Your Ready Finance To Purchase Dream Home In India

Many non-resident Indians who go abroad to work or start a business often plan to come back to their motherland someday. They miss those cherishing moments and wish to own a dream home in those bylanes back in their country.

Housing loan for NRI proves an excellent opportunity for non-resident India to buy, construct or design the homes of their choice and gives them the ability to settle down during the dusking days of life back to the country.

These home loans are offered by major banks and finance companies and could be applied by anyone who fits the description of an NRI - a person who is an Indian citizen, holding an Indian passport, stays out of the nation for working or business purpose for indefinite period of time.

Housing loan for NRIs will entail you the same properties that a resident Indian can purchase through their home loans. You can buy properties that are already constructed, ones under construction, able to be constructed on an owned land area and existing ones that need renovation, home extension, etc.

For any of these needs you can request a home loan from bank or private finance companies which they would sanction after thorough verification of various parameters, meeting their terms and conditions for the loan to be approved.

Ideally, there would is no lower and upper limits for the loan amount that you can request to the bank or finance companies. Each lender has its own terms and condition for the loan amount that you would be availing. The loan amount depends on four main factors i.e your educational qualifications, country of residence, monthly gross or net income and lastly your credit score.

In case of housing loan for NRIs the tenure and rate of interest differs from that of a residential home loan. For instance, a person in India can look forward for tenure of 30-35 years; whereas NRI is restricted to tenure of 15-20 years. They have to pay a further 0.25 to 0.50% more on the base rate of interest compared to resident of India.

NRIs earn higher money compared to resident India and therefore, they have to settle down with lesser tenure, but again it depends upon your relationship with the lender who might consider you for few extra years if you make your monthly installment payment on time and hold good credit history.

To apply for housing loan for NRIs you will require copies of your passport, a valid visa and permit for your work, your employment contract, a work experience certificate including the amount you've worked for, salary slips, banks statements of NRE or NRO account and in case of Middle East, you have to provide employment card as well.