Do you want to buy a property but you do not leave in India? Well, do not need to worry you can still own a property with the help of NRI home loans. Many financial institutions, as well as banks, offer the NRI home loans. The NRIs are always encouraged to invest in the home in India to make foreign capital flow. You can also carry out the repair and refurbishments of your home you own in India with home renovation loans.
You will have to provide a number of documents to avail the NRI home loan. Documents such as the valid passport, banks transaction history, and other documents. Most of the banks have the same guidelines for approving the home loans to NRIs.
There are some important things you will have to consider when you apply for the NRI home loan. The first thing is the proper documentation. In case you do not have the complete documentation you still can get a home loan from some private financial companies in India. Such finance companies can give you the home loan with minimum documents.
The next thing is the interest rates. Interest rates for NRI home loan are already a bit high than the normal home loan. Most of the banks offer almost the same rate of interest. But when you consider the private finance companies for the home loans you will have to pay slightly high-interest rates. This is because they offer you the loan without much documentation. Home loans for NRIs come under high-risk loan category, this is why the interest rate is a bit high.
Repayment options and the tenure of the home construction loans in India are another important factors you need to understand. The tenure for home loans is generally between 10 to 20 years. You need to repay your amount that you took in EMIs. The monthly installments are a fixed amount that you need to pay every month including the interest amount.
While you apply for the NRI home loan you also need to pay some additional charges. There are charges such as the one-time processing fees or the application fees. In case you miss out on any EMI date and fail to pay your monthly installment you also need to pay the late fees. These are all few important things you need to consider when you are applying for NRI home loans in India.
Visit HFFC website for Easy Home Loans In India.