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4 Ways NRI Home Loans Are Similar To Normal Resident Loans
Posted On 01/10/2018 00:57:00 by Mozamk

For many non-resident Indians, the dream of owning a home back in India is often met with a huge financial obstacle in the form of property prices in India. In fact, even with an income in a currency that trumps the value of the Indian rupee, there are still only a few that can afford to tap into India's real estate market.

But fret- not, this is where an NRI home loan can come to your rescue! These loans are specially geared to meet the unique and varied needs of NRIs, the world-over, to meet their home financing needs.  An NRI home loan will provide you with a majority of the funds needed to support your home buying decision and allow you to invest in property despite the sky-rocketing prices.

However, there are many NRIs who thwart the idea of a home loan because they are under the impression that these loans are inferior and differ in many ways from a resident Indian loan. But this is not true, and to prove it, this article will highlight 5 major similarities between an NRI home loan and a normal resident home loan.

1. Loan Amounts:

Some NRIs feel that an NRI loan will provide them an inferior amount of funding in comparison to a normal resident home loan. But this is not true! In fact, the funding offered by both NRI and normal resident loans is the same, with both of them providing borrowers up to 90% of the property's value as the loan amount. This will require you to provide s little as just 10% as the down payment on your dream home.

2. NRI Interest Rates:

The interest rates for Normal residents and NRIs have always mistaken to be different with some people speculating the rate for NRIs being higher than those for normal residents. But contrary to this misconception, the rates for NRIs and resident Indians are pretty much the same with most lenders. If you were to compare the rates, you will find that NRI Interest Rates normally range between 8.35 and 9.60 percent per annum, which is almost identical to the rates for a normal home loan in India.

3. Property you can buy.

Some feel that there are many restrictions on the properties you can buy with a NRI home loan. But in reality, the only restriction is on the purchase of agricultural land and farm houses, in which case you will need prior approval from the RBI allowing you to purchase said kinds of property. Besides that, you can use an NRI home loan to fund the purchase of a new home, a resale home, a plot of land, for construction, for home improvement, extension, etc.

4. Tenures:

Besides the extent of funding and NRI Interest Rates, the tenures on NRI Home Loans are also quite similar to their resident Indian counter parts. Though some lenders offer slightly shorter tenures, there are loads of other financiers that provide tenures up to 30 years, which is just like the tenures applicable on a normal home loan.

So there you have it, 4 major ways a normal resident loan and a NRI Home Loan are very much similar. Right from the loan amount, to the NRI Interest Rate and the Tenures provided, they are all very similar to a normal loan and therefore there is nothing you should be afraid off!


If you have a property on your mind back in India, simply avail an NRI home loan and make that dream into a reality.

Tags: Normal Resident Loans NRI Interest Rates NRI Home Loan



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