As an NRI, you need proper guidance while finding a home in India. Thanks to the reliable home loan providers, it is possible for NRIs to get nice opportunities to book a dream home.
Though there are numerous options that might confuse a borrower, still an NRI home loan becomes much easier when you know the direction of the procedure. Hence, this article presents you a step-by-step guide to find a home loan as an NRI.
- Compare the interest rates
The interest rate is the most important aspect of a home loan. It decides the overall investment you make on the property. So, you need to evaluate the interest rates first. For that, you can shortlist a number of home loan providers. Make sure that all of them provide loans to NRIs. The interest rates for NRI loans differ than general home loans. So, it is important that you stay careful.
After making a list of potential options, you can compare the NRI home loan interest rates offered and select one that seems more suitable for you.
- Decide a suitable tenure period
The interest rate of the loan also depends on the tenure or repayment period you choose. For NRIs, the banks offer different tenure periods. This period depends on the amount you get and also on your lender’s policies. Generally, this time of repayment can go up to 15 years. But there are a few platforms where you can even opt for 20 years of the loan tenure.
Your job here should be to choose a comfortable tenure in order to avoid complications in the future. Make sure that the time period is convenient for you to make the repayment. Also, ensure that you are not restricting your financial abilities by choosing a very long period.
- Get all your documents
The next step is to prepare all the needed documents for the sanctioning process. You can ask about the required documents to your lender. However, there are a few basic documents that you can get in advance. These documents include passport copies, work permit, visa, experience certificates, salary-related documents, and others.
- Plan your repayment method
It is better to plan the repayment methods in advance. You should get professional advice regarding the remittance from abroad. This will help in managing your loan repayment without any hassle. The professional will tell you about the bank account requirements and other necessities to repay your loan on time.
So, these are all the four steps that lead you straight to avail of a home loan.
Why is professional assistance important?
Every mentioned step requires certain knowledge. You can definitely be benefited with professional assistance while finding a property and getting a loan for it. The right professional for the right job is what you need. A financial advisor will help you understand the legal and other requirements of getting the loan smoothly. Similarly, a real estate agent will lead you to the best possible property.
So, it is clear that you need multiple professional assistance while getting a home and a loan for that home as an NRI.