NRI Home Loan - Carry out your Repair or Renovation Work!

NRI Home Loan - Carry out your Repair or Renovation Work!

If you have a dream of constructing your own home in India, you can do so with out any hassle despite of staying abroad. You can make your payments over time and when you get back to your home town you have your dream home ready to occupy. Certain financial institutions have been authorized to provide NRI loans to those who are of Indian origin and have been abroad on projects or vacation.

As a guarantee for loans provided they can make use of shares and debentures from the Indian company or any other house or property held in India. In order to qualify for these borrowed funds, he must be of 21 years, with minimum qualification of a graduate, have a valid passport etc. The borrowed funds for home construction or renovation must be returned back in 15 years time. These can be paid back through banks or through investments made in NRE or FCNR accounts.

These home loans are available as per the norms of Reserve bank of India. If you have a valid Indian passport you will qualify for these funds to construct your house for self occupancy when you get back to India, to buy a new or an existing flat, to carry out repair and renovations, add a swimming pool, rework your kitchen etc.

Make sure if you have adhered to the income tax act of your country which states that, as an NRI you must have been in India for a total of one year or more or during your assessment year you must have stayed for atleast 182 days.

The rule of the reserve bank of India says that to avail the loan only those NRIs are eligible which have their own property in India. You can avail them within a short span of time. The easy interest rates on housing finance and the improved lifestyle that developers have created has enabled NRIs to acquire property not only for investment, but also for personal use. Get your dream home in India at attractive rates with flexible repayment options, minimum paperwork and a complete guidance at every step. Buying a house or flat in India is not a herculean task. The amount of loan provided will be based on a person's repayment capacity. Repayment capacity takes into consideration factors such as income, age, qualifications, work experience, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation, alternate employment prospects when the concerned person returns to India and savings history.

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