NRI Loan

A home loan in India is a great way for Non-Resident Indians to buy property in their country of residence. Moreover, NRIs have the advantage of earning in their country's currency and paying in Indian rupees.

However, NRIs also face certain risks when buying a house in India, as they are exposed to the risk of foreign exchange fluctuation. They should look at the options for hedging this risk to avoid escalation in the cost of their loan.

NRIs have to meet certain eligibility criteria before they can get a home loan in India, including their employment tenure and income form. They also have to submit a few documents, such as a valid passport or work permit visa and employment certificate, income statement, and job contract.

Besides, they should execute a power of attorney (POA) for the lender to manage their affairs in India and handle any taxation issues on behalf of them.

The process of NRI Loan Against Property is easy and fast. Banks have a strong interest in this product and are willing to facilitate it quickly for its clients.

As a part of its lending policy, banks offer loan against property at competitive rates of interest. The loan amount will depend on several factors like the type of property, market value, and the profile of the applicant. The repayment tenure and credit score will also impact the interest rate of the loan.