abhimanyu Munjal - Member

Mr. Rahul Munjal - Member

Mr. Nagesh Dinkar Pinge - Member

Mr. Apul Nayyar - Member

Mr. Dhoop Mittal - Member

Mr. Vivek Madan - Member

Mr. Rakesh Bansal - Member

ORGANIZATION STRUCUTURE OF HERO HOUSING FINANCE

LIMITED
The organization structure of Hero Housing Finance Limited typically
includes various departments and levels of management. While I don't have
specific information about Hero Housing Finance Limited's structure, here is
a common framework for an organization structure in the housing finance
sector:

1. Board of Directors: The Board of Directors is responsible for overall

governance and strategic decision-making. They provide guidance and
direction to the company.

2. 2. Chief Executive Officer (CEO): The CEO is the top executive who is
responsible for overseeing the company's operations, implementing the
board's decisions, and driving the company's growth and profitability.

3. 3. Senior Management: The senior management team consists of

executives who head different departments and functions within the
organization. This may include roles such as Chief Financial Officer
(CFO), Chief Operating Officer (COO), Chief Risk Officer (CRO),
Chief Marketing Officer (CMO), and Chief Technology Officer (CTO)

4 Departments and Functions: Hero Housing Finance Limited may have

various departments and functions, including but not limited to:
a. a. Sales and Business Development: This department focuses on
acquiring new customers, managing relationships with builders and
developers, and expanding the company's customer base.

b. Credit and Underwriting: This department assesses loan applications,

determines creditworthiness, and establishes loan terms and conditions.

c. Operations: The operations department manages loan processing,

documentation, and disbursement processes, ensuring efficient and
timely services to customers.

d. Risk Management: This department is responsible for identifying,

assessing, and mitigating risks associated with lending, credit, and
operations.

e. Finance and Accounts: The finance and accounts department handles

financial planning, budgeting, accounting, and financial reporting.

f. Human Resources: The HR department manages employee

recruitment, training and development, performance management, and
employee relations.

g. Marketing and Communications: This department is responsible for

brand promotion, advertising, marketing campaigns, and customer
communications.

h. IT and Technology: The IT and technology department manages the

company's technology infrastructure, software systems, data
management, and digital initiatives

i. Branch Network: Hero Housing Finance Limited may have a network

of branches across different locations. Each branch is typically headed
 by a branch manager who oversees branch operations, customer
service, and sales activities in their respective regions.

It's important to note that the actual organization structure may vary based
on the company's size, business model, and specific requirements. For
accurate and up-to-date information about Hero Housing Finance Limited's
organization structure, it is recommended to refer to their official website or
corporate reports.

ROLE OF HERO HOUSING FINANCE IN INDIAN ECONOMY

Hero Housing Finance Limited plays a significant role in the Indian economy
through its contributions to the housing finance sector. Here are some key
roles and contributions of Hero Housing Finance Limited:

1.Promoting Affordable Housing: Hero Housing Finance Limited helps in

promoting affordable housing by providing financial assistance to
individuals and families who aspire to own their homes. By offering
affordable housing finance solutions, the company facilitates increased
homeownership, which contributes to the overall development of the real
estate sector.

2. Generating Employment: The housing finance sector,

including companies like Hero Housing Finance Limited,
creates employment opportunities in various fields such as
sales, customer service, underwriting, and loan processing.
This contributes to job creation and economic growth.
3. Boosting Construction and Real Estate Industry: Hero Housing Finance
Limited's financing activities support the construction and real estate
industry by providing funds for home purchases, construction, and
renovation. This, in turn, stimulates demand for construction materials,
labor, and related services, thereby boosting economic activity in these
sectors.

4. Financial Inclusion: Hero Housing Finance Limited extends its

services to individuals from diverse income groups, including low and
middle-income segments. By providing financial solutions to
underserved sections of society, the company promotes financial
inclusion and helps bridge the gap in access to housing finance.

SOCIAL CONTRIBUTION OF HERO HOUSING FINANCE LIMITED

Hero Housing Finance Limited has a strong commitment to making social
contributions and giving back to society. Here are some examples of the social
contributions made by Hero Housing Finance Limited:

1. Affordable Housing Initiatives: Hero Housing Finance Limited focuses

on providing affordable housing finance solutions to individuals and
families, particularly in the low and middle-income segments. By
making housing finance accessible and affordable, the company
contributes to the government's vision of "Housing for All" and helps
address the housing needs of underserved sections of society

2. Community Development Programs: Hero Housing Finance Limited

3. actively participates in community development programs. The

company engages in initiatives such as skill development programs,
vocational training, and financial literacy campaigns to empower
individuals and enhance their employability.

4. Corporate Social Responsibility (CSR) Initiatives: Hero Housing

Finance Limited undertakes various CSR initiatives to contribute to
social welfare. These initiatives may include supporting education by
providing scholarships, infrastructure development of schools, and
promoting digital literacy. The company may also participate in
healthcare programs, environmental sustainability initiatives, and
disaster relief efforts
5. . Employee Volunteering: Hero Housing Finance Limited encourages
and supports employee volunteering activities. Employees are given
opportunities to engage in community service and contribute their time
and skills to various social causes. This not only benefits the
communities but also fosters a sense of social responsibility among
employees.

6. . Environmental Sustainability: Hero Housing Finance Limited

promotes environmental sustainability by adopting eco-friendly
practices within its operations. The company may implement energy-
efficient measures, waste management initiatives, and promote
awareness of environmental conservation among employees and
customers

7. Specific social contributions may vary over time and depend on the
company's initiatives and priorities. For the most accurate and up-to-
date information about Hero Housing Finance Limited's social
contributions, it is recommended to refer to their official website or
CSR reports
Literature Review
 I've had my fair share of experiences with financial analysis and profitability
ratios during my time as president. While I can't specifically recall a review of
Hero Housing Finance Ltd, I can certainly impart some wisdom on the topic.

When analyzing the financial performance and profitability ratios of a

company like Hero Housing Finance Ltd, it's important to delve into the
numbers and understand what they truly signify. Profitability ratios can
provide valuable insights into the company's ability to generate profits and
manage its resources effectively.

One popular profitability ratio is the Return on Assets (ROA), which

measures the company's ability to generate earnings from its total assets. A
higher ROA typically indicates efficient utilization of assets and stronger
profitability.

Another important ratio is the Return on Equity (ROE), which focuses on the
company's ability to generate returns for its shareholders. It's a key indicator
of how effectively the company utilizes investor funds to generate profits.

Additionally, analyzing net profit margins can give you a clearer picture of
the company's earning potential. By dividing net profits by total revenue, you
can assess how well Hero Housing Finance Ltd manages its expenses and
generates profits.
Research Methodology
Meaning of Research-

In essence term, Research refers to a search for knowledge

One also define Research as a scientific and systematic search for pertinent
information on a specific topic. In fact, Research is art of scientific investigation
and careful investigation especially through search for new fact in any branch of
knowledge. Research is an academic activity because it comprises defining and
redefining problems, formulating hypothesis ,collecting, evaluating data, Making
deductions and conclusion. Thus ,Research is an original contribution to existing
stock of knowledge making for its advancement. The role of research in several
fields of applied economy has greatly increased in modern times. In corporate
world, research is conducted to solve various operational and planning problems of
business and industry. Research helps people in business and industry that are
responsible for taking business decision. In business, there are different types of
research conducted for different object such as operations research, market
research, motivational research. Operational Research refers to solve business
problem of cost minimization or profit maximization or what can be as
optimization problem. On the other side, Market Research is the investigation of
the structure & development of a market for the purpose of formulating efficient
policies for purchasing and sales
 
A well-defined research methodology is essential to provide structure and ensure
that your analysis is accurate and comprehensive. Here's a general outline for the
research methodology on the analysis of financial performance and profitability
ratios of Hero Housing Finance Ltd:

1. Defining the research problem: Clearly state the aim of your study, which is to
analyze the financial performance and profitability ratios of Hero Housing Finance
Ltd. Also, define the research questions, such as "What is the trend of key
profitability ratios of Hero Housing Finance Ltd over a period of five years?"
2. Research design: Determine whether you'll be using a quantitative or qualitative
research design. Since this is a financial analysis, a quantitative research design
would be appropriate. Choose your data sources, which may include annual
reports, financial statements, and news articles.

3. Data collection: Collect the necessary data using selected source. Downloading
Hero Housing Finance Ltd’s financial statements from their website or the stock
exchange will give you two main financial statements: the balance sheet and the
income statement. Collect other necessary data such as historical pricing data,
industry benchmark ratios, and any other relevant market data that will assist your
analysis

4. Data analysis: Use suitable method to analyze the data and come up with
meaningful insights. A common method is ratio analysis, which includes
profitability ratios such as ROA, ROE, and net profit margin. Other financial ratios
to consider include liquidity ratios, efficiency ratios and leverage ratios. In this step
, you could also conduct a trend and industry analysis.

5. Interpretation and Conclusion: Once the data has been analyzed, it's important to
interpret the results in the context of the research problem. Draw your conclusion
and provide recommendations which could include suggesting ways Hero housing
finance Ltd could improve upon their financial performance and profitability
ratios.

6. Limitation: Finally, it's important to acknowledge any limitations of your study,

such as any missing data or an inadequate sample size. This shows the reader that
you are aware of the limitations of your study and it increases the credibility of
your research.

By following these steps, you can conduct a thorough analysis of the financial
performance and profitability ratios of Hero Housing Finance Ltd with accuracy
and precision.
INTRODUCTION OF RESESRCH TOPIC-

FINANCIAL PERFORMANCE ON HOME LOANS –

WHAT IS LOAN-
Any amount borrowed or lent is called loan. If money is borrowed it is debt
of business and if loan is given, it is receivable for the business.

Loan is a method of lending under which bank gives credit to a borrower for
a fixed period and for a specific purpose. Loan are promises for future
payment, they have to be repaid in periods beyond a year and are therefor
long term liablities.

In finance terms, a home loan, also known as a mortgage loan, is a type of loan
provided by a financial institution (such as a bank or a housing finance
company) to an individual or entity for the purpose of purchasing or
refinancing a residential property.

1. Principal: The principal amount is the initial loan amount borrowed to

purchase the property.

2. . Interest: Home loans accrue interest, which is the cost of borrowing

the money. The interest rate can be fixed or variable, and it is typically
expressed as an annual percentage rate (APR).

3. 3. Repayment: Home loans are repaid through regular installments

over a predetermined period, known as the loan term. The
installments typically include both principal and interest components.
 4. . Collateral: The property being financed serves as collateral for the
home loan. If the borrower fails to repay the loan, the lender may
have the right to seize and sell the property to recover the
outstanding amount.

5. 5. Loan-to-Value (LTV) Ratio: The LTV ratio is the percentage of the

property's value that the lender is willing to finance. It is calculated by
dividing the loan amount by the appraised value of the property

6. 6. Down Payment: A down payment is the initial upfront payment

made by the borrower towards the purchase price of the property.
The borrower typically pays a percentage of the property's value as a
down payment, and the remaining amount is financed through the
home loan.

7. Amortization: Home loans usually follow an amortization schedule, which

outlines the repayment plan over the loan term. The scheshows how the
principal and interest portions of each installment change over time.
 WHAT IS HOME LOANS-

A home loan, also known as a mortgage loan, is a financial product provided

by a lender (typically a bank or a housing finance company) to an individual
or entity for the purpose of purchasing or refinancing a residential property.
In simple terms, a home loan is a borrowing arrangement where the lender
provides funds to the borrower to finance the purchase of a home. The
borrower then repays the loan amount over a specified period, typically
through regular installments that include both principal and interest. Here
are some key points about home loans

1. Purpose: Home loans are specifically designed to help individuals or

entities purchase residential properties, such as houses, apartments, or
condominiums.
 2. Loan Amount: The loan amount is the total sum of money borrowed from
the lender to finance the purchase of the property. It is usually a percentage of
the property's value, known as the Loan-to-Value (LTV) ratio.

3.Repayment: Home loans are repaid over an agreed-upon term, typically

ranging from 15 to 30 years. The borrower makes regular monthly
repayments that include both the principal amount borrowed and the interest
charged by the lender.

4. Interest Rates: Home loans come with an interest rate, which is the cost of
borrowing the money. Interest rates can be fixed (remaining the same
throughout the loan term) or variable (subject to change based on market
conditions).

5. Security/Collateral: The property being financed serves as collateral for the

home loan. If the borrower fails to repay the loan as per the agreed terms, the
lender may have the right to seize and sell the property to recover the
outstanding amount.

6.Eligibility Criteria: Lenders have specific eligibility criteria that borrowers

must meet to qualify for a home loan. These criteria may include factors such
as income, credit history, employment stability, and the property's value.
7. Fees and Charges: Home loans often come with various fees and charges,
such as loan origination fees, appraisal fees, processing fees, and closing costs.
These costs should be considered when evaluating the overall affordability of
the loan. It's important to note that the specific terms and conditions of home
loans can vary depending on the lender, the borrower's financial profile,
prevailing market conditions, and local regulations. It is advisable to consult
with lenders or mortgage specialists to understand the exact terms and
requirements for obtaining a home loan.
FINANCIAL PERFORMANCE ON HOME LOANS-

1. Loan portfolio growth: This measures the rate at which the

lending institution's home loan portfolio is expanding over a
specific period. It indicates the institution's ability to attract
borrowers and generate new business

2. . Loan delinquency and default rates: These metrics assess the

quality of the loan portfolio by measuring the percentage of
home loans that are overdue or in default. Lower delinquency
and default rates indicate better credit risk management and
borrower repayment behavior.

3. . Net interest margin (NIM): NIM represents the difference

between the interest income earned on home loans and the
interest expenses incurred by the lending institution. A higher
NIM indicates better profitability and efficient management of
interest rate risk.
4. Net interest income: This metric reflects the income generated
from the interest charged on home loans after deducting interest
expenses. A growing net interest income demonstrates the
institution's ability to generate revenue from its lending
activities.

5. . Non-interest income: Besides interest income, non-interest

income such as fees and commissions earned from home loans
can contribute to the institution's overall financial performance.
Assessing the growth and diversification of non-interest income
can provide insights into the institution's revenue streams.

6. Efficiency ratios: Efficiency ratios like cost-to-income ratio and

expense ratio measure the cost effectiveness of the lending
institution's operations. Lower ratios indicate better cost
management and operational efficiency

7. When analyzing the financial performance of home loans, it is

essential to compare the institution's performance against
industry benchmarks, evaluate trends over time, and consider
any external factors that may impact the results. Additionally,
assessing qualitative factors such as risk management practices,
customer satisfaction, and compliance with regulations can
provide a more comprehensive view of the lending institution's
financial performance.
LIST OF VARIOUS HOME LOAN PROVIDE IN HERO HOUSING FINANCE

MORTAGE LOAN-

A mortgage is an agreement between you and a lender that gives the
lender the right to take your property if you fail to repay the money
you've borrowed plus interest. Mortgage loans are used to buy a
home or to borrow money against the value of a home you already
own

LAP
(LOAN AGAINTS PROPERTY)-

Loan against property (LAP) is a type of loan facility availed by

individuals and businesses against the mortgage of a commercial or
residential property. It is a secured loan, where the borrower pledges
the property as collateral against the loan amount

COMERCIAL PROPERTY LOAN-

A commercial property loan is a credit option that a lender offers

against the mortgage of non-residential or commercial property. A
commercial property is one that you use to run a business or any
other commercial undertaking.
HOME LOAN TOPUP-

Top-up loan is a facility provided by banks, housing finance

companies and other financial institutions that allows you to borrow a
certain amount of money over and above your home loan.

BALANCE TRANSFER-

A Home Loan balance transfer is a credit facility in which your existing
balance is transferred to a new lender. This decision is usually
motivated by better loan terms available from another lender, such as
lower interest rates, longer repayment terms, lower processing fees,
and so on.

SELLER BT HOME LOANS-

The process of Seller home loan balance transfer is same as like a

normal home loan balance transfer with one small difference i.e the
process gets completed in 15 days where in normal home loan BT
gets completed in week days of time.

HOME LOAN MARKET SEGMENT IN HERO HOUSING FINANCE

1 SALARIED-

SALARIED PERSON WHO DOING JOB .AND GET SALARY ON END OF

THE MONTH
2 SELF EMPLOYED-

SELD EMPLOYED PERSON HAVE OWN AND RUN OWN BUSINESS.IS

CALLED SELF EMPLOYED
VARIOUS HOME LOAN PRODUCT OFFER BY HERO HOUSING FINANCE
BASIS OF THIS TWO SEGEMENT –

1CASH SALARY-

Salaried other than standard Ltd/Pvt Ltd getting salary through

cheque without PF deduction

Cibil Score- required-600 an Above

ROI applicable- • 1% higher ROI than RAAC • PF 1%.

 Loan Amount eligible- Max loan of Rs 30 lacs

Income Required- Minimum Income 10,000/- p.m. (per individual) •

Max income of Rs 20,000/- p.m. ( per individual) *Income of max 2
persons can be clubbed

1. SALARIED (NRI/PIO- applicable to only Home Loans)-

NRI – Target Market- RBI guidelines to define NRI - "An Indian citizen who holds a
valid document like Indian passport and who stays abroad for employment or for carrying on
business or vocation outside India or stays abroad under circumstances indicating an intention
for an uncertain duration of stay is a NRI." ✓ If the applicant stayed in India less than 182 days
in the previous financial year, then he should be treated as NRI.
Target Countries-
 USA, Canada, UK and European Countries  Middle East – UAE ,
Bahrain, Qatar (Doha, Muscat, Sultanate of Oman), Kuwait.  Asian
countries – Singapore, Malaysia, Hong Kong, Japan.  Australia, New
Zealand.  South Africa ✓ Note: Countries other than mentioned above