Market for NRI property loans and NRI
home loans has been emerging as the market with growing
importance and prospects for borrowers and potential investors.
However, the things and situations never remain same. Likewise,
the trend here began to change about a decade when banks considered
to incorporate time tested moves in the retail loan segment to
broaden the base of the economy.
Indeed, the strategic moves taken by the bank authorities to
bring about a revolution in the Indian banking turned out to be
successful. NRI
property loans norms becoming a little more stringent
in the present day, you need to be sanguine about your choice.
Often, there is much more to the procedure than meets the eye
and you don’t want any ugly surprises coming along your
way after you signed a deal.
- Choose with a discerning eye: There are number
of unauthorized property dealers eyeing NRIs with deep pockets
to make a killing. So, be watchful to get a home loan or property
loan assistance from recognized sources such as housing financing
institutions (approved by the national housing bank (NHB)) or
banks.
- Know your loans: Amount of NRI property loan
or NRI
home loans and the margins should be met and repayment
period will be same as for any person residing in India.
- Security Issues to Loans: Loan must be fully
secured. The acquired property will be offered as security by
equitable mortgage.
- Making Remittances: As far as repaying the
loan and related amounts like interest and other charges are
concerned, it must be done by the borrower out of remittances
outside India through the normal banking channels. NRI remittances
may be in non resident external (NRE), foreign currency non
resident (FCNR),
non resident repatriable (NRNR), non resident ordinary (NRO),
non resident special rupee (NRSR) account in India.
- Enjoy Freedom. No NRI would be charged any
special rate of interest and it will simply be as per the guidelines
laid by the Reserve Bank of India (RBI), and National Housing
Bank (NHB) in this matter.
