Housing
sector is
the strongest
sector today.
Banks are
cashing on
this phenomenon,
facilitated
by home loans
at an advantageous
price. A person
seeking investment
for the home
or property
opts for home
loans for
a variety
of targets
ranging from
construction
to renovation.
The equated
monthly, EMI
and the interest
rate for housing
loans is reached,
keeping in
mind a number
of factors.
The factors
include the
loan amount,
the market
value of the
land or the
construction
and real estate
loan of occupation.
The loan tenure
for non-resident
Indians, NRIs
differs from
the Indians
reside on
a number of
points, which
varies from
housing Finance
Company, HFC
to another.
The banks
follow the
Reserve Bank
of India,
RBI definition,
while giving
housing loans
to non-resident
Indians, NRIs.
According
to this definition,
a non-resident
Indian, NRI
is one that
holds a valid
Indian passport
and left for
employment
abroad or
for carrying
on business
or outside
India on vocation
stays abroad
under circumstances
indicating
an intention
for an uncertain
duration of
stay.
For most Housing
Finance Company,
HFC, the home
loan tenure
is higher
than the maximum
from 25 to
30 years.
However, for
NRIs maximum
loan tenure
is 7 years
to 15 years.
The number
of years set
by the Reserve
Bank of India.
However, the
loan can not
opt for a
term that
extends beyond
their achievement
or the retirement
age of 60
years, whichever
is earlier.
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