Invest in a property today with the help of NRI Home Loans. Follow the tips to get started.

With an ever-growing economy and the important stature India enjoys in the global arena, investment is a sector that is going to reap great benefits. Purchasing a property fulfils not only basic accommodation needs but grants a solid financial security to the individual.

The loan market is booming with several banking and non-banking institutions coming up with means to help people realises their dreams of owning a house. The best home loans in India are those that provide reasonable interest rates and offer customizable options depending on the needs of the consumer. The real estate sector is by far considered as a safe investment. Metropolitan cities like Mumbai, Bangalore, Delhi, Chennai and others promise best investment options for resident Indians and NRIs alike.

Home loans in India are affordable and make the entire process of buying a home very convenient. There are many financial institutions that offer NRI home loans and are priced competitively. If you are an NRI and are looking to buy a home in India, these are some guidelines that will help you get started:

1.      What are you entitled to and what not?
An NRI can be a proprietor of any residential or commercial property within India. However, for acquisition of properties like agriculture and farmland may require special permission from the RBI. Gather as much information you can before you start out. Try and learn about the legal requirements and constraints, if any.

2.      Although, the process of home loans in India applicable to NRIs and residents do not differ much and with no scope of bias as such. The loan cannot be credited into the NRI individual’s account. Another thing to note is that the loan repayment done will be accepted only in the form of Indian currency. Learn how the repayment can be done and keep the required procedures ready and not a last-minute rush.

3.      POA or Power of Attorney is where you legally grant someone, who can be a relative or friend, to complete the property procedures on your behalf.

4.    Keep all your documents ready and whenever you use them, make sure you have a track of everything. With housing companies offering flexible payment options and several formalities that can be easily done via internet, this saves you from a lot of hassles and moreover, will help keep your documents in check and safe. Do not trust any sources online or offline if they are in no way affiliated to the housing company.

5.    Financial companies have attractive offers when it comes to NRI home loans. Talk to people around you that have taken the route which you are now trying. The internet is a great place where you can learn more about the top companies you can trust with your financial needs. Compare between these companies: their custom plan, rate of interest, loan tenure, EMIs, and other factors that make a difference to you.

6.      Also, find information about the procedures involved in case you may sell this property sometime in the future.

 

These are basic tips that will go a long way in ensuring you are well guided.

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