Finance options for nri home buyers

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Finance Options for NRI Home Buyers December 19,
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When the non-resident Indian decides to buy a
property in India, there are various regulations
that govern how these purchases can be
financed. Sources for financing real estate
investment in India The money that is required
for purchasing a property in India has to come
through only the banking channels. Accordingly,
the payments can't be tendered in form of any
traveler's cheque or any foreign currency for
that matter. Non-resident Indian can use the
money is his/her credit as non-resident external
rupee or non-resident ordinary or the foreign
currency Non-resident accounts that are
maintained in India. Non-resident Indians are
allowed to buy property in India by availing the
home loan in Indian rupees from either housing
finance companies or the banks. Also, the home
loan can be granted by Indian employer of
non-resident Indian employee for the purpose of
property financing. Obtaining a home loan As the
investment by non-resident Indian in the real
estate market is allowed in the commercial and
residential properties, banks can only come up to
finance these properties. Nearly, all the banks
offer home loans to the non-resident Indians for
buying a house or maybe constructing one. Also,
one can get a home loan for buying of land which
is non-agricultural for constructing your own
house in India. One can easily make an online or
offline application for the home loan. The
documents that need to be submitted which will
depend on the NRI is actually is a salaried
employee or whether they are self-employed. Also,
it will certainly vary depending on non-resident
Indians country of the residence. Nonetheless,
copies of the passport and visa, passportsized
pictures as well as proof of residence in the
foreign country which will be needed in all the
cases.
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Depending on non-resident Indian is self-employed
or salaried, it also has to achieve a minimum
period of stay in India of present residence to
avail the home loan. Also, the banks may actually
insist an acceptable co-applicant or non-resident
Indian guarantor. Also, the non-resident Indian
guarantor to submit the documents pertaining to
address proof, identity proof, and income
proof. Servicing the home loan The EMIs on a home
loan can actually be paid through the remittances
from abroad, through the complete banking channel
or by debiting the NRO, NRE, or FCNR account. In
case the property is out, the rental yields can
actually be used for servicing the nonresident
Indian home loan. The money that is transferred
to the NRO account from relatives can actually be
used for servicing home loans. In case, the
property is bought for self-occupancy, the
non-resident Indians can avail of the loan
against the NRE or FCR account credits of up to
Rs 1 Cr for servicing the home loan. Remittances
out of India Non-resident Indians are allowed to
repatriate some funds in case the property
acquired is sold. The number of properties,
however, purchased or inherited, for them to
remit or send in money to India is restricted to
two. The amount, moreover, can be repatriated
which cannot exceed the amount while denominated
in the foreign currency which is received as the
remittances from foreign countries either for the
purchase as well as servicing of non-resident
Indian home loan. Under the neutral
circumstances, Nonresident Indians are allowed to
remit the amount of USD 1 million in the year,
outside India from his NRO, NRE or FCNR accounts
which actually includes the amount that is
remitted for the house sale.
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