How to get NRI home loans

NRI people who are interested in investing in immovable property in India, and who do not have sufficient funds to go for the same, NRI home loan providers the best possible solution for them.

What is an NRI home loan? NRI home loans are the loans that Non-Resident Indians can avail for purchasing immovable property in the country. The scope of immovable property ranges from the purchase of a plot of land to renovating an existing property.

NRIs can avail NRI home loans (http://www.sriloans.com) with ease, just like the home loans availed by Indian residents, though there are some dissimilarity between the two kinds of loans in terms of documents, repayments and terms of tenure etc. The rate of interest on NRI home loans is comparatively same as that on regular home loan, but as far as the tenure is concerned, it differs greatly, as the former has a tenure of around 7 years to 15 years maximum, where as the latter has a tenure of around 25 to 30 years. Moreover, NRIs cannot go for a loan tenure that exceeds their retirement age or 60 years.

Along with this, NRIs can only avail a loan of around 85% and they have to pay the remaining amount themselves. There are plenty of options available by which NRIs can pay the remaining amount like through direct remittances from abroad, through Non-Resident External (NRE) account or Non-Resident Ordinary (NRO) account.

Even the documents submitted by NRIs are different from the documents submitted by residents. They need to provide additional documents like a copy of passport, power of attorney, work contract proof etc.

The down-payment is made through EMIs and NRI’s can pay it by issuing post-dated cheques through (NRE) or (NRO) accounts or via any other account, commended by Reserve Bank of India.

NRIs can fulfill their dreams with ease and efficacy through NRI home loans. Almost every financial institution in India provides NRI home loans.

Visit http://www.sriloans.com to know the procedures in getting NRI loans.