Distance can strengthen your roots with an NRI home loan

Posted by shradhamahadik on September 4th, 2017

Your education and career has taken you abroad, decades away from your home could not uproot those childhood memories and bonds from your heart, right? The best way to strengthen the roots is to return back to homeland and live the post retirement life with childhood friends, relatives and beckoning old streets with your family. With a stable job and comfortable income to bear the monthly EMIs comfortably you can opt for home loan to invest in a property in India. The NRI home loan from established & RBI authorized financers can help you to create your own space in India. All you need to choose a legalized property from the government approved projects in safe locality and choose a suitable financer. Various financial institutes have come up in the market to give the home loans to the potential homebuyers but few can make your loan term hassle-free.

To choose an ideal financer along with interest rates give emphasis on the customer service they provide. Many financers are there in the market; though they give lesser interest rates, but your application takes long time to move ahead in the loan pipeline. But when the property prices are climbing with each change in economy, it’s better to choose a financier who can approve your loan without any delay. There are some financers in the market, with easy documentation, approves your loan quickly.

With the NRI home loan you can buy a flat, row house, bungalow from private developers in India. Some financers understand your confusion in deciding on the property, because of staying abroad; and offer you advisory services in the foreign land where you stay to choose an ideal property that you can afford easily. So once you get a right financer, all the other things are set in order. You can get loan to purchase the property anywhere in India.

Co-applicant is not necessary when the borrower is the owner. But a proposed owner needs to be a co-applicant with the main borrower. For example, if you buy a property for your father and you take the loan; then your father would be the co-applicant. In case you take a property and you add your working wife as co-applicant, then it is not necessary that she must be the co-borrower. It’s better to have a working family member as your co-applicant; it increases the scope of HDFC NRI home loan.

On a loan application the financer generally pays 60-90% of the property price depending on the loan slab of the financer, the rest amount is the margin money which is paid by the borrower as down-payment. You can avail upto 20years of loan term, which depends on the borrowers’ profile, age of the borrower during the maturity of the loan & age of the property. The interest rates are of two types: fixed & floating; some financers give truly fixed interest rates which is fixed for a committed period & then converts to the floating rate. The rates are generally affordable, keeping your monthly budgets in mind.

All the EMI payments should be processed through the NRE/NRO accounts of the NRI borrower in India. Your power of attorney to your trustworthy person can do the document submission on your behalf and can be present during the time of disbursement; in case you are not available.

Owning a home in India while staying abroad; is not a difficult task anymore. Get a home loan and create your own space in India for your empty nest years, when you can again relive the moments with your spouse, to crack old age jokes without being burden on anyone. Just click into the search engine, go to aggregator site and choose your financer and get the home loan.