Unabated yearns for a home in homeland; possible with a home loan.

After staying abroad for a long time because of your work, you want to spend your rest of the life post retirement in the lap of your motherland, but buying a property in the days of inflation is a task work both physically and financially. Since it is a lifetime investment so you need to choose a proper location where your house would be situated considering the security feature of the area. The NRIs enjoy the currency advantage owing to depreciating cost of INR, beefing up their purchasing power.But buying a home nowadays is not so easy; it can be made easy with a housing loan for NRI. With the emergence of various financers a wide choice of home loans are available for the Indian and NRI borrowers.

Irrespective of your being a salaried or self-employed NRI you can take the housing loan for NRI. If you are planning to buy a new home or resale home or planning to construct a home on the plot bought or planning to extend and renovate your existing property then you can take the loan for it. Along with generic documents, you need to submit passport and visa copy. In case you want to submit the documents through & take decisions on your behalf then entitle any of your relative with the power of attorney. In your absence your relative with power of attorney can be present to avail disbursement of the loan amount.

As an NRI you can get a maximum of 20years to repay your debt at a competitive rate of interest. The rate of interest depends on the loan slab, type of interest and loan eligibility of the borrower. As a borrower you can make a choice between fixed and adjustable rate of interest, the dilemma between the two rates can be sorted with a combination of two, popularly known as truly fixed interest in which the borrower has to pay fixed rate of interest for a stipulated time then the interest rate switches to adjustable rate of interest.

If you invested in under construction property, then you have to pay the interest till the completion of the construction after which the EMI starts. If the investment is done in already constructed property then the EMI commences immediately. You can get maximum of 70-90% of the property value depending on the loan amount. You can enjoy income tax deduction on the paid interest.To repay the loan amount the NRI borrower has to possess a Non-resident external or a Non-resident ordinary account, and he can do the payments only in Indian rupees with post dated cheques and other available options.

You can have a co-borrower while applying for a housing loan for NRI. It’s not necessary that co-borrower needs to be a co-owner; for your benefit you can add an earning member from your family. Once you approach the financers, they can even guide you for selecting your property based on your loan eligibility.

The home loans for NRI can help you to come back to your motherland and strengthen your roots and live the life after retirement amongst your childhood friends and relatives. So nothing can be better than a home loan for serving your purpose.