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Should You Opt For Nri Home Loan In India?

By Expert Author: As an NRI, there are many ways to opt for a NRI ho

Everyone dreams of owning their own home, and will take up the necessary effort and finances to ensure that this comes true. This is no different for NRI’s who are residing outside the country. To help implement this dream to become a reality, the government has made NRI home loans easily prevalent in India. In this article, we tell you what you should consider before you opt for a NRI loan.

The NRI home loan can be used for:
• Construction of owned property on a plot of land
• Buying a house that is under construction
• Invest in the purchase of plot of land that is allotted by a society or development authority
• Upgrade or renovate an already existing property in India.
Who can ask for the NRI home loan?
• The individual in charge, by definition of the government must be, an Indian citizen, who holds a valid Indian passport and stays abroad for employment or carrying out business or vocation under circumstances indicating an intention for an uncertain duration of stay abroad as a NRI.
• Must be a graduate with a minimum monthly income of 2000 USD in residing country in dollar terms.
• Must have an NRI account.

The features of the NRI home loan:
• Loans are offered against NRE or NRO deposits, where the interest would be charged on the commercial rate.
• Loans are also provided against FCNR deposits
• The interest rates for the NRI home loans are 0.25 to 0.50 % more for NRI’s as compared to home loans.
• The tenure for the loans ranges from 7 to 15 years.
• A NRI home loan can be issued up to a maximum of 36 times the gross monthly earnings of the application as a home loan

Market scenario

There is always an “emotional appeal” when individuals, especially NRI’s are opting to purchase property or a home in India. While various factors like current market price of the land, value of the rupee, tenure of return to the homeland affect the decision of the individual. It is important to do the appropriate research before you invest. Most of the banks coincide with the favourable market rates and trends and give beneficial rates and appropriate repayment options on the NRI home loans to NRIs. The real estate market in the overseas community has also prompted housing finance companies to open branches in certain places where there is a high level of NRI, to provide beneficial options to those who are residing there.

Author Bio:-Neha Sharma; a finance student knows a lot of information about NRI Loans and NRI home loans. Here, she would like to share this information to the public, in the hope that others can benefit from it.

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