See how the internet is helping NRIs buy their dream home.

Buying a home in India is always a good idea for an NRI. Either you have a place to stay every time you visit or you have a good investment bringing you a steady flow of rent money that you can move into when you retire and come back to India to settle.

However, most NRIs give property a pass due to complex procedures and the frequent through and froes required to procure property. If you’ve got Indian property on your mind but are worried about the tiresome process than we have good news!

You can find, get finance and buy a property without stepping foot in India at all. Wondering how? Well, this article will detail just how you can use the internet to become a homeowner with complete ease.

Firstly look for an online home loan for NRI:
Yes, buying a home in India with your own money is a difficult proposition. However, with the help of a home loan for NRI you can secure a home by paying as little as 10% of the property’s value. If you’re thinking a home loan will require you to visit India then think again because most leading lenders will allow you to carry out the entire process of applying, submitting documents and paying to processing fees completely online. Then you can have the money transferred to your NRO account and continue with the purchase of the property.

But how can you buy find a property without visiting India?
Well, leading lenders will provide you Property Search Advisory Services in addition to your home loan for NRI. You can avail these services to have end-to-end advice on elements such as developer projects, location, documentation and offerings. This allows you to compare properties and find a home that you find suitable without flying back and forth.

You can even get home loan advisory & legal counseling online.
Yes, you can have all your NRI home loan related queries answered online or over the phone with Home Loan Advisory Services. If the lender you choose has a branch in the country you presently reside in you can even visit their office to in depth details, counseling and advice.

The internet can also help you plan your home loan for NRI
Yes that’s right, you can plan and budget your repayment process with complete ease with just a few clicks of your mouse and a few taps on your keyboard by using an online EMI Calculator. This tool provides you with a detailed break-up of your repayment process by providing you a near-exact EMI amount for every month of your repayment schedule.

This allows you to budget your income and expenses to accommodate the repayment amount. To use this tool all you have to do is visit the website of the lender or go to a home loan aggregator site, find the calculator, input details of your loan such the amount, the tenure, the interest rate and hit enter! The calculator will provide you with the complete amortization table for the entire loan tenure.

So this is how the internet is making it possible for NRIs to buy their dream home without the up and down normally associated with buying a home in India. We hope it has been helpful and do consult a financial expert before you proceed further.

All the best!

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.

Home loan for an NRI.

Staying away from the motherland can’t stop you from building a house of your dream. The home loan for NRI from the banks and other financial organizations can help people working abroad to invest money in buying properties in India. There are many public and private sector banks that have come up with the financial aid for the borrowers. The amount of money an NRI can avail as the loan amount depends on three main factors; the educational qualification, place or country of residence and gross monthly and net monthly income. The financial institute’s haveset a minimum criterion for earning based loan application.

The properties that are covered by the home loan for NRI scheme are of four types;the properties that are already constructed, under-construction property, properties that are to be constructed over pre-owned plots and existing properties, which requires change.

The NRI home loan tenure and the rate of interest differ from that of a residential home loan. Indians can get tenure up to 30years for repayment, but, an NRI’s tenure is restricted to five to twenty years. The tenure is based on the financial institution granting the loan and the loan amount. Some organization charges 0.25-.50% more on the base rate of interest as compared to a residential home loan. But, some banks punches the same rate of interest as the residential home loan of 8.7-9.2% in general and 8.65-9.15% for women borrowers. The borrower can select between adjustable/floating rate of interest and fixed rate of interest. The floating rate fluctuates depending on the market situation, but, the fixed rate doesn’t change. The borrower should ensure that no hidden charges are there.

Copies of passport, valid visa and permit for work, employment contract, work experience certificate, salary circulars and employment card are some of the required documents required for the application of home loan for NRI. If the NRI borrower wants a resident back home to do the document submission on his behalf, then the NRI has to grant that person a Power of Attorney, so that the resident can complete the process for him. The NRI borrower has to make the down-payment of 10-30% of the loan amount as margin money, rest is disbursed by the lending organization. The amount may change with different organizations. As a security the bank keeps the allotment letter of the lending property with itself, and returns it to the borrower, once, the loan amount is paid.NRI borrowers can also avail tax benefits under section 80C, Income Tax 1961.

For repaying the loan amount one has to possess a Non-resident external (NRE) or a Non-resident ordinary (NRO) account, and the payments can be done only in Indian rupees. During the repayment procedure, if the NRI borrower decides to become a resident of India, the various aspects of the loan; such as loan amount, tenure and rate of interest, all will change to residential home loan borrower. Some banks offer the borrowers the option to reduce the applicable rate through Conversion Facility. The NRI borrower can take the advantage of this facility by paying a nominal charge.

Like the residential home loan, the home loan for NRI also includes 1.25% of the loan amount plus the taxes as processing charges.

Though the procedure is common for all financial institutions, but, every organization can have slight variations in their mode of operation. It is best for the borrower to learn the variations before-hand, so that when the individual applies for the loan, the process is streamlined.

4 Useful Facts about NRI Home Loans You Must Not Miss.

Many Indians do reside abroad, earning a good income. Some of the non-resident-Indians (NRIs) may want to invest in Indian real estate property or simply wish to purchase a second home for themselves for future use. One reason to buy a house in India than the abroad is the cost difference. The property in India may cost lower than one in NRI’s current place of residence.

Even then, the non-resident-Indian may find it difficult to pay off the complete cost of the house he/she wants to purchase in India. In such a circumstance, the person can apply for NRI home loans to make up for the lack of finances. Some people think that NRIs cannot purchase a house in India, but that is not true. A lot many banks and financial institutes are willing to lend to NRIs.

However, the regulations and criteria for NRI Home Loans could differ from resident home loans in some ways:

1. Documents Needed: Documentation involved are a copy of visa, passport, address proof, and employment related details- appointment letter, salary slips, contract of employment. Except visa and passport, most of these documents also have to be produced by an Indian resident for a home loan.
2. Eligibility Criteria: The eligibility criteria for minimum years of work experience in abroad and minimum age can vary from a lender to another. Few banks allow lending for NRI home loans only if the person has at least 2 years of work experience abroad, while in few cases even a year’s employment is accepted. Some lenders can have a requirement for a minimum monthly salary drawn as well.
3.  EMI & Interest Rate: The EMI and interest rate or other charges for NRI home loans maybe same as that for resident Indians seeking a housing loan. The loan tenure could extend till 20 to 30 years, but in some circumstances, lenders may restrict it to just 10 to 15 years.
4. Loan Repayment: For NRI loan, repayment amount is accepted only in Indian rupees and not in the currency of the country where the NRI is living at. Repayments has to be made by remittances from abroad via non-resident rupee (NRE), normal banking channels, or a non-resident ordinary rupee account (NRO).

The above-mentioned factors are some of the important ones for NRI Home Loans. However, before your NRI friend or you as a non-resident -Indian approach a bank or lender for a housing loan, you must research about possible charges included as per NRI lending rules based on regulatory or political charges.

{Source: http://blog.loanbaba.com/4-useful-facts-about-nri-home-loans-you-must-not-miss/}

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