Easy Funding for your dream house in India
NRI residents have always been interested in investing in real estate markets of India. Firstly, the sector is flourishing a lot due to many foreign countries investing in the project back in the nation and secondly, itâ€™s always the emotional value being attached with the motherland. Leading banks and private finance companies has made it fairly easy for NRIsâ€™ to invest in residential property in India.
One of the easiest and convenient ways to finance your dream back in your homeland would be availing a suitable housing loan. NRI Home Loans come at affordable interest rates, flexible ways to repay them and a fair amount of tenure to pay back the loan. Financial bodies compete with each other to provide attractive housing loan schemes to NRIs.
The amount of money you get qualified for depends on various factors like salary, income source, age, the number of dependents, liabilities, assets, etc. You can apply for the loan online or offline. However, online sites help you to compare deals in terms of interest rates, processing fees, principal amount qualified for, repayment options and then for the application. With the help of online facilities, you can apply for a loan at the comfort of being working in your country abroad.
All you need is to arrange for requisite documents, fill up the application form and upload a scanned copy online. Once the bank or finance company verifies the documents you will be intimated about the loan amount being eligible for. It is advisable, to seek the service of a lawyer to review and assess paperwork. Some banks or finance company will ask for an NRI guarantor or co-applicant to process the loan as well.
It is advisable you will have to be handy with a margin money sum of around 15 to 20% before applying for NRI Home Loans. Therefore, make sure you are prepared with 20% of the finances and a little bit extra savings to cover up few monthly installment of your loan. Sudden recession, health emergencies or other perils might knock at your doorstep at once, so be prepared to combat such emergency situation.
Once you calculate the interest rate applicable, monthly installment set, processing and other charges incurred, you can visit the bank or finance companies site and fill up the NRI Home Loans application form. You can download the application form on your Smartphone, computers or laptops. At the comfort of sitting at your house/office, you can calculate the estimated/projected loan amount to buy your dream house in India.
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Published on Feb 16, 2017
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