|Any Non Resident Indians,NRI staying abroad for employment or for carrying on business outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad are eligible for NRI Housing loan. The Repayment Options for NRIs is done in Equated Monthly Installments(EMI), and includes interest and principal amount calculated on monthly rests. EMI is payable every month, by the end of the month from the date of each disbursement up to the date of commencement of EMI.
With the step-up Repayment Option, a borrower can apply for a higher range loan based on the prospects of growth in income for years to come. In this Repayment Option, the loanee has to pay less EMI in the initial years which increases as the income grows with the coming years.
Flexible Loan installments Plan is another beneficial Repayment Option. In this option,the borrower has flexible loan installment facility. The borrower nearing retirement age can opt for paying higher EMI in the initial years and gradually move to paying lower installments after reaching retirement age.
Tranche Based EMI is a special Repayment Option offered to the customers so as to save their interest. It is applicable, when customers purchasing an under construction property need to pay interest till the property is ready. In such cases, customers can fix the installments they wish to pay till the property is ready.
Accelerated Repayment Scheme for NRIs offers a great opportunity to repay the loan faster by increasing the EMI. Whenever you get an increment or have lump sum funds for loan prepayment, the loanee can benefit by increase in EMI and saving of interest because of faster loan repayment.
For more information about, Home Loan for Non-Resident Indians, log onto our website, homeloanshub.com.