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Nri Home Loans: Crucial Points To Remember

By Author: Aishwarya Mahurkar
Total Articles: 291

It is not uncommon for various individuals to travel abroad for better job opportunities or lifestyle. Over the years, one would have collected sufficient funds to make an investment, especially a home back in the home country. But as the process for purchasing a home goes, one would need to apply for a home loan. In such a case, a home loan for NRI is the best option.

However, certain factors must be known before the applicant can begin the application process for the home loans for NRI. It is crucial that one understand factors like what is the eligibility status, the loan type one can get and even the repayment tenure one is applicable for. Here are some of the crucial points one must know for the NRI home loans:

Property type

As an individual who is looking to invest in a home loan for NRI, you are applicable to apply for a loan to purchase certain kind of property. This includes:

• Property that allows its tenants to move in immediately
• Property that is still under construction
• Property that can be constructed on a plot of land that is already owned by the applicant.

In addition to this, the NRI home loans can also be used to upgrade property that already is in possession of the applicant.

Loan amount

As an applicant for the home loans for NRI, certain factors will be taken into account, wherein the principle amount will be calculated and provided. They include the following:

• Education qualifications of the applicant. One would need to possess a minimum degree of a graduate to be applicable for this loan.

• Income of the applicant. In such a case, the gross monthly income of the applicant’s income is taken into consideration. This allows the financial institute to calculate the ideal EMI the applicant can afford, thus giving an estimated principle loan amount he can afford.

In addition to this, certain financial institutes petition for additional criteria which include employment profile, foreign country of residence and many more.

Loan Tenure and Rate of Interest:

As compared to the standard home loans, the home loan for NRI come with a tenure period between 5 to 15 years. The applicant can get an extension on this repayment tenure on the discretion of the bank. However, one must be aware of the interest rate, as it is considerably higher than the standard home loan too. The normal range for the NRI home loans are around .25% to 0.50% more on the regular rates that are charged.

Document requirements

The document requirement list for the home loans for NRI does not have considerable changes as compared to the resident individual. The requirement list include:

• Copies of the passport
• Applicant’s valid visa and permit
• Contract of employment
• Certification of work experience
• Salary slips
• Bank statement of the NRI account.

Author Bio :

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

Total Views: 33Word Count: 508See All articles From Author

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