Eminent banks
such as HDFC Bank, State Bank of India and Punjab National Bank have jumped into the arena of NRI loans and home loans. India has never witnessed such kind of market phenomena and the credit for the same is best given to the favourable policies of the Indian government favouring foreign players to explore the market.
As per an eminent recent survey, it was revealed that more and more borrowers are these days opting to borrow home loans at affordable rates of interest. With the introduction of customer-friendly policies by the domestic as well the International banking and financial sector players, the borrowers are finally able to view the brighter side of life.
It has also been noticed that the home loan sector has seen many positive changes, over the years, with NRIs getting into the picture. With the government giving the nod for investment in immovable properties such as home building, the borrowers are surely delighted. The recent directives and regulations governing the ownership of property in India by the Reserve Bank Of India has brought a positive influence on the market as well as the future prospects of the Indian economy.
There are certain things that must be kept in mind before applying for a NRI loan. The rules governing the loan application and processing norms must be given a thoughtful review as it had been noticed that some NRIs, planning to invest in real estate properties, have been complaining of hidden facts. The reason is actually an improper understanding of the terms and conditions governing the property offer. Whatever the reason may be, one cannot deny the fact that the sole onus of identifying and getting a property on any part of the world lies with the prospective property buyer.
One must not forget the fact that the loan repayments can be made by a NRI only through his non-resident-external (NRE)/ non-resident-ordinary (NRO) account. This is due to the fact that the Indian government has debarred the NRIs from making any kind of payments for the purpose of loan repayments from the NRIs saving account in India. The services of a legal and real estate expert must be taken before turning the thought of owning a home into a reality. In case, there is the slightest doubt in context with the terms and conditions or eligibility criteria, the same must be placed before an expert in the regard, so as to have a clear understanding of the same.
Another thing to remember is the fact that a NRI can take a home loan to own a property in India, only for a period of 15 years. The loan amount depends up on the repayment abilities of the prospective borrower as well as successful submission of the required documents and other criteria of the lender.
The prospective buyers of property in India can make use of Web services, which can be easily obtained from the World Wide Web. With the advent of processes involving online application and more and more portals offering expert advice on property-related matters, a prospective property buyer just cannot ask for more.
Thus, it can be easily said that the segments of NRI loans and home loans in India are on all-time high. With the future expected to be on the brighter side, the Indian economy can finally enjoy a sigh of relief. With the prospects for the real estate segment looking good, the hopes of investors, particularly of the NRIs, are reaching unscaled heights.