Home Loan With Nri Status

By Author: Vijay Kirthy Shetty
Total Articles: 2542
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You can continue to actualize your dream home in India despite of being an NRI. Being a non resident Indian is no way an impediment to carrying out your dream projects at home. Although, you are a non resident Indian, building a new house, carrying out refurbishments of your old one, buying a flat or property to construct home is not a big deal. Home loan NRI makes your dream project possible.

You are covered under Foreign Exchange Regulatory Act, 1973 and can borrow loans from a recognized Indian bank. These Indian banks follow RBI rules in lending loans to you. See if you qualify for these loans, follow the basic criteria.

If you are an Indian who stays abroad on business projects or employment abroad will qualify for these loans.

Government servants on official work abroad. It could be Indian ambassadors, or other Government officials on work outside India. They may be drawing salary outside Indian resources. It also includes those officials who are on a mission, assignments and are deputed abroad.

A Non Resident Indian can avail quick loans by pledging his residential property in India. To qualify ...
... for this loan, you must have stayed in India for a duration of 182 days or more during the assessment year. If not available during the assessment year, he must have stayed in India for a year or more.

Some banks may use Indian shares and debentures as security against the loan. At times, your house or flat bought by itself serves as a collateral. You must be of 21 years, with minimum graduation degree and hold a valid passport. An NRE or FCNR account is mandatory to carry out all your financial transactions. This borrowed amount should be returned back in 15 years of time. Buying a house, being an NRI is no more a daunting task.

Vijay K Shetty, Platinum Author.
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