Have you ever spared a thought that how hands can just build a house whereas hearts can build a home? In other words, we can interpret a home as the perfect place where our heart finds solace. As a matter of fact, home is that place in the Earth that definitely needs to be blessed with warm and hearty wishes. Now owning your house in such a competitive age seems to be a difficult task. In this regard, we cannot ignore the fact that every problem or crisis comes along with a disguised solution. The crux of this matter is one should be wise enough to check out and click out with a perfect solution.
In this present age, the NRIs also have enormous reasons to smile. These Non resident Indians or the NRIs can also actualise their dreams of building concrete homes in India. This has actually become possible due to the various policies conceptualised by the Indian banks. In fact, India is just a perfect place which offers excellent solutions to almost every problem. You can find solutions for every concern such as business, education and homes too. Here in this, context it needs to be mentioned that all the top notch banks like Punjab National Bank, HDFC Bank and State Bank of India etc., have eagerly ventured into the arena of homes for NRIs with NRI loans. This favourable situation is actually inciting the foreign players to explore and invest into the Indian market.
Recently, an eminent survey unveiled that now, more and more borrowers are preferring to take home loans. This is just because the interest rates of the home loans have become quite affordable and people from every section can afford them. It is also true, the inception of the customer-friendly and hassle free policies by the international and domestic banks have enabled the borrowers to visualise the fresh side of their so called lives.
The panorama of the home loan sector has definitely witnessed certain positive changes due to the introduction of the NRIs into this ever expanding picture. This aspect has further been encouraged by the positive nod of the Indian Government. It has surely delighted the borrowers in every aspect. The terminology NRI loans actually means any Non Resident Indian can nowadays easily avail loans for building a concrete house or for purchasing a favourable plot in this country. The guidelines of the Reserve Bank of India are followed by every bank which specify NRI as those Indian citizens who hold a valid Indian passport but stays in a foreign land for employment or such other purpose.
Home loans in India are nowadays are very easy to avail. Moreover, the NRI loans come associated with very affordable interest rates. In fact, these interest rates can be afforded without any tensions. However, the twist in this aspect is that these loans are offered for a specific short period. The loan amount would definitely depend on the financial and repayment capability of the borrower. However, the bright side of this story is that the NRIs can avail loan amount up to 85 per cent of the cost of building their home. The criteria of eligibility is also the same as for the Indian residents.
In these NRI cases, the banks are required to undertake special care as the borrower resides far away. In these special cases, the banks ask for certain extra documents which ensure the eligibility criteria of the NRI borrower. The extra documents, apart from normal paperwork, would include:
Visa and Passport
An attached copy of the appointment letter of the company, where the borrower is presently employed
The salary certificate which clearly specifies the name, salary and designation details
The most important would be the bank statements for the last six months
These loans can be repaid on the basis of equated monthly instalments (EMI) via Non Resident External (NRE) or a Non-Resident Ordinary (NRO) account. As the real estate in India is gaining new heights, the home loans in India are ruling the roost at ease. The Internet is also assisting the borrowers in numerous ways . As such, it can be concluded that if you visualise a dream of owning a ' home sweet home', you can actualise it without any hassles.
