Nri Home Loan - Live Your Dreams While You Stay Overseas

By Author: Kirthy Shetty
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If it has been your dream to construct a home in your mother land staying abroad, do not worry. You can make use of an NRI home loan to actualise your dreams. Investment in real estate industry in India has proved lucrative from time immemorial. Non resident Indians are encouraged to make their investments in the home town in order to make foreign capital, flow back to the country.

You may wish to carry out repair and refurbishments of your home in India. In order to carry out your construction, repair or rennovation work, there are non resident Indian loans designed. You can qualify for these loans if you have a valid passport and other documents in place. There is a need to pledge your asset as collateral which can be in the form of shares, debentures or other collaterals. If you hold a foreign company shares, it will not be acceptable. You must use an Indian company share as against an NRI loan.

An NRE account is essential to carry out all your bank transactions as this is on a repatriation basis. Meaning, profits gained on these funds are transferable abroad. Your shares or debentures used as a collateral must ...
... be on a repatriation basis. You can invest on various schemes such as: 24% scheme, 40% scheme and 100% scheme.

Approach only a licensed bank which is allowed to offer home loan to an NRI. RBI offers these licenses to the banks and makes them authorized to deal with NRI. Simple criteria to qualify for these loans are: you must possess a valid passport, you must be a graduate of 21 years and above and must have a job on hand. You can make your payments over time and when you get back to your home town you have your dream home ready to occupy.

In a nutshell you must adhere to the following:
You must be of 21years of age.
You must have a valid passport.
You must have a minimum qualification of graduation.
A good job on hand.

Kirthy Shetty, Expert Author.
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