NRI are individuals holding Indian passport who stay in a foreign nation for employment, government service or business purpose. In today’s time, due to rapid urbanization, good demographics and relatively low-cost house in India many expatriates are willing to put their hard-earned money in country’s booming real estate segment. Besides no matter where you stay in the world, that cherishing dream of owning home in your homeland someday is always there in the back of your mind. To fulfill your dream of owning a piece of paradise in your motherland leading banks and housing finance ltd have come up with NRI home loans that will turn your dreams into reality.

There are some of the reputed lenders across India who offers a wide variety of home loan products tailored as per your unique needs and come at attractive interest rates, flexible repayment option and around a decade’s time to repay them.

In prior days, the individual had to make several visits to India for identifying the property, document submission and finally waiting for a call regarding their loan status. Thanks to internet facilities that have made the process of comparing loan products, to document submission, getting loan status to making their monthly installment payments at the click of the button on computers, laptops, and smartphones sitting in the cozy corner of their homes and offices abroad.

If the lenders who you eyeing on taking an NRI home loan from hold an international branch in your country you can avail home loan advisory service from housing finance ltd. They would be keen on giving you expert legal & technical counseling, valuable insight on developer projects, location, documentation, application process so that it helps you make the right home purchasing decision.

While investing in real estate sector of India there are certain government rules and regulation you need to follow. NRIs are allowed to invest in residential and commercial projects but not in any agricultural projects. The process of NRI home loan application is more or less same as a national applicant, but there are certain criteria which differ and they have to clear them before they apply for a loan.

The parameters to approve the loan different from institute to institute and it depends on individual’s income source, job or entrepreneurship stability, additional income source, risk potential, credit score, the country they work and their earnings, age, existing debts, etc. After a thorough evaluation of all the parameters, lenders will sanction a particular loan amount.

Interest rates offering by leading banks or private finance companies are as low as 9-10% and a nominal processing fee of 1-2% is applicable on loan amount. You can qualify for a loan amount of around as minimum Rs 5 lakhs to a maximum of Rs 10 crores. The repayment tenure will range from 10 to 15 years. In certain professional cases, it may go up to 20 years. Lenders think that you’re in a more comfortable position to make the repayment of NRI home loans compared to Indian nationals and therefore, give a slightly low tenure option for availing the finance.

Fixed and floating would be two types of interest rates applicable. However, some private finance firms have introduced Trufixed loan (2 to 3 year fixed rate variant) or Trufixed loan (10 Year Fixed Rate Variant). Under Trufixed (2 to 3 year fixed rate variant) – the interest rates stay fixed for 2 to 3 years, after which the loan will be automatically changed to an adjustable rate for a total of 20 years. Similarly, it’s applicable for 10 years the fixed rate of a variant. Visit online, compare housing finance product of reputed lenders and avail an NRI home loan to buy the abode of your own, now!