5 Reasons Why You Can Easily Apply For An NRI Home Loans
Posted by Shashank Bhaskar on January 22nd, 2020
Home loans have become a necessity today for anyone who wishes to buy a property. If you are an NRI and you wish to purchase a property in India, you can do so with the help of an NRI home loan. Such a loan can help you buy a permanent home, especially if you intend to return to India in future. NRIs have many advantages of applying for a home loan. They are as under:
As an NRI, you are demonstrating to your chosen lender that you are living in a foreign country; that you are living away from your loved ones because of a good employment opportunity that allows you to earn a stable income. Stability in income is one of the most important NRI home loan eligibility criteria required by lenders. This can actually work in your favour, especially if you are residing in a country where the value of the currency is higher than the INR.
As an NRI it may not be possible for you to be present for every moment in the home loan process. As such, you can manage your loan remotely and lenders provide assistance throughout the process. For instance, resident Indians are provided with the loan agreement format that they have to draft, however in case of NRI housing loans, the lender may complete this formality on behalf of the NRI borrower. Also, when you apply for any NRI loans, lenders make it mandatory for you to assign a Power of Attorney, who the lender can reach out for all kinds of correspondence.
If you decide to apply for the NRI home loan when you are in India, it could work to your benefits. Lenders appreciate the fact that you may have only a handful of days on your visit to India, since you may be required to return to the foreign country to honour your work commitments. Thus, your home loan application may be fast-tracked. Most lenders try to ensure that you loan is sanctioned and processed within a tight time-line so that you can complete the formality before you return abroad.
Lenders are typically very strict about the home loan documentation process. However, they are little more lenient when it comes to NRIs. Lenders understand that since NRIs are based abroad, they may not have all the necessary documents when they apply for the loan. This is why they are willing to make concessions and even provide the necessary assistance with regards to documentation as explained in the case of creating the loan agreement. You may submit the documents upon returning abroad within a stipulated time frame as determined by the lender.
Since you would be based abroad for a major duration of your NRI housing loan, many lenders provide virtual guidance. The lender may assign a personal SPOC who can help you throughout the loan process and even when you start repaying the loan EMIs. You can raise all your doubts and concerns, ask questions related to charges associated with the loan and so on, through the virtual guidance provided.
Final word: As is evident, being an NRI and applying for the home loan can prove to be incredibly advantageous. Remember to check the NRI house loan eligibility criteria and use the loan eligibility and EMI calculators before you apply for the loan.
Like it? Share it!
About the AuthorShashank Bhaskar
Joined: April 11th, 2019
Articles Posted: 22
More by this author