NRI Loans – Actualise your Dreams

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NRI Loans – Actualise your Dreams
Words: 314 | Date: Mon, 9 Aug 2010

NRI loans give wings to your dreams while you stay abroad. If you need urgent finance for your kid’s higher education in India, meet wedding expenses, build a house, carry out repair and rennovations and other personal needs, you can approach banks for NRI loans. Only the authorized banks, which have the license to deal with non resident accounts can provide you loans for your personal needs.

Criteria for your loan approval are: You must have all your relevant documents such as a valid Indian passport, graduation certificate and documents to prove your age. You must be of 21 years and above to apply for these funds. RBI also states that the borrower must have some asset back home. Online medium allows you to fill up the online application form staying abroad. This way, you can fulfil all your formalities of applying for a loan staying overseas. You must hold an NRE bank account. These NRE accounts are exempted from tax. There is a possibility of appointing a nominee who is residing in India. He needs to pay his monthly installments through his non-resident-external (NRE) or non-resident-ordinary (NRO) account. An NRI has to repay the loan amount within 15 years whereas an Indian can repay up to 20 years. NRI home loans are provided up-to 85% of the cost of the residential property.

If there is no co-applicant for the loan, you will have to provide a guarantor for loan. One or two guarantor must back up the loan while borrowing it from banks.

If you already have a house in India, you can consider borrowing funds to increase the value of your house. Build your home equity by carrying out some refurbishments to boost its market value. Even a minor change such as painting the house, adding a room or a basket ball court, swimming pool can improve its value.
Kirthy Shetty, Expert Author.
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