How Can an NRI Take a Home Loan in India?
Posted by Sanjaykale on June 30th, 2016
Don’t you know how important a roof over your head is? This need is felt more so in a foreign country .One doesn’t know when and under what circumstances one would return to one’s country .This is a system set up by the Saudi Arabian Government for localization of jobs. Would you ever want to be forced out of the country you reside in and find yourself in a situation where you have no roof over your head? .Definitely Not. Then it is time to make use of that foreign currency and take a home loan so that you can get that quintessential Home. Home Is Where The Heart Belongs. I would like to remind all of you that the team of Financial Planners at IndianMoney.com are always there for you to plan your financial needs in a most effective and efficient manner.
What Is The Eligibility Criteria Necessary For The NRI To Qualify For A Home Loan In India?
List Of Documents Required In Order To Procure A Home Loan in India For A Salaried NRI
List Of Documents Required In Order To Procure A Home Loan in India For A Self Employed NRI
Other Documents Necessary In Order To Procure The Home Loan in India By The NRI
Loan Repayment Options Available For An NRI
Step Up Repayment Facility
In this option an NRI borrower can apply for a higher quantum of loan. The repayment rates are adjusted such that the EMI rates are lesser in the initial years and are gradually stepped up with time.
Tranche Based EMI
It is a special facility offered to NRI’s when they purchase an under construction property .They need to pay interest till the property is ready. Here the NRI can fix the installments they wish to pay till the property is ready. The minimum amount payable is the interest on the loan amounts drawn. Anything above the interest paid goes towards principal repayments.
Accelerated Repayment Scheme
Accelerated repayment scheme for NRI’s offers a great opportunity to repay the loans faster by increasing the EMI. This basically means faster loan repayment .Here you save on interest because of faster loan repayment .An NRI can also opt for repayment of loans ahead of schedule through remittances from his NRE/NRO Account.
Taxation Of Home Loans Of NRI’s In India
I would like to end this article with the famous saying " No Loan Is Free. The Costs Are Enclosed Somewhere. It Might Even Be Coming At A Higher Interest Rate. The Devil Is In The Details ".
About the AuthorSanjaykale
Joined: June 23rd, 2016
Articles Posted: 22
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