Buying a house is not a cakewalk, as known to many. Despite having sufficient cash balance, one might realise that being a proud owner of a house is not that easy. There are a lot of regulations to be followed and a set of documentation to be accounted for. This becomes all the more tedious when an NRI wishes to buy a house in India. If you are an NRI planning to invest in a house in Chennai, offered by the leading flat promoters in Chennai, read on to learn about home financing options for NRI buyers.
What are the sources for financing a real estate investment in India for NRIs?
Quite evidently, the money you’d be using to purchase a property in India should come through banking channels only. A point to make a note of is that the payment cannot be tendered in the form of traveller’s cheque or foreign currency. Also, to purchase a property in India, an NRI can use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) accounts, maintained in India.
If an NRI wishes to avail a home loan facility, he/she can definitely do so by availing home loans in Indian rupees, from banks or housing finance companies. Well, this is not the only option available. A loan granted by the Indian employer of the NRI employee, for the purpose of financing the property is also acceptable.
How can an NRI avail a home loan?
An NRI can invest in residential or commercial properties only. Almost all the banks in India offer home loans to NRIs for buying a house or constructing one, the application for which can be made online, as well as offline. As far as documentation is concerned, it varies from person to person as the determining factors include the nature of income (self-employed or salaried), country of residence, etc. Other documents include passport and visa, passport-size photographs and proof of residence in the foreign county, among others. Ultimately, an NRI has to furnish all the documents as required by the bank for availing a home loan for that dream house offered by the best flat promoters in Chennai.
What after a home loan is successfully sanctioned?
After a home loan is successfully sanctioned, the NRI customer is required to pay EMI which can be done through remittances from outside India, through a proper banking channel, or by debiting the NRE, or NRO, or FCNR account. Can money be transferred to the NRO account from close relatives used for servicing the home loans or not? Well, yes!
Remittances out of India
Can an NRI repatriate funds in case the property so acquired is sold? Well, yes. However, there is a restriction pertaining to the number of properties, the amount that can be repatriated, etc.
Now that you have a fair idea about home financing options for NRI buyers, wait no more – grab that stunning house for sale in ayanambakkam or one of those stunning flats in anna nagar offered by the leading flat promoters in Chennai.
