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Home Loans For Nris – Pros And Cons

By Author: Aishwarya Mahurkar
Total Articles: 291

There are a number of financial institutions which currently offer home loans for NRI individuals in India. For any individual considering purchasing their dream house in India, a home loan is an important source of finance. There are several pros and cons of home loans for NRIs which must be taken into consideration before one decides to apply for a home loan.

The pros of home loans for NRIs

• A home loan for NRIs is an affordable option as compared to foreign European countries and USA, the value of the India rupee is depreciated. This means that for NRI individuals, such a loan becomes a more affordable option.

• The tenure period offered by financial institutions to NRIs for the home loan is as high as twenty years. This is extremely beneficial for the borrowers as the loan repayment process does not cause any type of financial stress. A longer tenure period means that the EMI amount each month is lesser making it easier for the NRI to pay back the loan and avoid any defaults.

• Many financial institutions offer home loans for NRI which are customizable based on the requirements and needs of the NRI. There are a number of flexible pay back options which are provided to the NRI which not only makes the loan affordable but also ensures that the loan is repaid in full without the financial institution having to incur defaults.

• Since the house being purchased is in India, opting for a NRI home loan in India is an ideal option. Not only is the procedure relatively simplified, but the procedure is quicker and does not cause a lot of confusion for the individual.

The cons of home loans for NRIs

• The interest rate charged on home loans applied by NRIs is higher as compared to the interest charged on home loans applied for by residents of India.

• The number of documents an NRI has to submit along with their home loan application is larger. One also must have a high credit score to ensure that their home loan application is approved. This however may be difficult for those who are still paying off other debts such as student loans, etc.

• Any individual who wishes to apply for a home loan for NRIs must either have an NRE or an NRO account in any financial institution in India.

There are a number of pros and cons to keep in mind when considering applying for a home loan for NRIs. The pros however of such a loan outweigh its cons and hence should be opted for as a source of finance when purchasing a house in India.

Author Bio :

The author is a seasonal writer on topics of finance and the home loan sector. Through her writing, she articulates aspects that are important to people availing facility such as NRI home loan, home loan eligibility criteria that help to make the best decision.

Total Views: 54Word Count: 484See All articles From Author

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