Relationship

La Ley de gestión de divisas (FEMA), de 1999, define a los NRI como personas que residen fuera del país debido a su empleo, negocios o algún otro propósito en una situación que les obliga a permanecer fuera de la India por un período de uncertain time. Anyone who is sufficient this definition can apply for a home loan in India. Aunque un NRI puede beneficiarse de un préstamo hipotecario con una simplicidad y comodidad similares a las de un residente normal, hay varios elementos que distinguen los préstamos hipotecarios NRI de los préstamos estándar en la India.

Higher Interest Rate:

In contrast to the interest rates that Indian residents must pay on a home loan, NRIs generally must pay 0.25 to 0.5 percent more expensive interest.

THE SHORTEST:

NRIs provide mortgage loans for a relatively much shorter maximum term of between 5 and 15 years, while standard loans from various banks can last up to 30 years. La razón detrás de esta tenencia limitada radica en dos hechos comúnmente señalados: una mayor capacidad de las NRI para pagar el monto lento y su voluntad general de tomar préstamos de tenencias comparativamente más cortas.

Covered cost percentage:

Unlike standard mortgage loans, the amount, available through NRI loans, covers at most 80-85 percent of the total value of the property in question. And this amount credited by Banks is subject to the borrower’s Gross Monthly Income (GMI).

Payment method:

NRIs can only repay their EMI loans in the form of direct remittances through normal banking routes, which comprise their Non-Resident Ordinary (NRO) and Non-Resident External (NRE) accounts in India. Also, to ensure security, most banks insist on holding the first mortgage associated with the property in your own name.

No tax benefits:

In summary, NRI loans are quite different from standard loans in India due to a series of security factors and payment capacity. If you are an Indian, you will take advantage of different plans and schemes. In case you are a non-resident Indian, you will have completely different plans and schemes. Therefore, in light of the above, if you aspire to take loans, it is necessary that you gather all the knowledge and information required on each and every aspect of the loans that will be sanctioned to resident and non-resident indigenous people. . A wise step will allow you to fulfill your purpose with complete peace of mind.

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