vindianz.com (Sept. 24, 2009) — NRI home loan provides the best possible solution for those NRI people who are interested in investing in immovable property in India, but lacks sufficient funds to go for the same. Almost every financial institution in India provides NRI home loans.
NRIs can avail NRI home loans with ease, just like the home loans availed by Indian residents, though there are some dissimilarities between the two kind of loans in terms of documents, repayments and terms of tenure etc.
The rate of interest on NRI home loans is comparatively same as that on regular home loan, but the tenure for NRI home loans is around 7 years to 15 years, where as the regular home loan has tenure of around 25 to 30 years.
Along with this, NRIs can only avail a loan of around 85% and they have to pay the remaining amount themselves. NRIs can pay the remaining amount like through direct remittances from abroad, through Non-Resident External (NRE) account or Non-Resident Ordinary (NRO) account.
The down-payment is made through EMIs and NRI’s can pay it by issuing post-dated cheques through (NRE) or (NRO) accounts or via any other account, commended by RBI.
Moreover, NRIs cannot go for a loan tenure that exceeds their retirement age or 60 years.
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