Now the NRI’s can also avail for home loan.

Good news for NRI’s now they can also avail for home loans to purchase property in India. The Reserve Bank of India has allowed for the loan to NRI’s as many of the banks has their branches in abroad that can help the buyers. The overseas banks coordinate with the entire loan process and some bank even help the buyers in finding the property. NRI can avail the home loan through a validity executed powers of attorney. Bank apply the usual criteria to sanction the loan like age, income etc. The home loan amount sanctioned usual does not exceed from 85 percent and the rest 15 percent needs to be paid by the borrowers from his own sources. NRI can repay through EMI’s this can be done through cheques or an ECS order.