Home Loans for NRI’s
What is the procedure?
Interest Rates and Conditions
RBI guidelines state: You are an eligible NRI only if you are employed or carrying out business outside India under the circumstances showing an uncertain duration of stay abroad. Thus, if you fall under this category, you can apply for NRI home loans in India. You’ll also have to present documents validating your income, employment, and educational qualifications.
Banks offer 70% – 90% of the property value as a loan, based on your qualifications and income, at an interest rate of 0.25% – 0.50%. The repayment has to be in Indian rupees through Non-resident External or Non-resident Ordinary accounts only.
How does this benefit you?
Banks are now offering home loans to NRIs at attractive interest rates. So, taking a home loan is always better than personal financing. Instead of engaging your savings in the purchase, you can invest that money elsewhere for better returns and manage the property-related expenses with the loan. Home loans for NRIs also have tax benefits, just like the home loans for Indian residents.
So, when you take a home loan, you get tax benefits, security, and freedom to invest your money elsewhere and earn profits.
- You can get loans for constructing a house, purchase a developed property, or renovating an existing property as well.
- The process of application is simple, and the approvals are quick.
- There is a flexible online process with precise application tracking facilities
- Flexible prepayment facility with minimal fees
- Better finance management
- Tax benefits and money savings
It is evident from the above points, home loans for NRIs have become a cakewalk in recent times. The entire process requires minimal paperwork, and you may reap multiple benefits in return.
So, should you get a home loan to buy your dream house?
Well, if you are an eligible NRI, the answer is a loud, resounding yes. Getting a home loan is the best choice you can make while purchasing residential real estate property in India.