Do you NRIS and worry about Home loan process for purchasing property in India!!! # Drapearc

In this article, you find you found some useful information for home loan process in India.
In last decades, there has been a huge surge in the number of Indians shifting abroad for various reasons. If we see the history of the settlement of Indians, we can clearly say that moving abroad for business, employment, studies etc. is not new for Indian people. European countries, North America, UAE and various Asian Countries are a second home for Indian people who get the tag of NRI (Non-Resident Indians).
There are two types of NRIs.

One kind is of those who are the citizens of India but moved to different countries to accomplish various purposes. Second are those who are not the citizens of India but become Person of Indian Origin (PIO) due to their ancestry. However, both types of NRIs are equally loved by their country as a mother loves her children.
To show her love, their motherland gives them the easy opportunity to own a house, taking benefit of easy home loan options in India. Every NRI has its own specific requirement of home loan hence various reputed Indian banks like HDFC, ICICI, SBI, Axis Bank and many more offer exclusive loan options for NRIs.
Housing loans for NRI are of different types. An NRI can take a loan for purchasing a house, construction, and renovation of the house. A land loan is also available only if the land is not an agricultural or farmland. It should only be bought for residential purposes.
Some NRIs wish to introduce a family member, such as spouse, kids or parents as the co-borrower or co-applicant for the loan. In such cases banks allow the applicant to do so and the same liability to repay the loan comes automatically on the co-borrower. However, a guarantor is always required to sign as the surety that the NRI borrower would repay the loan on time. Almost all Indian banks need a guarantor for home loans.NRI can even foreclose the loan prior to the expiry date of the loan. Bank would charge a penalty between 1%-3% of the pending loan amount, which can be negotiated initially at the time of applying for the loan. Option for switching among the fixed and floating interest rates is also offered by many banks, but this is chargeable on the pending loan amount. Banks like ICICI and Axis bank charge 0.50%-1% of loan amount as a processing fee to handle the documents etc. Service tax is also levied on the processing fee.

For NRI’s India is always welcoming hence the home loan process is made simpler for them. Drapearc.com is an online platform where you can visit to search for your dream property in Rajkot, Kutch and All region of Gujarat, once your loan is approved!
This article has been written with the help of primary and secondary search data and is subject to change with time.

#DRAPEARC Belief: - Our vision is to be a reliable service provider and build trust with owners in the long term. To meet this vision, we have an expert lawyer on our panel who prepares the document of your property on your behalf.

Our motto is very clear, Good SERVICE, and SATISFACTION
.
#DRAPEARC Notes: -  Drarc Developer PVT LTD We provide END to END service with a Site visit to choose Property.NO Hidden information and Teams related to it.

                                                   Contact us: - +918140656537



Comments

  1. Hey thanks for this amazing post. Would love to read more of such blogs. You can also have a look at home loan process for more information.

    ReplyDelete
  2. This comment has been removed by the author.

    ReplyDelete
  3. With the Covid19 pandemic that’s facing the world and international travel getting more cumbersome, we understand the painsand requirements of the NRI's who are staying away from Home. Starting Diwali 2020, Assetwala is proud to bring to you unique and innovative NRI services which we believe is an end to end solution for your requirements. As a start, we are providing NRI services only specific to Bangalore location, however, as needs grow we will expand to other towns and cities.NRI Property Management Services in Bangalore

    ReplyDelete

Post a Comment

Popular posts from this blog

We are Hiring Interior Designer #DrapeArc

Make Your Home & Office beautiful, Unique, and affordable with Our Design Process.

Useful Home Renovation Tips for Indian Homes: - Drapearc