NRI Housing Finance

Things To Know Before You Avail NRI Housing Finance

January 24, 2018

It’s like a dream for every NRI to own their house here in India. Non-Resident Indians are people who leave their house, township to settle abroad for doing jobs, work for government bodies or setting up their own business  in foreign nation.

With a rapid development in real estate sector, more and more foreigners and NRIs are keen on investing their money in properties of their choice, location and budget in India. Therefore, India’s leading private finance firms and banks introduce innovative and customized housing loan for NRIs product that will help them to buy new homes of their choice at affordable interest rates and a repayment time frame of around 10-15years.

Considering the inflating economy worldwide, family’s financial responsibilities and other prior financial commitments it’s almost impossible to buy the house entirely through the little savings NRIs make after lot of hardships. Therefore, housing loan for NRIs are termed a smart way to finance their housing dreams back in India. You can apply for varied kind of NRI home loans such as new home loan, resale homes, construction, balance transfer, home improvement loans, home extensions and plot loans.

Many leading private finance companies are offering tailor made housing loan solutions for salaried individuals with attractive rate of interest and a longer tenure. The good part is they provide you with legal and technical counseling as well to help you make the right home buying decision.

Loans are offered at interest rates as low as 8.40 to 8.90% with a mere processing fee of around 1-2% on the loan amount. There is a special 0.5% concession for women applicants. With the advent of internet enquiring about the loan, interest rates, loan amount and terms & conditions is just a click away on your smartphone, laptops and computers. You can compare quotes of leading banks and private finance companies, fill up an online form, upload the scanned copies of the required documents and check the status for your approvals.

Housing loan for NRIs are offered to candidates with minimum age of 21 years and maximum age of 60 (for salaried) and 65 (for self-employed) at the time of loan maturity. Some factors lenders consider while sanctioning the loan is your age, income source, additional income source, job or business stability, number of dependents, existing debt and credit score. Based on these factors bank or private finance firms’ will sanction you a particular loan amount.

Usually, bank or finance firms offer housing loan for NRIs upto 80% of the property value. The repayment on NRI home loans are calculated on the rate of interest and principal amount. NRI’s have a greater capability to repay the borrowed amount, so their repayment tenure is lesser compared to Indian nationals.

These days’ private finance companies partner you at every step to ensure smooth and comfortable home buying experience in India. They ensure a speedy processing of your loan application and offer counseling services through phone call, in person or online chat and customized loan process.

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