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A home loan from across the borders

A home loan from across the borders

A home loan from across the borders

Taking a loan is never too difficult, if you know it right. Earlier, for an NRI, taking a home loan was a difficult and complicated process. But it isn’t any longer.

A Non Resident Indian (NRI) is a citizen of India who has an Indian Passport and is temporarily residing in a foreign country for 6 months or more for employment, education or any other purpose.

Let’s understand how should an NRI go about receiving a loan from the bank and other specifications.

Today there are so many online websites you can visit to compare different schemes and rates offered by various banks. You don’t have to take the effort of going to every bank personally. If you still want the personal satisfaction of visiting each bank, you definitely can. Most of the popular banks have branches in foreign countries where Indians reside.

There are a few differences between an NRI and an Indian resident opting for a home loan.

A home loan for an NRI is available only for a residential property that is under construction or ready to occupy. As an NRI, you aren’t permitted to purchase any agricultural land in India.

Wealthy? Well you are only allowed to purchase a maximum of 2 properties in India. So before you zero down on a property you must be sure it’s the right one.

An NRI is not eligible for a personal loan. For receiving a car loan, the NRI must have a guarantor for the loan in India.

Documentation Process

Keeping all the relevant documents is the key to a speedy loan. The documents should be property and employment related documents. You do not have to take the additional effort of travelling to India to file the documents. You can simply submit the documents to the bank branch in your country or ask you’re Indian relative to execute actions on your behalf.

Loan Disbursement

You need to set a Non Resident Rupee (NRE) or a Non- Resident Ordinary Rupee (NRO) account. The bank will disburse the loan amount to your NRE/NRO account. Incase you are purchasing a flat; the bank transfers the money in favour of the builder.

Managing Loan Repayments

Taken the loan? Done. Purchased the flat? Done. Now its time to repay the bank. The repayment has to be made via your NRE/NRO account. You will not receive mobile alerts regarding the same, but you must subscribe to email alerts to keep you posted about the transactions happening around your bank account. Try making part payments when you are in India, or make an NEFT or a wire transfer to the home loan account.

Not that difficult right? Always make sure you zero down on the correct bank. Spend a little time doing your research.

The post A home loan from across the borders appeared first on Indiabulls home loans.

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