Repayment policies:
- Step up policy allows the NRI home loan aspirant to choose to
pay the bank based on the financial growth or its possibility.
If the price of the land is taken to rise then the premiums will
be lower and the user can later reap the profits of the land and
take the rest as payment for the bank.
- Flexible loan plans are installments that can be molded as per
the requirements or the ability of the aspirant. Once it exceeds
that the bank will move in to intercede and a certain amount of
work will need to be done to get the matter cleared.
- Faster repayment is something for the people who can enjoy it.
It is actually nothing more than getting the job done faster by
gathering the fast premium payments so that they can cut out the
chances of the interest growing as much as possible and hence be
paying back as close to what they got in the first place.
If NRIs are suddenly
interested in plots in India then there is good news for them.
Now you can actually get the home loans from the banks here.
This process may be highly discussed as a hoax, but there are
many private as well as national banks that offer the same
helping hand to Indians and NRIs alike. They are asked to
provide the relevant documentation of course, but other than the
procedure is almost the same. There are also many constraints as
to the number of generations that have stayed abroad and similar
such questions, but mostly that happens to be inconsequential.
What is the difference between NRI and Indian loans?
All loans that are taken up by Indian banks to NRI are taken to
be international uptake and have a part to play in the overall
country’s uptake into the international market. That is why the
different banks ask for a few meager things to be met with so
that they can allow the uptake to remain static over time. For
this there are a few directives on NRI home loans in India and
they are as follows:
RBI directives:
- Home loans have to be restricted to less than 80% of the home
price because the rest has to be paid by the applicant himself
as a matter of security.
- The payment of this 20% has to be made from the international
holding through the NRE and NRO accounts which will suffice for
the amount of balance to be kept.
- Repayment later on may be carried out through normal banks and
their channels. This is an important thing to understand because
the major part of the mix is over.
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Banks that we work with:
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* Allahabad Bank
* Andhra Bank
* Bank of Baroda
* Bank of India
* Bank of Maharashtra
* Canara Bank
* Central Bank of India
* Corporation Bank
* Dena Bank
* Indian Bank
* Indian Overseas Bank
* Oriental Bank of Commerce
* Punjab and Sind Bank
* Punjab National Bank
* Syndicate Bank
* UCO Bank
* Union Bank of India
* United Bank of India
* Vijaya Bank
* State Bank of India
* State Bank of Hyderabad |
* Muthoot bank
* Axis Bank
* Bank of Rajasthan
* Catholic Syrian Bank
* City Union Bank
* Development Credit Bank
* Dhanalakshmi Bank
* Federal Bank
* HDFC Bank
* ICICI Bank
* IndusInd Bank
* ING Vysya Bank
* Jammu & Kashmir Bank
* Karnataka Bank
* Kotak Mahindra Bank
* Laxmi Vilas Bank
* Nainital Bank Ltd
* SBI Commercial & International Bank
* South Indian Bank Ltd
* Tamil Nadu Mercantile
* Yes Bank |
* ABN AMRO Bank N.V.
* Abu Dhabi Commercial Bank
* American Express Bank
* Antwerp Diamond Bank
* Arab Bangladesh Bank
* Bank International Indonesia
* Bank of America
* Bank of Bahrain & Kuwait
* Bank of Ceylon
* Bank of Nova Scotia
* Bank of Tokyo Mitsubishi UFJ
* Barclays Bank
* BNP Paribas
* Calyon Bank
* ChinaTrust Commercial
* Citibank
* DBS Bank
* Deutsche Bank
* HSBC
* JPMorgan Chase Bank
* Bank of America |
Loans that are
available from India:
Today there are a lot
of loans available to Non Resident Indians (NRIs),
People of India Origin (PIOs) and Overseas
Citizens of India (OCIs). The past few months
have seen a large scale of people lose their jobs
due to a menace called recession. Our NRIs were no
different than the rest. Many of them have
lost their jobs and it had been quite difficult to
manage life in a far off land without getting any
kind of help from the near and dear ones. It is
very natural that these Indians living abroad would have needed
or need loans now. In order to make their
life easier the Government of India has come up
with various schemes to help them.
A Non Residential
Indian or an NRI is a person who is residing
outside the Indian Territory and is pursuing a
career somewhere in the world. The only problem is
that they have to pay a high rate of interest.
Housing loans, debt
consolidation loans, car or automobile loans and mortgage loans
are the kind of loans available in the market as
of now. Even secured and unsecured loans are
available quite easily all you need is to simply
walk into a bank branch and sign a few papers as
most of the banks have associates in almost every
country now days.
Indian loans available
to NRIs are no different than the loans available
to a Resident Indian. However there a few
additions made by the Reserve Bank of India like:
-
In addition to this
the RBI states that NRIs who have some kind of
property in India are eligible to get a loan
(Some exceptions are there).
-
NRIs
with a minimum regular monthly income of
Rs.10000 or $2000 are eligible to get a loan.
-
The repayment of
loan is between a span of 10 to 15 years.
Needless to say that an NRI needs to pay from
either an NRO or an NRE account.
Remember there are
many financial organizations which are also
offering Indian loans to NRIs for various purposes. Beware of them as they may not
be the right ones. Do not get duped in the name
loans. Think logically as you are not residing
India anymore and do not let anyone to take you
for a ride. It is recommended that you go for
centralized bank loans over any other money
spinning offers.
Before availing any
of these loans make sure that you have researched
well on them. For this you can log into the net
and get all the information on the different
websites of the Indian banks. You can get a fair
idea from this investigation that what kind of a
loan best suits your requirement and then you can
go ahead with your plans accordingly. To add to
this what can be said is that an online form
filling is better than all the paper work that
follows a loan. It is hassle free and it is
advised that you opt for one. Don’t forget that it
is convenient as well.
In other words that
can be said that there is always a possibility of
these non residents & expats coming back and
relocating in India
once again. That is why the Indian Government
encourages any kind of NRI investment. On top of
it the foreign exchange that goes into the central
exchequer makes it more lucrative. In simple words
what can be said is that these loans available to
NRIs are a boon for all of them.
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