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Home Loan for NRI - Simple Guidelines to make your home in India

You may have valid passport of India and other documents which proves that you are an Indian, but due to various reasons you may stay abroad for employment, have a tentative project, go on business or vacation. You have a dream to construct your house in India so that once you get back to India you can stay at your own home. No worries! NRI loans are made available through Reserve Bank of India norms. Any one who is residing outside India but holds an Indian passport will be considered for this type of loan.

Purpose of Non Resident India home loans are:

-For the purpose of construction of a house
-To carry out repairs and rennovations
-Buy a new or old flat or house
-Revamp your bed rooms, kitchen or courtyard etc.

Your needs are varied and there are home loans customised for Non residents Indians too. You may want to see a renovated house when you get back home by seeking fro funds from your hometown. Appoint some supervisor who will undertake all your house or flat renovation work on your behalf. When you are back from a foreign place, you can stay relaxed in the cozy comforts of your newly renovated home.

You can make use of your existing house as a security to pledge against your mortgage or secured loan. Have all your house documents in place so that you can carry out your loan transactions at ease while you are abroad. There are certain conditions that you need to satisfy such as:

Income Tax act of India states that:

You must have been in India for a total of one year or more

Or

You must have stayed for 182 days during the assessment year

If you satisfy any of the above conditions as stated in the provision of income tax you will qualify for these not so common or special loans. Make use of your existing residential property and release its equity to obtain a secured loan for your home needs.

Like any other normal house loan, you need to satisfy certain basic criteria such as credit score, collateral and housing loan documents. Besides this, you must have a valid Indian passport to prove that you are a resident of India and must have stayed for 182 days during the assessment year. If not, you must have stayed any time for a total of one year in India.

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Non-Resident Indian ( NRI ) - How & Where To Invest ????

For a non-resident Indian (NRI) who has been away from home, there are many investment options across various categories. However, while other investment options can be timed, investments in real estate have to be planned well in advance, as time and costs overrun to acquire the property will be high. The input and labour costs are increasing.

While the short to medium-term investors can shop around for developed plots in order to hedge their bets, long-term investors should invariably look at apartments or villas depending on their family size and future requirements. A number of projects ranging from apartments to villas and penthouses are being launched at various locations across the city. With improved connectivity and transportation network, investments in such projects are bound to appreciate in the coming years. Those who do not immediately require a home for their occupation can minimise their initial funds outflow by opting for greenfield projects. Even an investor opting for an apartment to rent out can go for a similar project to minimise the initial liability and also phase out the payment plan.

For returning NRIs, the timing is appropriate to look at ideal options and strike a bargain deal for investments in residential projects that would be ready for occupation in a year or two. The continuing liquidity crunch has necessitated developers to tap private sources outside the banking sector in order to fund ongoing real estate projects.

This is where investors who can mobilise substantial down-payments by raising cheap funds from abroad can leverage their bargaining capacity. As part of the festival season offers, a number of developers and housing finance companies in Bangalore are offering pre-EMI interest-free options while investing in select residential projects.

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