Work abroad but settle in India post retirement.

Posted by Anurag Mishra on August 2nd, 2017

No matter how simple or lavish your home is, a bed to lie down after long day’s work under you own roof can give unparallel sense of contentment and peace of mind. Just imagine if that corner is in your motherland, from whom you are away for more than decades and would have to spend a score more years before your retire. The NRI home loans are now helping the potential NRI homebuyers or PROs to create their own place in India. Earlier it was difficult to choose a property while staying abroad but nowadays the financers you choose offer you expert guidance. With the help of experts you can choose a good property from reliable & government authorized chain of builders. This is important because, you are investing a lump sum amount of your savings & income, in wildest dream you won’t want to see your house in the black listed builders’ list.

Investment on immovable properties is always considered to be the best option than exhausting your earning into lavish lifestyle. If you are working abroad, where the currency value is more than INR then it is a wise decision to plan for a home investment. Though the property prices in India are always increasing, but the NRI home loans can help you to buy your own place comfortably. With a stable flow of monthly income which can absorb the EMIs comfortably, purchasing a home is a wise decision.

On one occasion we came across a person who was working in USA, he shared his home buying experience in India. He was working there for almost ten years, but the ties with India and his family was so strong that after his third promotion, without any second thought he decided to buy a home in Mumbai. Since he belonged to some other state, so he didn’t had any idea of the place, but had visited his brother staying there and loved the city. So he decided to invest in a property in Mumbai. After visiting the aggregator site, he chose an RBI authorized financer that offered him technical assistance for selecting the property, maximum loan amount depending on his eligibility and competitive rate of interest and an integrated network for availing & servicing the loan anywhere in India.

After choosing a ready flat he talked with the builder and paid the margin money and completed the basic formalities. He applied for the NRI home loans after submitting required documents that included his work certificate, passport & visa copies and other generic documents. Then he prepared a power of attorney (POA) with the guidance of the financer and left for USA. His home loan was processed within a week and in presence of his brother who had the POA the bank disbursed the loan amount to the builder.

Now he is paying the EMIs at adjustable rate of interest through his NRE account, he started paying the EMIs immediately after the disbursal of the loan amount.

Hope this instance will help you to understand the basic nitty-gritty’s of the NRI home loans. Before choosing the financer visit at least four to five institutes personally if you have time, otherwise take the help of aggregator site and the customer care service.