Living abroad has many benefits and these days many professionals are deciding to move abroad for the prospect of a strong and long career. But this does not mean that they cut all connections with their motherland. Most of them are very ardent on having a set up in India as well and this has given rise to the number of people investing in real estate back in India.
For an NRI or a Non-residential Indian, investing in any form of property is a very lucrative thing. They not only have a house to come back to when they are visiting India but it also means that they can use this house as a form of income by renting it out. But before we can get into the details of an NRI Home Loan, we first need to understand the concept of an NRI.
An NRI is essentially a person with a valid Indian passport but living abroad for a long time. The reason for living abroad can vary from person to person, including for business, profession or any personal reasons. A wife living on a dependent Visa is also considered an NRI if she fulfils all the different criteria. So if you are a person with your origin of birth in India, with a valid Indian passport and you are living abroad for a long duration, you will automatically be considered as an NRI. An NRI is allowed to own property or purchase it while living abroad. They are also eligible to take a home loan.
If you are planning on buying property in India while living abroad, it is generally quite a huge investment. Most of the time, it is very inconvenient to pay the whole cost at one go, that too without any kind of financial support. This is where a good financial institution can help you. Organizations like banks offer NRIs lucrative loans to purchase property in India. There is a huge array of benefit that you can avail if you are taking a home loan.
While many home loan requests can only be initiated while you are in India, thanks to digitalization, these days you can actually initiate the whole process through the internet itself. In case of the general loans, the person generally gets over 25 years to pay off the loan but in case of an NRI Home Loan, you get between 10 to 15 years to pay off the same. An NRI is allowed to pay the down payment over an online transaction or by sending in a signed cheque in case he is not in India at the point of availing the loan.
An NRI can avail up to nearly 85 percent of the cost of the property, whether new or on resale. While seeking a loan, you can either b purchasing a new property or construction your own house. You can also avail a loan if you are purchasing a second hand house or flat. An NRI is allowed to avail a loan while renovating an existing property if needed. In case you are planning to purchase agricultural land, then you will not be permitted to take a loan as an NRI is not allowed to purchase agricultural land while holding the title of an NRI.
Unlike the regular loans, NRI home loans have some basic requites that need to fulfilled. The most important part is that you need to prove your NRI status and along with that you need to have proof of employment. You need to show all your documents required by the lender. Though these requites may differ from one banking institution to the other, there are some basic documentations that need to be filled.
Now that you know what an NRI Home loan is what you need to do to avail one, the important question that arises is – why should you opt to take this loan? Here are a few benefits of an NRI Home loan that will assure you that taking one is the best way to ensure a smooth purchase while buying a property in India.
With the advent of technology and digitalization, you can actually live thousands of miles away from India, yet easily avail a home loan here. The best things about the whole process is that you can conveniently look up all the different eligibility criteria and then calculate your own home loan eligibility amounts based on the different information that you get online. This helps to ascertain that you do not face any problems while applying for the loan.
Managing the home loan is easier than looking into other options of payment. While purchasing a property, you can easily go online and make the whole process simpler by managing your home loan through the different banking sites and apps. This helps you to manage your payments as well as keep a track of your expenses.
- Great financial and managerial support
You get great financial support when you apply for this loan. But along with that, you will actually get a lot of managerial support as well since the whole process becomes easier. Your bank will ensure that they are beside you throughout the whole process of getting your dream home.
Taking a loan ensures that you are not having to face a costly affair at the initial stages itself. All you need to do is pay off equal installments each month or the pre-decided timely intervals. This makes the whole process very simple and cost effective.
Taking home loans is a very good idea for all those who are planning on purchasing property in India while living abroad. AN NRI Home Loan is the best way to invest in some property in India, without having to worry about a financial crunch while buying it.
Now apply for a Home Loan online, All you need to do is provide your details below application form.