How NRIs Can Avail a Home Loan?
An NRI Can Take A Home Loan For The Following Purposes:
1. Buying an existing house or flat.
2. Purchasing a house during its construction period or in a resale.
3. Self-construction of property over a plot of land in India.
4. Booking a plot under a society or development authority.
5. Renovation/improvement of an existing property in India.
6. Purchasing a second house for self-occupation.
Important Facts About NRI Loan
1. Interest rate charge on a NRI loan is 0.25 percent to 0.50 percent higher than a home loan allotted to an Indian resident.
2. The NRI can get only 85 percent of property value as a loan amount.
3. The tenure for repaying this loan ranges in between 10 years to 15 years.
4. A NRI can also repay his loan with equated monthly Installments (EMI) through Non Resident External (NRE) Account or the Non - Resident Ordinary (NRO) account.
Also Read: 10 Most Expensive Mansions in the World
