Nuances Of Nri Loans

Buying a house is as much a dream as a nightmare and NRI's are not spared either!

It all starts with searching for house as part of NRI investment strategy and then getting the necessary finances, loans and grants is another hurdle! But over a period of time, things have changed and loan and rates are more people friendly now. Many good financial institutes are now catering solely to NRI needs and giving them all possible facilities. Of course, they consider age, income, purpose, pay stubs, number of dependents, family background, credit rating etc before granting them a certain amount with a certain interest rate.

Documents needed by banks for NRI's to submit:

Latest work permit

Latest pay stubs or salary slip

Letter from the company stating employment

Identity card issued by the employer

Latest visa copies on passport

Employment contract

Bank account statement of last 4-5 months of an over sees bank

Continuous discharge certificate if applicable

Property documents:

Sale deed of the apartment

Cost estimate from the architect

Receipts for payment made for purchase of the house in question

Allotment letter from the applicable co-operative society

Copy of approved drawings of the house/site/construction/extension etc

Power of Attorney:

Period of loan repayment needs to be established. Every NRI will have different time period for their loan repayment with interest back to the financial institute. Generally, it lies between three to ten years but it can vary from case to case! EMI's or Equated Monthly Installments facilitate smooth loan repayment for any person whether an NRI or an Indian resident. EMI's are paid at the end of each month and is paid through post dated cheques from the NRI or external; account of an overseas bank. EMI is a particular amount that needs to be paid each month so that the principal amount gets reduced each month.

Non Resident Indians have been connected to India from a long time and have always taken a keen interest in investing in stock market and the housing market for profit/revenue purposes. Earlier, government or banks were not very supportive of them and their financial decisions. But now, with globalization, banks and government are supporting their decision to invest in India~ with NRI housing loans been easy now, this has been a boon for the economy, government, bank and NRI's themselves!

by: Manusmriti

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