Most NRIs who settle abroad dream to have their own abode back in their motherland. They can never forget the bylines, memories of their childhood friends and siblings and are keen on buying a home. For them, it’s like staying connected to their roots and has a sense of attachment to their homeland.
So, more and more NRIs desire to invest in India’s residential complex and properties designed with ultra-amenities, better connectivity to highways, roads, excellent survival conditions for them.
Investors are attracted in full swing these days due to depreciating rupee value which tends to work for them, thereby giving them more purchasing power. But no matter what property rates will keep on zooming because of more and more investors in the nation as well as from abroad. A lot has been changed from past couple of decades.
Today, property costs have increased a lot and buying your own house or residential property in metropolitan cities like Mumbai, Delhi, Chennai, and Kolkata is quite a tussle task.
Even if you’re an NRI the money that you save by working in a foreign nation, running a business seems to be insufficient to bridge up the creeping property costs. Either you have any pre-existing debt for settling abroad, children education or other financial commitment.
The problem is you cannot deal with a full cash payment to buy your house. Thus, availing an NRI home loan would be an excellent way to fund their shortfalls.
Leading banks and private finance companies offer a wide choice of NRI home loans to buy new homes, flats, bungalows from private developers in approved projects in India. You can invest in properties from developed authorities such as DDA, MHADA, etc. as well.
Any NRI who is a salaried or self-employed person can avail of these loans. You can apply for the loan individually or with a co-applicant who may or may not be co-owners of the property. But all co-owners will have to be co-applicants. You can avail housing loan for NRIs to buy new homes, resale homes, house construction, home extension, plot loans, or refinancing your existing home loan availed from another financial institution across India.
These days leading private finance companies have started offering home loan advisory services as well. You can get expert legal and technical counseling which will help you make a right home buying decision. Before zeroing in on a particular lender you can get valuable insights on developer projects, location, documentation, and offerings.
Once you compare the loan in terms of interest rates, loan amount, processing fee, loan tenure and other important charges incurred in the entire span you can visit any of the lender’s website to apply for NRI home loan. You can submit a duly filled home loan form along with the necessary documents to the lender directly or through POA holder.
You can apply for a loan by visiting websites and submitting the scanned copy of your documents such as income source, living proof, identity proof, etc.
For the further process, you may appoint any of your close relatives as the POA (Power of Attorney) in India. This would entitle to act on behalf of you as per the authorized provider under the POA agreement. You don’t have to be physically present every time through the process of the home loan.
Based on your credit score, job or business stability, additional income source, existing debt, age, number of dependents, bank or private finance company will sanction a particular NRI home loan amount for you. Ideally, between 75% to 90% of the property costs are given as a loan.
You will have to pay the margin money costs at the time of property purchase which is up to 15-20% of the loan amount. You can avail loan for around 15-20 years and at interest rates dropping down to around 9 to 10% under fixed or floating rates. Special concessions on interest rates are offered to women applicants.
So, this new year plan your abode back in your motherland with easy NRI home loan finance online!