There are a number of Indians who have settled abroad for better career opportunities. For them, a property back home usually gives a sense of attachment and security, which is a prime reason for investment in real estate here by NRIs.
But there are many misconceptions associated with borrowing in India for this purpose. Let’s address the more common misconceptions you might have.
Power of Attorney only to blood relatives: Though certain banks like ICICI Bank or Axis Bank insist that power of attorney should only be given to blood relatives in India, there are lenders such as HDFC and Standard Chartered Bank where this is not a policy.
In other words Wholesale Detroit Pistons Jerseys , NRIs can give the general power to any person, whom they trust, including friends and associates.
Also, there are certain banks like HSBC and Citibank that have developed mechanisms where the NRI does not need to give the Power of Attorney to a resident of India in order to take a loan Wholesale Denver Nuggets Jerseys , making it more convenient. Of course, they have other requirements, including a blood relative as a local co-applicant for the loan.
No joint loans with resident Indians: An NRI and a resident Indian can jointly apply for a loan, but this would be still be considered an NRI home loans. Even if the asset is jointly owned Wholesale Dallas Mavericks Jerseys , the NRI would be regarded as the principal applicant and his income would be primarily considered while determining loan eligibility.
The EMI payments will also be made by the NRI, which he could either do through his non-resident external (NRE) account or by opening a non-resident ordinary (NRO) account jointly with the resident Indian and then issuing cheques or standing instructions from that account.
Shorter tenures and lower interest: Loan tenure and the rate of interest for resident Indians and NRIs are the same. In case of a change in status from NRI to resident, the loan is reworked according to the revised income; the relevant interest applicable is charged and the tenure is also revised.
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14.12.2018 03:01
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