Every Non-Resident Indian (NRI) wishes to own a house back home. Buying a house for an NRI is not easy, and that difficult to. If you are not buying a house due to lack of finances, then you should know there are various home financing options available. It is one of the best ways to fulfil your dream of owning a house back in India. You should also know various regulations revolve around the purchase and how it can be financed.
A number of banking channels work towards helping your NRI investment in real estate a profitable one. These channels offer different home financing options that work in your favour. As far as pay for the property is concerned, it should come from the banking channels alone. Apart from this, the payment cannot be made through foreign currency or traveller’s cheque. If you do not have Indian currency, you can consider using the money to the debit or credit, in non-resident external (NRE) rupee, foreign currency non-resident (FCNR) or even non-resident ordinary (NRO). It is of paramount importance for an NRI planning to make a real estate investment in India to know that only Indian currency is to be used for the purchase.
However, it is of paramount importance for the NRIs to fulfil the conditions put forth by the Income Tax Act. In order for you to be eligible for the home loans, it is vital for an NRI to have stayed in India for 182 days or more. Apart from this, they should have stayed India for more than a year or so. Various banks offer some amazing and interesting NRI housing schemes that easily accommodate your housing needs. The eligibility criteria for applying housing finance remains the same. It majorly includes, the applicant to be 21 years of age, should be a graduate, and more. An NRI can easily get loan amount ranging from Rs 5 lacs to Rs 1 crore. But then, it completely depends upon the repayment capability of the individual too.
An NRI can easily avail the home loan in Indian rupees through various banking channels. For the purpose of financing a property, the home loan can be approved by the Indian Employer of the NRI employee. Getting a home loan as NRI investment in real estate is allowed for both commercial as well as residential properties. You will find a number of banks offering home loans for NRI. However, it is wise to consult the agent before applying for the same. Apart from investment purpose, NRI home loans can also be availed for buying flats for sale in Thane and around, construction, buying of the old house, renovation purpose, alteration to an existing house and so on.
Do not delay and apply for right housing loan that best meets your needs and requirements.