Steps to Help NRIs Buy Their Dream Home in India

Bangalore: Owning a house is like a feather in the cap for most Indians living here and abroad. The key requirement to buy a house is money, which can be obtained through home loans. Now, Non-Resident Indians (NRIs) can also buy their dream homes in India easily. This means, if NRIs are seeking home loans then there are different home loan schemes in the market which make the house buying process simpler for NRIs. Below are some steps which may help NRIs to buy their dream home in India.

Who are NRIs?

In India, the Reserve Bank of India (RBI) has a specific definition for NRIs, which is being followed by all the financial institutions and banks. The definition goes like, “An Indian citizen who holds a valid Indian passport and stays abroad for employment or carrying out business or vocation under circumstances indicating an intention for an uncertain duration of stay abroad is an NRI,” reports BankBazaar.com.

 NRIs eligible for home loans:

To buy a house, most of the potential home buyers seek home loan options be it domestic home buyers or NRIs. So, Non-resident Indians or NRIs who are eligible to secure home loan in India are people operates overseas business, posted abroad by companies or Indian government on work purpose and Indians who are working with international agencies like the UN, IMF, World Bank and so on.