As an NRI, what are the ways to secure a home loan in India and make your dream of owning a home a reality?

 

NRIs, or Non-Resident Indians, are Indian citizens who live outside of India, either permanently or temporarily. They may have migrated for various reasons, such as education, employment, or personal reasons.

NRIs are an asset to India for several reasons because:

1. They contribute significantly to the Indian economy through remittances
2. NRIs often have and develop valuable skills and expertise that they can bring back to India.
3. They act as effective cultural ambassadors.

As an NRI (Non-Resident Indian), there are several ways to secure a home loan in India.  Wisdom Properties as the best real estate company in Chennai and offering DTCP approved plots for sale in Guduvanchery, gated community plots in Maraimalai Nagar and gated communities in Sriperumbaduer lists some tips and tricks as per the below.

It is good to remember that home loans can be availed for land, properties under construction, a completed property or even for alterations to existing property. NRIs also need to be careful in engaging with only authorized developers and on sound projects. Organizations like Wisdom Properties, which are members of CREDAI provide that extra layer of assurance on the soundness of the company and the properties being sold.

Many Indian banks offer home loans to NRIs. Some of the popular banks that offer home loans to NRIs include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank. They have special schemes for NRIs in order to attract them as customers. Generally, NRIs need to have a minimum age of 21 years and a maximum age of 60-65 years at the time of loan maturity. They also need to have a regular source of income and a good credit score.

Once the eligibility conditions are satisfied, the next step is to complete the actual application process. To apply for a home loan, NRIs need to provide certain documents such as passport, visa, employment contract, salary slips, bank statements, and income tax returns. The documents required may vary from bank to bank. However, the general idea will be to provide some valid age and address proof documents as well.

The most important step is then in choosing the type of loan to take. Normally NRIs are charged a little higher interest and the tenure is also generally shorter. However, this condition again varies from bank to bank and any ongoing offers. NRIs should carefully consider the options in front of them and choose the right loan type based on their financial situation and repayment capacity.

For repayment purposes, either the NRE or NRO account can be used.

About Wisdom Properties

Wisdom Properties is a leading real estate company in Chennai offering plots in Oragadam and DTCP Approved plots for sale in Chennai. Led by an experienced and professional team, they assure investors of clear titles and prime locations of the property. As a leading real estate firm in Chennai, they offer some of the best gated community plots sale in Guduvanchery, gated community plots in Oragadam and Plots/Land for sale in Chennai.

With tie ups with leading financial institutions, customers can be assured of peace of mind for the property their purchase and also of financial support in purchase of the plot.

The company is forward-thinking in approach and always has the ideals of innovation, quality and transparency to achieve success. For more details, contact Wisdom Properties at +91 93606 93606 or sales@wisdomproperties.com